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Understanding the Upcoming DPoS Upgrade on Ronin Network’s Axis Infinity Side Chain

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On April 11th, according to official Twitter, the Axis Infinity side chain Ronin Network stated that with the upcoming DPoS upgrade, two key updates will be executed to ensure a sm

Understanding the Upcoming DPoS Upgrade on Ronin Networks Axis Infinity Side Chain

On April 11th, according to official Twitter, the Axis Infinity side chain Ronin Network stated that with the upcoming DPoS upgrade, two key updates will be executed to ensure a smooth transition.

Ronin Network: To ensure a smooth transition of DPoS upgrades, two key updates will be executed

Introduction

The Ronin Network, the side chain of the popular gaming platform Axie Infinity, has been making waves in the cryptocurrency space lately with its innovative decentralized proof-of-stake (DPoS) system. On April 11th, 2021, the official Twitter account of the network announced that it will be implementing two key updates in order to ensure a smooth transition to the upcoming DPoS upgrade. In this article, we’ll take a closer look at these updates and what they mean for the future of the network.

The DPoS Upgrade

Before diving into the updates, let’s first understand what the DPoS upgrade is all about. DPoS is a consensus mechanism used in blockchain networks to achieve fast and efficient transaction processing. Unlike its predecessor proof-of-work (PoW), which requires miners to solve complex mathematical problems in order to validate transactions and earn rewards, DPoS uses a more democratic approach where token holders, also known as stakers, are selected to validate transactions and earn rewards based on their stake in the network.

The First Update: Staking Requirements

The first key update that the Ronin Network will be implementing is an adjustment to its staking requirements. In order to participate in the DPoS system and earn rewards for validating transactions, users must stake a certain amount of Ronin tokens. The current staking requirement is 1000 Ronin, which has led to concerns about centralization as it may be too high for many users to meet. The upcoming update will reduce the staking requirement to 100 Ronin, making it more accessible to a wider range of users.

The Second Update: Validator Nodes

The second key update is the addition of validator nodes to the network. Validator nodes are responsible for validating transactions and maintaining the network’s integrity. Currently, the Ronin Network has only one validator node, which has raised concerns about its security and decentralization. The upcoming update will add more validator nodes to the network, making it more secure and decentralized.

Implications for the Network

These updates bring several implications for the Ronin Network. First, reducing the staking requirement will make it easier for users to participate in the DPoS system and earn rewards, which could lead to increased network activity and adoption. Second, adding more validator nodes will increase the network’s security and decentralization, which is crucial for any blockchain network. Overall, the updates will enhance the network’s functionality and usability, making it a more attractive option for investors and gamers alike.

Conclusion

The Ronin Network’s upcoming DPoS upgrade is an exciting development that will bring new opportunities and challenges for the network. The implementation of the two key updates to ensure a smooth transition is a promising sign that the network is committed to improving its functionality and security. As the network continues to grow and evolve, it will be interesting to see how it will fare in the highly competitive blockchain gaming space.

FAQs

1. What is the Ronin Network?
– The Ronin Network is the side chain of the Axie Infinity gaming platform, built on Ethereum.
2. What is DPoS?
– DPoS stands for decentralized proof-of-stake, a consensus mechanism used in blockchain networks to achieve fast and efficient transaction processing.
3. How will the DPoS upgrade benefit users?
– The DPoS upgrade will make it easier for users to participate in the network and earn rewards, as well as increase the network’s security and decentralization.

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