Ronin Network Announces Two Key Updates for Smooth DPoS Upgrade
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
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
On April 11th, Ronin Network, the side chain of Axis Infinity, announced on its official Twitter account that the network’s upcoming Delegated Proof of Stake (DPoS) upgrade would include two key updates to ensure a smooth transition. In this article, we will discuss these updates and their significance.
What is Ronin Network?
Before we dive into the two key updates, let’s take a moment to understand what Ronin Network is. Ronin Network is a side chain of Axis Infinity, a blockchain-based gaming platform that allows players to buy, sell, and trade in-game items using cryptocurrencies. Ronin Network is designed to provide a scalable and efficient infrastructure for the gaming platform.
First Key Update: DPoS Upgrade
The first key update that Ronin Network will be executing is the DPoS upgrade. Delegated Proof of Stake (DPoS) is a consensus mechanism used by blockchain networks to select validators who are responsible for verifying transactions and adding blocks to the chain. With the DPoS upgrade, Ronin Network aims to improve the scalability of the network and reduce transaction fees.
Under the current Proof of Authority (PoA) consensus mechanism, validators are selected based on their reputation and their ability to maintain the network. With the DPoS upgrade, validators will be elected by the network’s Token holders, who will be able to delegate their Tokens to the validators of their choice. This will increase the security of the network and ensure that only trustworthy validators are selected.
Second Key Update: Token Economics
The second key update that Ronin Network will be executing is related to Token Economics. Ronin Network’s Token, RON, is used as a utility Token to pay for transaction fees on the network. With the upcoming update, Ronin Network will introduce a new Token, called the RONX Token, which will be used as a governance Token.
The RONX Token will allow Token holders to vote on proposed changes to the network, such as changes to the consensus mechanism or changes to the Token economics. It will also be used to reward validators who maintain the network. The introduction of the RONX Token is expected to increase the decentralization of the network and give Token holders more control over the network’s operations.
Conclusion
In conclusion, Ronin Network’s announcement of two key updates to ensure a smooth DPoS upgrade is a significant development for the blockchain gaming platform. The DPoS upgrade is expected to improve the scalability of the network and reduce transaction fees, while the introduction of the RONX Token is expected to increase the decentralization of the network and give Token holders more control over the network’s operations.
FAQs
1. How will the DPoS upgrade improve the scalability of the Ronin Network?
The DPoS upgrade will allow for the election of validators by Token holders and increase the security of the network, thereby improving its scalability.
2. What is the RONX Token and how will it be used?
The RONX Token is a governance Token that will be used by Token holders to vote on proposed changes to the network and to reward validators who maintain the network.
3. Is Ronin Network only used for gaming applications?
Yes, Ronin Network is a side chain designed specifically for Axis Infinity’s blockchain-based gaming platform.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/20584/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
DeFi Agreement Euler Finance Experiences $10M Exposure
According to the report, Idle Finance of the DeFi agreement tweeted that after investigation, the exposure of Euler Finance event to the agreement’s Yield Tranches strategy involved about US $5.35 million in stable currency and 320 ETHs, and the exposure of Best Yield strategy involved US $4.8 million in stable currency and 313 ETHs. IdleFinance: The relevant strategies are affected by the Euler event, involving about US $11 million in stable currency and 630 ETHs Analysis based on this information:Idle Finance, a decentralized finance (DeFi) agreement, announced that Euler Finance event resulted in an exposure of approximately $10.15 million worth of stable currency and ETH. Specifically, the exposure of Yield Tranches strategy involved about $5.35 million in stable currency and 320 ETHs, while the Best Yield strategy involved $4.8 million in stable currency and 313 ETHs. This news highlights the risks that come with investing in DeFi protocols. The exposure of Euler Finance event to Idle Finance agreement shows that…
-
A8 Digging What Coins
a8 Dig what currency a8 Dig what currency, A8 mining machines are mainly divided into two types. The first type is based on the A8 series produced by ASIC chip manufacturer Intel; The second type is the A8s series, which uses specialized integrated circuits (ASICs) for hardware optimization. It adopts a new type of wafer technology (the latest version is 1G), which has significant differences in performance compared to similar products in the market; The third approach is to ensure security by Bitcoin miners by combating price fluctuations.
-
Importance of Interest Rate Hike during Uncertain Times
On March 18th, Simona Mocuta, the chief economist of State Street Global Investment Management (SSgA), said that if the Federal Reserve does not raise interest rates next week, investors may become even more panicky, and they will immediately begin to speculate whether regulatory agencies such as the Federal Reserve are hiding something. In this chaotic moment, continuing to raise interest rates can give a sense of policy continuity. This is somewhat like an anchor for stabilizing the market, and policymakers should do so at such times. (Jin Shi) Market Analysis: Investors may be more flustered if the Federal Reserve does not raise interest rates Analysis based on this information:The statement made by Simona Mocuta, Chief Economist at State Street Global Investment Management (SSgA), highlights the importance of the upcoming Federal Reserve interest rate hike decision in the current economic climate. With the world economy in a state of chaos due to the ongoing Coronavirus pandemic, investors are wary of any…
-
The Rise of Bitcoin-Based Domain Names
On April 26th, the Ordinals domain name project BTCDomain announced the launch of its first fully Bitcoin based on an on chain website and domain name. In addition, it will also op
-
What Company is Litecoin (Is Litecoin a Pyramid Scheme)?
What company is Litecoin? Litecoin is an open-source software project that prim
-
Collab.Land Marketplace Beta Version Set to Launch, Encourages Community Governance
On March 2, the discord extension application plug-in Collab.Land announced on social media that the beta version of Collab.Land Marketplace will be launched o…
-
Bitcoin and Ethereum Sales Skyrocket in a 24-Hour Window
According to reports, data shows that in the past 24 hours, the entire network has sold out $95.8203 million, of which Bitcoin sold out $41.4945 million and Ethereum sold out $23.9
-
OKX MPC Keyless Wallet: The Revolutionary Non-Private Key Wallet
On April 21st, according to official sources, two weeks after the launch of OKX MPC keyless wallet, the number of created users has exceeded 100000. Users can easily create this wa
-
Federal Reserve Maester: The Federal Reserve will not take action to launch central bank digital currency
According to reports, Federal Reserve Meister: The Federal Reserve will not take action to launch a central bank digital currency, which requires congressional approval. The United
-
BurnBNB Destroys 156800 BNBs with a Value of $58.29 Million
According to reports, BurnBNB said on social media that since the BEP-95 real-time destruction and upgrading, 156800 BNBs have been destroyed, with a value of …
-
Ethereum Pledges and Their Impact on the Market
On April 15th, according to Token.unlocks data, there are currently 1.48 million Ethereum worth $3.1 billion waiting to be released from pledge, including pledged Ethereum and pled
-
Bitarms Mines 424 Bitcoins in March: A 17% YoY Increase
According to reports, encryption mining company Bitarms produced 424 Bitcoins in March, a year-on-year increase of 17%. 394 Bitcoins produced were sold at an average price of $2470
-
Karate Combat Raises $18 Million in Funding for Live Streaming Platform
On April 19th, the Web3 XR combat live streaming platform Karate Combat announced the completion of a $18 million financing, led by Bitkraft Ventures, with Delphi Digital, The Oper
-
Coin On To Launch Multi-Asset JOE Perpetual Contract
According to the official announcement, Coin On will launch the 1-20 times JOE perpetual contract at 20:00 Beijing time on March 29. The multi asset model allows users to trade JOE
-
Amber Group Contemplates Sale of Japanese Subsidiary and Applies for Hong Kong Digital Asset License
According to reports, Amber Group, a cryptocurrency lending institution, is weighing the options of its Japanese subsidiary, including a possible sale, and plans to apply for a Hon
-
What is BCH called (BCH and BGH)?
What is BCH called, the two hard forks of Bitcoin Cash, BitcoinCash and BCHABC,