Understanding The DPoS Upgrade on Axis Infinity’s Ronin Network

04/11/2023 06:05 • Digital Disruptors • 87 views

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, Axis Infinity’s side chain Ronin Network announced that they would be executing a DPoS (Delegated Proof of Stake) upgrade to ensure a smooth transition. This much-awaited update has caused quite a stir in the blockchain community. In this article, we will delve into what DPoS is, why it is essential, and how it will impact the Ronin network.

What is DPoS, and why is it important?

DPoS is a consensus algorithm used by blockchains to ensure that transactions are validated and recorded without any errors. It is a relatively new form of consensus mechanism that was first introduced by BitShares in 2014. DPoS works in the following manner:
1. A unique set of nodes, known as delegates, are assigned the responsibility of validating transactions on the network.
2. Token holders on the network vote for the delegates they believe are the most trustworthy and reliable.
3. Once all the votes are cast, the delegates with the most votes become responsible for validating transactions.
DPoS is essential for blockchains because it is faster, more efficient, and more cost-effective than other consensus mechanisms such as Proof of Work (PoW) or Proof of Stake (PoS).

How will DPoS impact Axis Infinity’s Ronin Network?

With the upcoming DPoS upgrade, the Ronin Network will implement two key updates. The first update will allow users to elect up to 21 delegates to validate transactions on the network, while the second update will reduce the block time from 30 seconds to 15 seconds. These updates will reduce the transaction time, improve scalability, and make the network more secure. However, one needs to understand that these changes will require all the nodes on the network to adapt to the new consensus mechanism.

Why is this upgrade significant?

The significant issue that DPoS solves is the problem of centralization. In a PoW-based blockchain like Bitcoin, the power to validate transactions is in the hands of a few miners. These miners can collude, resulting in a 51% attack on the network. On the other hand, DPoS incentivizes user participation, which keeps the network decentralized. Furthermore, the DPoS-based consensus mechanism ensures quick finality of transactions, making it ideal for applications that require faster response times.

Conclusion

In conclusion, the DPoS upgrade on Axis Infinity’s Ronin Network is an essential step towards improving scalability, security, and overall efficiency. The consensus mechanism of DPoS ensures a more democratic approach toward node selection, guaranteeing that more users will participate in the validation process. This upgrade will position the Ronin network to support more users and transactions, providing a better user experience for all involved.

FAQs

#1. Are there any risks associated with the DPoS upgrade?

There are always risks associated with any significant upgrade, but the Ronin Network has taken extensive measures to ensure a smooth transition. They have tested the upgrade on a test net before moving it to the main network.

#2. What are the benefits of reducing the block time?

Reducing the block time will result in quicker finality and more transactions being processed in a given amount of time. This increase in transaction speed will position the Ronin Network to support more users and applications.

#3. Will there be any changes in the user interface post the upgrade?

As far as the user interface is concerned, there will be no significant changes. The upgrade is purely focused on the consensus mechanism and will, therefore, be transparent to users.

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