What consensus algorithm is ronin currently on?

Question: What consensus algorithm is ronin currently on?

Ronin is a blockchain network that supports the popular game Axie Infinity and other decentralized applications. Ronin was created to provide a scalable and user-friendly solution for the growing demand of blockchain gaming. But what consensus algorithm does Ronin use to secure its network and validate transactions?

Consensus algorithms are the rules that govern how a blockchain network reaches agreement on the state of its ledger. Different consensus algorithms have different trade-offs in terms of security, performance, and decentralization. Some of the most common consensus algorithms are Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA).

According to the official documentation, Ronin currently uses a Proof of Authority (PoA) consensus algorithm. PoA is a type of consensus algorithm that relies on a set of trusted validators to produce and verify blocks. These validators are pre-selected by the network developers or stakeholders, and they must follow strict rules to maintain their reputation and authority. PoA is suitable for private or permissioned blockchains, where the validators are known and accountable.

However, PoA has some drawbacks when it comes to public or permissionless blockchains, where anyone can join and participate. PoA can be seen as less decentralized and less secure than PoW or PoS, since it depends on a small number of validators who can potentially collude or compromise the network. PoA also limits the participation and influence of the token holders, who cannot stake their tokens or vote for validators.

That's why Ronin is planning to migrate to a more decentralized and democratic consensus algorithm called Proof of Staked Authority (PoSA). PoSA is a hybrid of PoA and Delegated Proof of Stake (DPoS), which allows token holders to stake their tokens and elect validators. Validators then take turns to produce blocks in a PoA manner, but they can be voted out by the token holders if they misbehave or underperform. PoSA aims to increase the level of decentralization and security of Ronin, while maintaining its high performance and low fees.

Ronin is an innovative blockchain network that is constantly evolving and improving. By using PoA as its initial consensus algorithm, Ronin was able to launch quickly and provide a smooth gaming experience for its users. By migrating to PoSA in the future, Ronin will be able to enhance its decentralization and security, while empowering its token holders and validators. Ronin is a blockchain network that adapts to the needs and preferences of its community.