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XRPL EVM Validators Will Be Rewarded In XRP

source-logo  cryptonews.net 09 February 2024 13:23, UTC

Validators of the XRPL EVM sidechain will be rewarded in XRP, according to a recent post by Ferran Prat Tió, co-founder and CEO of Peersyst. It is worth noting that the XRP Ledger uses a unique consensus mechanism called the “XRP Ledger Consensus Protocol.” This model differs in many ways from the more popular Proof-of-Stake and Proof-of-Work consensus mechanisms.

One of the differences between the XRPL approach and the mechanisms of other networks is the absence of a reward system for validators. Validators do not receive any incentives from the network for their role. Instead, the network automatically burns all fees received from transactions. XRPL validator data shows that since the inception of the XRP Ledger, over 12 million XRP, worth over $6.2 million, has been burned on the network.

Ferran Prat Tió says that the EVM sidechain, which will connect to XRPL via a bridge, will take a different approach. According to him, validators of the EVM sidechain will be rewarded in XRP for their contribution to the network. Even though the sidechain is a separate network, it will use XRP as its native token. As a result, the blockchain will collect gas in XRP, just like the XRP Ledger. However, these fees will go to validators and will not be burned.

Image: Coinpedia