Darwinia Network aspires to establish itself as a decentralized cross-chain platform for DApps. RING is the governance token of Darwinia Network and can also be used for gas fees on the Darwinia Chain. It also serving to fund the on-chain treasury and incentive validators, collators, stakers etc.
RING has an initial supply of 2 billion tokens, and its annual issuance schedule can be found in Genepaper V4.
RING has several utitilities:
- On-chain Governance
Darwinia is a fully decentralised ecosystem, all decisions related to the network are governed by RING through on-chain governance.
- Transaction Fees
The Darwinia chain charges fees for transactions and smart contract deployments. These fees are paid using RING. Although the fees are relatively low, they are sufficient to deter malicious actors from launching attacks or filling up the ledger with unnecessary data.
Transactions on the Darwinia chain are typically faster and less expensive than those on Ethereum, making RING on Darwinia chain a popular choice for payments.
- Staking and Security
One of the primary uses of the native token is to secure the network through an environmentally-friendly staking mechanism. Token holders can participate in this process by selecting a collator and locking their tokens for a specific period. The rewards they earn are proportional to the number of tokens they delegate and the duration of the lock-up period.