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Ronin blockchain enhances Web3 gaming with high speed, low fees, and robust security, revolutionizing crypto transactions.
The Ronin blockchain is all over the crypto gaming scene. It's designed for speed, security, and efficiency. Developed by Sky Mavis, the folks behind the hit Axie Infinity, Ronin claims to solve the transaction fee and processing speed issues that many blockchains face. But is everything as good as it seems?
Ronin is an Ethereum Virtual Machine (EVM)-compatible blockchain built for Web3 gaming. Launched by Sky Mavis, Ronin supports Axie Infinity, one of the more well-known blockchain games. It has the capability of processing 100,000 transactions per second, making it a viable option for gaming applications that require quick transaction processing.
Ronin made a switch from a Proof of Authority (PoA) to a Delegated Proof of Stake (DPoS) mechanism in March 2023. This change was supposed to bolster speed and security. But you have to wonder, is it more for the users or for the company?
DPoS means token holders can delegate their stake to chosen validators. These validators have the task of confirming transactions and generating new blocks. This method improves transaction speeds and enhances security by spreading the validation process across multiple trusted parties.
On paper, DPoS seems to bring several benefits. It drastically cuts down the time needed to confirm transactions, which is important for gaming apps that require fast action. It also enhances security by involving more validators, thus lowering the risk of attacks. Lastly, it promotes decentralization by allowing token holders a say in the network's governance.
But is this decentralization, really? Or is it just a way to keep the power structure within reach of the crypto companies?
Ronin has made some interesting moves to establish itself as a player in the Web3 gaming arena. One such move was the migration of the popular game Pixels from Polygon to Ronin in November 2023. This has ramped up network activity and showcased Ronin as capable of hosting big gaming projects.
Key partnerships and integrations have strengthened Ronin, such as the Chainlink integration with the Cross Chain Interoperability Protocol (CCIP). This makes it simpler for users to transfer assets across different blockchains. The partnership with Binance Pay makes it easier for users to fund their wallets, easing the onboarding process.
The RONIN coin is a crucial part of the Ronin ecosystem, launched in January 2022. It allows for cheap and efficient token swaps through Katana, the decentralized exchange, which addresses Ethereum’s notoriously high transaction fees. Users can also stake RONIN with network validators for rewards, but is that enough to keep people interested?
You can secure RONIN on major exchanges like Binance. To buy it, you will need to set up a Binance account, deposit cryptocurrency or fiat currency into your wallet, and purchase RONIN through various trading pairs—if you can find one that works for you.
Following a massive hack in March 2022 that took $625 million in Ether and USDC, Ronin has claimed to enhance its security. This includes increasing validator nodes, conducting code reviews, and offering bug bounties to attract white hat hackers to find vulnerabilities.
After such a huge hack, it is hard to know if they have implemented enough security measures. The fact that they even had to say it at all raises a lot of questions.
With its blockchain technology, Ronin aims to change the face of gaming. The move to DPoS, partnerships, and security improvements make it a contender in the Web3 gaming space. But will it live up to the promises made, or is it just another crypto company looking to cash in?
Ronin looks to be a new platform for developers and gamers alike.
