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Ronin is an Ethereum Virtual Machine (EVM) based blockchain network developed by Sky Mavis Studio. This network was created to provide a platform for computer games with the possibility of earning money in the form of digital currency. So far, one of the most popular blockchain games, Axie Infinity, has been developed on the network and has increased the network’s non-fungible token (NFT) transactions by 300%.
In the world of computer games, in-app transactions play an essential role. Considering Ronin’s main goal of providing a suitable platform for gaming, this network pays special attention to improving the cost and speed of transactions. At first, Ronin used a consensus proof-of-competence mechanism, which eventually ran into problems with decentralization flaws. For this reason, Ronin developers decided to replace the Delegated Proof of Stake (DPoS) mechanism.
RON is a critical token on the Ronin blockchain. This token provides facilities such as transaction payment, staking and earning, transaction validation and other services. Validation in this network is completely dependent on the possession of the RON token, and developers are encouraged to buy and hold this token by attracting investors.
In the Ronin network ecosystem, decentralized applications (DApps) play a very important role. These applications make it easy to use this network and encourage users to participate in it. These applications include:
Ronin Bridge: To transfer tokens between the Ronin network and Ethereum.
Ronin Block Explorer: To explore blocks and transaction information.
Ron Staking (RON Staking): For staking RON token and earn money.
Ronin Safe: A multi-signature wallet to increase asset trust.
Katana: A decentralized exchange for trading tokens in the Ronin ecosystem.
In 2022, the Ronin network suffered a cyber attack that led to the theft of $625 million worth of USDC tokens and Ether. This incident was caused by abusers using social engineering methods to gain access to users’ private keys. This attack had a negative impact on the number of Ronin network users as well as the price of Axie digital currency (the main token of the Axie Infinity game) and the RON token.
At its inception, the Ronin Blockchain Network was recognized as one of the best in its field. Ronin became a very popular blockchain gaming platform with Axie Infinity gaining popularity among PC gaming fans. Although there was a famous hack on this network, but the developers carefully and logically thought out the necessary measures and revived the growth process of this network.
Ronin’s current roadmap brings good news for those interested in the platform, and the RON token continues to be recognized as one of the digital currencies with growth potential. In this article, the capabilities, applications and unique features of the Ronin blockchain network have been fully explored.
Now the question is: Will Ronin be able to gain attention and stand out among blockchain and metaverse gaming platforms? What are your valuable opinions in this regard? We and other Valex users are looking to hear your views.
