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- 1 The Ronin platform was introduced to the crypto world to enhance the gaming experience of users.
- 2 It is an EVM blockchain that offers instant transactions at negligible fees.
The crypto world holds a wide variety of blockchains designed for gaming, but Ronin is considered to be the first to offer a gaming-centric Ethereum sidechain. In the growing roster of NFTs and Crypto, Ronin secured its strong and recognized image with continuous advancements and upgrades.
Let’s uncover the potential of Ronin.
What is Ronin (RON)?
Ronin is an EVM blockchain designed by Sky Mavis for gaming purposes and it is backed by top investors including Accel, a16z, Binance Labs, Animoca Brands, Paradigm, Libertus, and Mark Cuban. The blockchain was launched in January 2022.
The platform is well-known for offering instant transactions at negligible fees, facilitating millions of in-game transactions effortlessly. The scalability and environmentally friendly features make Ronin a stand-out performer in comparison to other chains.
Additionally, features including Web3 gaming community, cost optimization, and seamless deployment make Ronin a strong player in the realm of crypto.
Outstanding Features of Ronin
Scalability is a unique feature of the gaming blockchain, processing over 15% of all NFT trading volume and it is home to Axie Infinity assets. Additionally, Ronin is the only platform scaling a single game to host millions of daily users.
Additionally, Ronin is hyper-optimized for gaming and cuts out the bloat embedded in other permissionless blockchains. The blockchain also ensures high uptime for games and minimal spam.
Furthermore, the network is heavily focused on implementing rigorous internal security measures to safeguard against future attacks. All the codes have been fully reviewed and upgraded to enhance architectural security.
Moreover, before April 2023, the Ronin blockchain was using Proof of Authority (PoA) in which the network and transaction verification were maintained by selected validators. Decreased energy requirement is one of the main benefits of PoA. However, to make the platform more decentralized, Roning switched to the Delegated Proof-of-Stake mechanism (DPoS).
Additionally, apart from Axie Infinity, the Ronin platform is working on other projects including Project T prototype, Axie Classic, and Defenders of Lunacian Land. The ongoing projects no doubt raise the count of active users on Ronin while also renewing the enthusiasm of the community.
Solutions Offered
Decentralization, security, user experience, and scalability are four major solutions offered by this blockchain. Utilization of DPoS permits the token holders to take part in selecting 22 validators that enhance the decentralization feature and network security.
Apart from this, instant transactions with minimal transaction fees maintain the scalability of the network. Furthermore, the blockchain platform always tries to enhance user experience that is operable for both the game developers and players.
Tokenomics and Buying Process
RON is the gas token of the Ronin blockchain and is used by the token holders to pay for transactions as well as staking. There is a total supply of 1 Billion RON tokens along with a circulating supply of 291,763,839 RON.
Uncovering the token distribution system, 30% of the total existing token supply is offered to the community and another 30% is distributed to Sky Mavis. 15% of the tokens are reserved as ecosystem funds whereas the remaining 25% of the tokens are distributed as rewards.
The token is available on many of the crypto exchanges including Katana DEX, and OKX. Creating an account and verification of the same along with transferring funds to the account through different payment methods helps in buying the RON tokens. Direct transfer, cryptocurrencies, and Debit/Credit cards are a few of the common payment options.
Conclusion
Ronin Blockchain is the very first platform introduced for gaming purposes. Axie Infinity is the most popular game launched by the network, with more projects in the queue. The friendly user interface, decentralization, and high-level scalability and security make Ronin a standout performer in the crypto world.
FAQs
What is the Ronin blockchain?
The Ronin blockchain is a gaming-focused Ethereum sidechain mainly designed to offer faster, cheaper, and scalable transaction solutions.
What is the circulating supply of RON tokens?
The total supply of RON tokens is 1 Billion and its circulating supply is 291,763,839 RON.
What are some popular projects of the Ronin network?
Axie Infinity, Project T prototype, Axie Classic, and Defenders of Lunacian Land are some popular projects of the Ronin Network.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
