Dear Bitruers,
Today, we are excited to share a new article about Ronin (RON)!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
1. Introduction to Ronin Network
Ronin Network, launched in February 2021, serves as a Layer-2 blockchain solution primarily for blockchain gaming, specifically addressing scalability and high gas fees associated with Ethereum's Layer-1. It was initiated by Sky Mavis, with a particular focus on supporting Axie Infinity players.
2. History of Ronin
Developed by Sky Mavis, a tech-focused game studio, Ronin originated from a disagreement with Loom Network's approach to optimization. Sky Mavis decided to part ways and create its own blockchain to ensure seamless integration with Axie Infinity and other future gaming releases.
3. How Ronin Network Works
3.1 Proof-of-Authority Consensus
Unlike other blockchains, Ronin utilizes a Proof-of-Authority consensus mechanism, known for rapid transactions through a relatively centralized system. The network plans to transition to a Proof-of-Staked-Authority model to enhance decentralization.
3.2 Validators
Carefully selected validators, including notable entities like Google Cloud and Binance, play a crucial role in ensuring the network's speed and effectiveness. Validators stake their reputation rather than tokens, promoting network reliability.
3.3 Delegators
Delegators are ecosystem members who delegate their stake to validators, earning rewards without requiring technical expertise. Validator selection is based on factors like overall performance and commission rate.
4. Ronin Ecosystem Components
4.1 Ronin Wallet
The Ronin Wallet, a non-custodial wallet, is the primary gateway to the Ronin network, supporting standard tokens and providing access to Axie Infinity and other dApps. Users retain control through a private key or seed phrase.
4.2 Katana (The Ronin DEX)
Katana is Ronin's decentralized exchange, facilitating token exchanges within the Axie Infinity ecosystem. Liquidity providers are rewarded for staking relevant pairing tokens in the DEX's liquidity pools.
4.3 Ronin Bridge
Ronin Bridge is an Ethereum sidechain that enables asset transfers between Ronin and the Ethereum mainnet, ranking as the world's third-largest bridge. It offers quick and two-way transfers of assets, typically completed in less than 15 minutes.
5. Projects Built on Ronin
Ronin hosts various projects, including Dexify Ltd, Smooth Love Potion, and Katana DEX, contributing to the network's success and fostering a vibrant ecosystem.
6. The RON Token and Tokenomics
6.1 What is the RON Token?
The RON token serves as the native currency of the Ronin network, facilitating gas fee payments, securing Axie Infinity, and participating in governance and staking for rewards.
6.2 RON Tokenomics
With a capped supply of 1 billion tokens, RON's distribution spans 294 months. Community incentives, team allocations, ecosystem development, and staking rewards are key components of the token distribution plan.