Ronin Network: What it is, Pros and Cons, FAQs?

Ronin Network is an advanced blockchain developed by Sky Mavis to improve speed and reduce transaction fees for gaming applications, especially Axie Infinity. This network offers many benefits but also has some limitations in terms of decentralization and security.

In this article, AZcoin will provide you with an overview of Ronin Network, from its concept, advantages and disadvantages, to frequently asked questions.

What is Ronin Network (RON)?

Ronin Network (RON) is a blockchain developed by Sky Mavis, the company behind the popular blockchain game Axie Infinity. The main goal of Ronin is to address issues related to transaction speed and high fees on the Ethereum network, aiming to provide a more efficient platform for blockchain games and decentralized applications (dApps).

Project team, investors & partners

Project team

Ronin Network is a project by Sky Mavis, developed by key team members including:

• Trung Nguyen: CEO of Sky Mavis.
• Aleksander Leonard Larsen: COO of Sky Mavis.
• Andy Ho: CTO of Sky Mavis.

Investors

Ronin Network has received investments from reputable investment funds such as Binance Labs, Andreessen Horowitz (a16z), Coinbase Ventures, Paradigm, and Amonica Brands. The interest from these investment funds underscores the significant potential that Ronin Network may bring in the future.

Partners

Ronin Network has collaborative relationships with key partners such as Axie Infinity, Chainlink and The Graph. These partnerships play a crucial role in advancing and operating the platform efficiently.

Ronin Network’s operating mechanism

Trước đây, Ronin Network sử dụng giao thức đồng thuận Proof of Authority (PoA) với ít hơn 25 validator, bao gồm các đối tác như Animoca Brands và Binance. Các validator có nhiệm vụ tạo và xác thực các khối, xử lý chuyển và lưu trữ tài sản giữa Ronin và Ethereum.

Tuy nhiên, cơ chế này thiếu tính phi tập trung và đa dạng, và người nắm giữ RON có ít quyền lợi. Gần đây, Ronin đã chuyển sang cơ chế Delegated Proof of Stake (DPoS), cho phép các nhà đầu tư nhỏ lẻ tham gia chạy node và staking RON để nhận phần thưởng.

Pros and Cons of Ronin Network

Pros

• Low transaction fees: Ronin Network is designed to minimize transaction fees compared to Ethereum, making it more attractive for small transactions and gaming applications.
• Fast transaction speed: Utilizing a PoA consensus mechanism, currently transitioning to DPoS, Ronin can process transactions faster, ensuring smooth user experiences.
• Gaming specialization: Ronin is specifically developed to serve blockchain games like Axie Infinity, optimizing user experiences in this field.
• Ethereum interaction capability: Ronin Bridge enables easy asset transfers between Ronin and Ethereum, leveraging the strengths of both networks.
• Strong security: Reliable validator system and robust security mechanisms protect users’ assets and data on Ronin Network.
• Scalability: Ronin can scale and support additional dApps and blockchain games beyond Axie Infinity, demonstrating versatility and potential growth.

Cons

• Limited decentralization: The use of PoA previously and currently DPoS may limit the decentralization of the network, as only a few validators are selected.
• Security risks from validators: If validators are not trustworthy or are subject to attacks, this could impact the entire network.
• Risk of censorship: Due to the centralization aspects of PoA and DPoS, the network could be susceptible to censorship if a few validators decide to restrict or block transactions.
• Competition with other Layer 2 solutions: Ronin competes with other Layer 2 solutions on Ethereum such as Optimism, Arbitrum, and Polygon, each with their own strengths and weaknesses.
• Dependency on Axie Infinity: Despite its potential for expansion, Ronin currently heavily depends on the success of Axie Infinity. If Axie Infinity encounters issues, Ronin could also be affected.

Basic information about RON Token

RON Token Key Metric

• Token Name: RON token
• Ticker: RON
• Blockchain: Ronin Network
• Token Contract: 0xe514d9deb7966c8be0ca922de8a064264ea6bcd4
• Token Type: Utility & Governance
• Max Supply: 1,000,000,000 RON
• Circulating Supply: 214,829,446 RON (tháng 5/2023)

RON Token Allocation

• Staking Rewards: 25%
• Incentives: 30%
• Sky Mavis: 30%
• Ecosystem Fund: 15%

RON Token Use Cases

Token RON has the following applications:

• Used to pay transaction fees on the Ronin Network.
• Provides security for Axie Infinity and upcoming games.
• Allows RON holders to participate in project governance through DAO.
• Used for running nodes, farming, staking, and participating in platform management.

Where to buy and sell RON Token?

Players can buy and sell RON Token on best crypto exchanges like Binance, Katana, Gate.io, and KuCoin. Using these trusted exchanges ensures safety and convenience for players when conducting RON Token transactions.

Reputable RON Token storage wallet?

To securely store RON Token, players can use trusted wallets such as Ronin Wallet, MetaMask, Trust Wallet, Ledger Nano S, and Trezor. Using these reliable storage solutions helps protect players’ digital assets from risks and network attacks.

FAQs about Ronin Network

What is Ronin Bridge?

Ronin Bridge is a bridge that allows users to easily transfer assets between Ronin Network and Ethereum, leveraging the advantages of both networks..

What advantages does Ronin Network have compared to Ethereum?

Ronin Network features lower transaction fees and faster transaction processing speeds compared to Ethereum, making it ideal for gaming applications and small transactions.

Does RON Token have the potential to increase prices in the future?

Investing in RON Token requires thorough evaluation process and understanding. However, given the potential development of Ronin Network and Axie Infinity games, RON Token may have promising price appreciation potential in the future.

The end

Here is an overview of Ronin Network, a side blockchain developed specifically for the Axie Infinity game. AZcoin hopes you can make informed decisions before investing in this project. Good luck!