Ronin

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Ronin?

Ronin (RON) is the native cryptocurrency of the Ronin blockchain, an EVM blockchain designed for developers building games with player-owned economies. It was created by Sky Mavis to support their game Axie Infinity. Users can earn RON as a reward or buy it from secondary markets. The token is used to secure and decentralize the Ronin Network and can be used to pay for gas fees and participate in staking to earn rewards.

How is Ronin used?

Ronin (RON) is used in several ways within the Axie Infinity ecosystem:

  1. Governance: RON holders can participate in decision-making by voting on proposals that impact the Axie Infinity ecosystem, allowing them to have a say in the direction of the platform.

  2. Transaction Fees: RON is used to pay for gas fees on the Ronin blockchain, facilitating faster and cheaper transactions for players.

  3. Staking: Users can stake their RON tokens to validators to earn rewards. This process helps secure the network and allows token holders to earn passive income.

  1. Validator Selection: Staked RON tokens are used to select validators, ensuring the network is decentralized and secure.

  2. Bridge Rewards: RON is also used to incentivize the use of the Ronin Bridge, which connects the Ronin blockchain to other networks.

Overall, RON plays a crucial role in maintaining the decentralized nature of the Ronin blockchain and Axie Infinity ecosystem.

How do I store Ronin?

To store Ronin (RON) tokens, you have several options based on your needs and preferences:

  1. Store on an Exchange: Hold your RON tokens on a centralized exchange (CEX) like KuCoin. This provides convenient access to investment products and features such as spot and futures trading, staking, lending, and more. Ensure the exchange has strict security measures to protect your assets.

  2. Non-Custodial Wallets: For enhanced security, store your RON tokens in a non-custodial wallet, which grants you complete control over your private keys. You can use hardware wallets, Web3 wallets, or paper wallets. This option may be less convenient for frequent trading but ensures your assets are secure.

  3. Ronin Wallet: You can also store RON tokens in the official Ronin Wallet, which supports the Ronin blockchain. This wallet allows you to store, trade, and receive RON tokens.

  1. Crypto Wallet: Some crypto wallets support direct purchases of RON tokens. Follow the wallet's steps to create a wallet, purchase RON, and manage your assets securely.

Each method has its pros and cons, so choose the one that best fits your needs and security preferences.

How to buy Ronin?

To buy Ronin (RON) tokens, you can follow these steps:

Buying Ronin (RON) on a Centralized Exchange (CEX)
  1. Choose a CEX: Select a reliable and trustworthy crypto exchange that supports Ronin (RON) purchases, such as Coinbase or KuCoin.
  2. Create an account: Enter the required information and set a secure password. Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.
  3. Verify your identity: Complete KYC verification, which may require providing government-issued identification documents.
  4. Add a payment method: Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method.
  5. Buy Ronin (RON): Use fiat currency to buy Ronin (RON) directly, or first purchase a popular cryptocurrency like USDT and then exchange it for Ronin (RON).
Buying Ronin (RON) on a Decentralized Exchange (DEX)
  1. Choose a DEX: Select a decentralized exchange that supports Ronin (RON), such as Katana.
  2. Buy base currency: Purchase a base currency like USDT from a secure centralized exchange.
  3. Send the base currency to your wallet: Transfer the base currency to your web3 wallet.
  4. Swap for Ronin (RON): Use your base currency to swap for Ronin (RON) on the DEX.
Buying Ronin (RON) via a Crypto Wallet
  1. Choose a wallet: Select a reliable and reputable crypto wallet that supports Ronin (RON).
  2. Download the app: Download the wallet application to your device.
  3. Create a wallet: Create a new wallet address or import an existing one.
  4. Buy Ronin (RON): Purchase Ronin (RON) using a supported payment method, or first buy a more popular cryptocurrency like USDT and then exchange it for Ronin (RON).

Make sure to check the fees and security settings for each method before making a purchase.

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History of Ronin

Ronin (RON) is the native cryptocurrency of the Ronin blockchain, which was created by Sky Mavis, the developers of the popular game Axie Infinity. The blockchain is designed specifically for gaming and supports player-owned economies. Users can earn RON as rewards or purchase them from secondary markets.

The Ronin blockchain was launched to support Axie Infinity, which has generated over $1.3 billion in revenue. Ronin is optimized for near-instant transactions and negligible fees, making it suitable for high-volume in-game transactions. In its first nine months, Ronin achieved significant milestones, including 250,000 unique daily active addresses, $5 billion in total value locked (TVL), over 2 million wallet downloads, and 15% of all NFT transactions on the market.

The token allocation for RON includes rewards (25%), community incentives (30%), Sky Mavis (30%), and an ecosystem fund (15%). The circulating supply of RON can increase when tokens are distributed from these allocations or staking contracts as rewards, and it can decrease if RON is bought back from the market and placed into the treasury.

Ronin tokens can be used to pay for gas fees and participate in staking, earning rewards for validators. The token is traded on various exchanges, including OKX, Crypto.com, and Gate.io, and its price is tracked on platforms like CoinMarketCap and CoinGecko.

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How Ronin works

Ronin (RON) is a blockchain platform specifically designed for the gaming industry, particularly for play-to-earn games like Axie Infinity. It operates as a layer-1 blockchain, which means it is a standalone blockchain rather than a layer-2 solution built on top of another blockchain. Here's how it works:

Underlying Technology

Ronin is built on the Ethereum Virtual Machine (EVM), which allows it to leverage existing tools and infrastructure for developers creating games with blockchain elements. This compatibility makes it easier for developers to integrate blockchain technology into their games.

Consensus Mechanism

Ronin uses a Delegated Proof-of-Stake (DPoS) consensus mechanism. This means that users stake their RON tokens to participate in the validation process. The validators are chosen based on the amount of RON tokens they have staked. This mechanism allows for fast and efficient transactions while keeping transaction fees low.

Scalability

Ronin's DPoS consensus mechanism is designed to handle a large number of transactions efficiently, making it suitable for games that require fast and low-cost transactions. This is particularly important for play-to-earn games where players need to make frequent transactions.

Ecosystem Features

Ronin offers several features that support its gaming ecosystem:

  • Ronin Wallet: A digital wallet that allows users to store, manage, and transfer RON tokens and other crypto assets in Ronin-based games.
  • Ronin Name Service: Creates human-readable wallet addresses, making it easier for users to manage their assets.
  • Mavis Market: A non-custodial NFT marketplace where users can buy and sell NFTs.
Evolution

Initially, Ronin used a Proof-of-Authority (PoA) consensus mechanism, which was efficient but centralized. In March 2023, Ronin shifted to DPoS to increase decentralization and user involvement.

Tokenomics

The RON token is the native cryptocurrency of the Ronin network. It is used for various purposes:

  • Utility: Facilitates transactions on the Ronin blockchain.
  • Governance: Allows users to participate in the governance of the Ronin community.
  • Staking: Users can stake RON tokens to earn rewards and participate in the validation process.
  • Transaction Fees: RON tokens are used to pay for transaction fees on the network.
Distribution

The total supply of RON tokens is 1 billion, with a circulating supply of approximately 303 million. The tokens are distributed among staking rewards, community incentives, Sky Mavis, and the ecosystem fund.

Security

Ronin has implemented various security measures, including a credit score system that rewards validators with credits that can be used to bail out of jail in the event of tier 2 validator slashing. This system encourages validators to be online and produce blocks in turn, ensuring the performance of the network.

Overall, Ronin is designed to provide a fast, affordable, and secure blockchain platform for the gaming industry, focusing on scalability and decentralization to support the growth of play-to-earn games.

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Ronin's strengths

Ronin (RON) has several strengths that contribute to its potential in the gaming and blockchain industries:

  1. Scalability: Ronin operates as a sidechain to the Ethereum blockchain, utilizing ZK-rollups to bundle thousands of transactions together, increasing scalability and lowering costs. This allows for fast and inexpensive transactions without high gas fees.

  2. Gaming Focus: The platform is designed to handle large volumes of transactions, making it suitable for gaming applications. It also allows for seamless integration with other blockchain-based gaming platforms, enhancing the gaming experience.

  3. Sustainability: Ronin uses a proof-of-stake consensus mechanism, which is less energy-intensive compared to the proof-of-work mechanism used by many other blockchains, making it more environmentally friendly.

  1. Security: Backed by Sky Mavis, the creator of Axie Infinity, Ronin has implemented rigorous internal security measures to prevent future attacks. It has also reviewed and optimized its code with security experts, making it a secure blockchain.

  2. Community: Ronin has a large and active Web3 gaming community, with millions of users having downloaded the Ronin wallet. This community support can contribute to its growth and adoption.

  3. Features: Ronin offers a range of features, including a gaming platform, Ronin Name Service, Ronin Wallet, and Mavis Market, which support the needs of Web3 gamers.

These strengths position Ronin as a promising platform for gaming developers and users alike.

Ronin's risks

Ronin (RON) is considered a high-risk investment due to its significant volatility. It is recommended only for those with a high tolerance for risk and a strong financial position. The cryptocurrency's price can fluctuate greatly, making it important for investors to thoroughly research and understand the risks involved before making a decision.

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Did Ronin raise funds?

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Ronin’s team

  • Trung Nguyen: Founder and CEO of Sky Mavis, the company behind Ronin Network.
  • Andy Ho: Part of the team at Sky Mavis, involved in the development of Ronin Network.
  • Aleksander Larsen: Member of the Sky Mavis team, contributing to the growth of Ronin Network.
  • Jeffrey Zirlin: Key team member at Sky Mavis, responsible for the development and strategy of Ronin Network.
  • Tu Doan: Part of the Sky Mavis team, working on the Ronin Network ecosystem.
  • James Nguyen: Member of the Sky Mavis team, involved in the development and growth of Ronin Network.

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