What Is Ronin Blockchain?
The Ronin Blockchain is a decentralized blockchain network designed to revolutionize the growing ecosystem of digital assets, including non-fungible tokens (NFTs), gaming assets and an expanding virtual economy. It aims to address some of the scalability and cost issues faced by existing L1 blockchain platforms while maintaining high levels of security and decentralization. Whether you’re an investor, developer, or a casual gamer that is curious about the world of blockchain, this beginner’s guide will provide you with a comprehensive overview of Ronin Blockchain and its key features.
Axie Infinity and the Creation of the Ronin BLockchain
Ronin Blockchain was conceived around late 2020 as a response to scalability challenges faced by the popular Web3 game Axie Infinity, created by the team of Sky Mavis. The Founders, Trung Nguyen and Aleksander Larsen, have been instrumental in conceptualizing, designing, and implementing the platform to address the specific needs of the gaming industry. They focused particularly in areas of scalability, cost-effectiveness, and user experience which was a major concern with Axie Infinity. The Ronin Mainnet, was deployed in mid-2021, and continuous refinement and optimization have been ongoing since.
Migration of Axie to Ronin.
Differences of Ronin with Other Gaming Blockchains
Ronin Blockchain distinguishes itself from other gaming blockchains through this 3 key differences:
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Ronin utilizes a sidechain architecture, designed specifically for gaming applications. Unlike the main Ethereum blockchain, Ronin is able to process transactions faster and with lower fees, enabling seamless and cost-effective in-game asset transactions.
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Ronin aims to allow transparent and immutable records of in-game assets owned by players, allowing full control and assurance that their ownership rights are protected and cannot be arbitrarily altered by centralized entities.
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Ronin actively engages with the gaming community to gather feedback and provide improvements that address emerging needs. Having a vibrant ecosystem where developers and players can interact with each other fosters the platform’s evolution and success.
Use Cases of the Ronin Blockchain
Gaming Innovation
The gaming industry is a billion dollar industry, that is why game developers are keen on adopting blockchain technology to enable new forms of gameplay, asset ownership, and monetization. Ronin Blockchain is already being utilized by several popular blockchain games like Axie Infinity and Ragnarok, allowing players to buy, sell, and trade in-game assets securely and transparently.
NFT Marketplaces
The recent hype of Non-fungible tokens (NFTs) have exploded in popularity, enabled the creation and ownership of unique digital assets such as artwork, collectibles, and virtual lands. Ronin Blockchain provides a robust infrastructure for NFT marketplaces to be launched as soon as games are released. Gamers would be able to buy, sell, and trade NFTs with ease.
DeFi (Decentralized Finance)
Decentralized finance (DeFi) is transforming the traditional financial landscape by providing open and accessible financial services on the blockchain. Ronin Blockchain supports a wide range of DeFi applications, including decentralized exchanges, lending platforms, and yield farming protocols, enabling users to access financial services without intermediaries.
Ronin Metrics.
Getting Started with Ronin Blockchain
Here are a few steps to help you dive into the world of Ronin:
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Create a Ronin Wallet: Download Gem Wallet, generate a new wallet or import an existing one is all you need to do to get started. You can already start funding your RON wallet or hold your in-game by sending it to your unique address.
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Get some RON: Gem Wallet enables you to conveniently purchase RON using a credit card directly within the app. Alternatively, you can get RON from centralized exchanges like Binance, OKX or Bybit.
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Explore DApps: Once you have funded your wallet with RON, start exploring the various decentralized applications built on Ronin Blockchain. Register a Ronin ID, or start staking your RON to earn some yield, and also, be able to trade your Axies on their dedicated marketplace.
