Wigwam is the best Ronin blockchain crypto wallet

Ronin chain blockchain review

Ronin is an innovative layer-2 Ethereum Virtual Machine(EVM)-compatible blockchain designed to revolutionize the gaming experience. Ronin addresses Ethereum’s high gas fees and slow transaction speed as it can process up to 100,000 transactions per second.

Origins & Vision

Ethereum blockchain was not built for gaming, as it requires fast transactions with lower fees to facilitate millions of micro-transactions. The user experience has to be seamless and enjoyable during games, which was not possible with Ethereum.

This was limiting Axie Infinity, not being able to attract new players, and many existing ones leaving due to high gas fees. Sky Mavis, the creator of Axie Infinity realizes that things have to change if it wants to continue to grow and better cater to its existing players. The team decided to build their own layer-2 solution and the Ronin blockchain was launched in February of 2021. Ronin’s mainnet has enhanced Axie Infinity’s playability and has established Ronin as a leader in the Web3 gaming domain.

Key Milestones

Ronin Blockchain’s mainnet was launched for the public in February 2021, and since then it has achieved many milestones.

RON, the native token of the Ronin Blockchain was launched in January 2022.

Ronin faced a significant breach in March 2022, where 173,600 ETH and 25.5M USDC were drained from the Ronin bridge.

In June 2022, the Ronin Bridge was launched for the public after three audits ensuring that all user funds were fully backed 1:1 by the new bridge. The bridge allows users to pass funds between the Ronin and Ethereum blockchain.

The blockchain was initially started as a Proof-of-Authority(PoA) and in March 2023, it combined it with the Delegated-Proof-of-Stake (DPoS) to further decentralize its ecosystem. 

What Consensus Algorithm Does Ronin Blockchain Use

The Ronin blockchain uses a combination of Proof-of-Authority (PoA) and Delegated-Proof-of-Stake (DPoS) consensus algorithms. In the Proof-of-Authority (PoA) consensus mechanism, a set of trustworthy validators are responsible for validating transactions and creating blocks. But it could lead to centralization, to overcome this Ronin combined PoA and DPoS, where users can stake their RON tokens and vote for validators to process transactions and manage the blockchain on their behalf.

How Ronin technically solved problems with scalability, decentralization, speed

Ronin blockchain utilizes a combination of technical approaches to solve the issues of scalability, decentralization, and speed. Ronin initially used the Proof-of-Authority (PoA) consensus mechanism, which offers fast transactions and lower gas fees but less decentralization. To increase decentralization, without losing the benefits of PoA, Ronin integrated Delegated-Proof-of-Stake (DPoS).

Ronin has processed up to 7.5M transactions per day during its peak periods, due to its parallel transaction execution and various scaling strategies. 

Who are the main players in the Ronin blockchain

The Ronin  Network uses a combination of Proof-of-Authority(PoA) and Delegated-Proof-of-Stake (DPoS) mechanisms. The main players in these mechanisms are the Validators and Delegators. 

Validators: Validators are required to stake RON and are chosen based on their worthiness and reputation, to validate and add blocks.

Delegators: RON token holders can choose to delegate a validator of their own, by staking RON and sharing earned rewards.

DeFi ecosystem on Ronin

The Ronin blockchain was created focusing on gaming, with Axie Infinity being its cornerstone, but it's DeFi ecosystem growing with rapid speed as it offers fast transactions with lower gas fees.

At the time of writing this, Ronin’s Total Value Locked (TVL) in DeFi applications is $200.86M. Katana, Sablier, and Ramp are some of the popular DeFi in the Ronin ecosystem. If you need a reliable crypto wallet to participate in the Ronin DeFi ecosystem we would advise you to choose Wigwam. 

NFTs marketplaces on Ronin

Ronin blockchain hosts various NFT marketplaces within its ecosystem, as it attracts many collectors and artists to mint, sell, buy, and trade NFTs with lower gas fees and fast transaction speed. Mavis Market, Axie Infinity, and CyberKongz Genkai are some of the most popular NFT marketplaces on the Ronin chain.

Tokenomics and gas usage on Ronin

RON is the native token of the Ronin blockchain and it fuels all the activities in the ecosystem, including gaming transactions, NFT trading, block validation, and staking rewards. Gas fees collected throughout the ecosystem, such as from Katana DeX's 0.05% swap fees, Mavis Market's 0.5% fee, and 30% of Ronin Name Service (RNS) sales, flow back to RON.

It is worth mentioning that the Ronin blockchain supports various tokens associated with Axie Infinity, such as Axie Infinity Shards (AXS) and Smooth Love Potion (SLP), as well as NFTs representing in-game assets. 

Conclusion

Ronin started as a gaming-centric Ethereum layer-2 network designed for the Axie Infinity game users, offering fast transactions, low gas fees, and seamless user experience. With its EVM compatibility, and focus on gaming, Ronin has managed to establish itself as a key player in the blockchain space.