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Highlights
- The Ronin blockchain powers Axie Infinity, one of the leading play-to-earn games available across the market.
- It boasts cheap offering and fast transactions.
- The network utilises a proof-of-authority consensus mechanism.
Ronin is a blockchain project designed for play-to-earn games. Axie Infinity, a renowned online game, is built on Ronin’s network. The native coin for this blockchain is RON. It is currently priced at US$2.00 and is down by 1.39% for the last 24 hours.
The maximum supply of RON tokens is capped at 1 billion coins, while its circulating supply is not known.
Source: © Madartists | Megapixl.com
Know about Ronin’s network
Founded by a company called Sky Mavis, Ronin is a parallel network, i.e., a sidechain to Ethereum. It makes use of PoA, i.e., the proof-of-authority consensus mechanism. It is noted that the said mechanism is reputation-based and the validators are selected based on their reputation.
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These validators are not only responsible for validating blocks but also updating price oracles as well as confirming deposits and transfers of assets, both to and from Ronin. Moreover, they also have the authority to add or remove other validators. Examples of some validators on the Ronin blockchain are Binance, Animoca Brands and Ubisoft.
RON’s benefits
The Ronin blockchain has several advantages. The first and foremost are cheap and quick transactions, which only take 2-3 seconds to confirm.
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Secondly, it provides easy entry for new users, including beginners to crypto markets.
Thirdly, using RON’s bridge, Axie assets can be withdrawn by players back to the Ethereum mainnet.
Further, the network aims to be the default NFT scaling solution for gaming. It is pointed out that Ronin boasts handling much more NFT volume than combined Ethereum NFT scaling solutions put together.
From where to obtain RON tokens?
Users can buy RON from Katana DEX, OKex, FTX, Gate.io and numerous other exchanges.
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Bottom Line
The Crypto space allures tech-savvy investors with new coins equipped with innovative features. However, investors must be cautious and thoroughly go through the crypto's whitepaper before investing in them.
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