Buy Ronin (RON)

Ronin (RON) is a blockchain specifically developed for the gaming industry, created by Sky Mavis, the company behind the popular Web3 game Axie Infinity. The network provides a solution to the limitations of traditional blockchains like Ethereum, which are often too slow and expensive for processing large numbers of in-game transactions. Ronin focuses on delivering fast, affordable transactions with high throughput, making it ideal for the scalability needed in gaming applications.

Ronin was launched in February 2021 as an Ethereum sidechain. This means that it operates as an independent network utilizing Ethereum's infrastructure, but it can process transactions at a fraction of the cost. Initially, Ronin operated with a Proof-of-Authority (PoA) consensus mechanism, where only selected and trusted validators could approve transactions. This resulted in reduced decentralization, which attracted criticism in 2022 after a hack that stole $622 million through the Ronin bridge. In response, Ronin introduced a new system in April 2023: Delegated Proof-of-Stake (DPoS), allowing RON token holders with at least 250,000 RON to vote for validators, thereby increasing decentralization.

The RON token plays a crucial role in the network. Users need RON to pay transaction fees and it can be staked to secure the network and select validators. Additionally, Ronin has its own decentralized exchange, Katana, where users can swap tokens within the Axie Infinity ecosystem. Ronin also supports NFTs (non-fungible tokens), including Axie Infinity's AXS governance token and the Smooth Love Potion (SLP) reward token. The platform now also supports other blockchains such as Polygon and the Binance BNB Chain.

Who founded Ronin?

Ronin was developed by Sky Mavis, a Vietnamese technology company founded in 2018. The team behind Sky Mavis consists of five co-founders: Trung Nguyen, Aleksander Larsen, Jeffrey Zirlin, Viet Anh Ho Sy, and Tu Doan. Sky Mavis gained global recognition through the successful NFT game Axie Infinity, which generated significant revenue. The company has attracted 26 institutional investors, including major names like Animoca Brands and Andreessen Horowitz (a16z). With Ronin, the Sky Mavis team created a blockchain focused on gaming that addresses scalability and security challenges in this industry.

Ronin offers various applications and benefits, such as:

• Fast transactions: Gamers and developers benefit from nearly instant transactions without the high costs typically associated with Ethereum.
• NFT support: Ronin supports NFTs, like the Axies in Axie Infinity, enabling in-game items to be traded as digital assets.
• Staking and rewards: RON can be used for staking, allowing users to earn rewards and contribute to the network's security.
• Decentralized Exchange (DEX): Through the Katana DEX, users can trade tokens within the Axie Infinity ecosystem, which is a crucial component of the Ronin ecosystem.
• Gaming development platform: Ronin provides a platform for developers to launch new games and scale existing ones without the obstacles of high transaction fees or low speeds.

Ronin acts as an Ethereum sidechain and is compatible with the Ethereum Virtual Machine (EVM). This means Ronin is an independent network that simultaneously utilizes Ethereum technology, enabling smart contracts to run seamlessly on Ronin without modifications. Thanks to EVM compatibility, developers can easily migrate their existing Ethereum projects to Ronin and immediately benefit from advantages such as lower transaction fees and increased speed.

Delegated Proof-of-Stake (DPoS) consensus mechanism

Initially, Ronin used the Proof-of-Authority (PoA) consensus mechanism, but in 2023, the network transitioned to the decentralized Delegated Proof-of-Stake (DPoS). With DPoS, RON token holders with a minimum of 250,000 RON can stake their tokens to elect validators that approve transactions. This mechanism reduces reliance on a small group of validators, enhances network security, and makes it more robust against attacks. DPoS contributes to a higher degree of decentralization and security within the Ronin network.

Ronin Wallet and Katana DEX

Ronin Wallet is a specially developed crypto wallet for the Ronin ecosystem, available as a browser extension and mobile app, supporting multiple blockchains including Polygon and BNB Chain. The wallet provides users with a straightforward way to manage RON and other tokens within the Ronin ecosystem. The Katana DEX, Ronin's decentralized exchange, enables users to swap and trade tokens within the Axie Infinity ecosystem. Users can stake their RON for rewards or use it for DeFi applications, making the Katana DEX an essential part of the Ronin ecosystem.

Improved security after 2022 hack

After a major hack in 2022, where $622 million in crypto was stolen via the Ronin Validator bridge, Ronin has significantly enhanced its security. Sky Mavis implemented stringent security measures, including comprehensive code audits and a zero-trust model, to prevent future attacks. These improvements have made Ronin one of the most secure platforms for gaming blockchains. The incident provided valuable insights into strengthening the platform's scalability and security, enabling it to support millions of users and transactions.

The RON token is the native cryptocurrency of the Ronin blockchain and plays a central role in its ecosystem. RON is primarily used as a gas token for paying low transaction fees, making Ronin appealing for games that require numerous microtransactions. Users can also stake RON within the DPoS consensus mechanism to select validators that secure the network and approve transactions. Additionally, RON is useful in decentralized finance (DeFi) applications within the Ronin ecosystem.

The maximum supply of RON tokens is set at 1 billion, with a gradual reduction in issuance to promote long-term scarcity. RON was initially offered through a pool on the Katana DEX, and the distribution includes rewards for the community, the Sky Mavis team, and an ecosystem fund to support future developments.

Ronin sets itself apart with its unique focus and optimization for the gaming industry, offering several distinct advantages:

• Scalable blockchain for a single game: Ronin has demonstrated its ability to support millions of daily users and billions in NFT trades for a single game, Axie Infinity. This showcases the blockchain's scalability and strength.
• Specific gaming experience without unnecessary overhead: Unlike other blockchains that are often not specifically optimized for gaming, Ronin is designed with minimal overhead, ensuring a smooth gaming experience without lag.
• Support for high-quality and selective game developers: Ronin operates within a curated ecosystem, allowing only high-quality games and applications to run on the network. This ensures a quality and spam-free user experience.
• Eco-friendly efficiency: Ronin is significantly more energy-efficient than traditional blockchains. A single Bitcoin transaction consumes as much energy as nearly 700 million transactions on Ronin.
• Strong partnership with Sky Mavis for support and growth: Beyond technology, Sky Mavis provides game developers with support, grants, and access to an experienced community. This bolsters the success of new games and fosters growth within the Ronin ecosystem.

Bitvavo offers a way to buy Ronin (RON), and our platform is available for both new and experienced traders . Follow these steps to purchase RON coins via our website or mobile app:

1. Create an account on Bitvavo or log in if you already have one.
2. Click "Deposit" to add funds to your account.
3. Go to the Ronin purchase page.
4. Enter the amount in euros or the number of RON tokens you wish to purchase and confirm by clicking "Buy".

Keen to store your Ronin tokens securely? You can easily save them in your Bitvavo account where the majority of funds are kept offline in cold storage for added security. We also recommend enabling two-factor authentication (2FA), meaning you need to enter an additional code alongside your password when logging in.

Different software and hardware wallets support Ronin tokens. If you want to move your RON to an external wallet, first carefully check the wallet address in your Bitvavo account before securely sending the tokens to an external storage location.