Web3.0’s value proposition-to embrace paradigm shift from consumption to ownership
Introduction Reviewing the history of internet development in the past few decades, it can be summarized as three different stages: Web 1.0, Web 2.0 and Web 3.0. Web 1.0 is generally considered to have begun in early 1990s offering basic read-only webpages without any user interaction. Web 2.0 came roughly at the beginning of 21st century and continued to today, where users not only read but also create the content based on various social media platforms namely YouTube, Twitter and Meta（Faceb...
Project Brief - THORChain ($RUNE)
Project Description. THORChain (Thor Chain) is a decentralized cross-chain AMM trading protocol that was just created by an anonymous group of cryptocurrency developers at Binance's hackathon in 2018. With THORCHain, users can trade tokens between different L1 blockchains, eliminating the need to trade through a centralized exchange. For users who have always sought privacy protection and asset safekeeping, THORChain offers one of the key features to replace centralized exchanges (CEX): ...
10 Token Design Types That Could Go to Zero in a Crypto Bear Market
There is a kind of helplessness called "your favorite project, which has a lousy Token design". Most Tokens are launched to exit liquidity and transfer legal liability, not to decentralize. Decentralization" may not even be a consideration when releasing Tokens. You can say it out loud, because these Tokens are completely useless. All you can do is look at customer service complaints in the project forum and pledge those Tokens, which can then be used to acquire more useless customer service ...
Web3.0’s value proposition-to embrace paradigm shift from consumption to ownership
Introduction Reviewing the history of internet development in the past few decades, it can be summarized as three different stages: Web 1.0, Web 2.0 and Web 3.0. Web 1.0 is generally considered to have begun in early 1990s offering basic read-only webpages without any user interaction. Web 2.0 came roughly at the beginning of 21st century and continued to today, where users not only read but also create the content based on various social media platforms namely YouTube, Twitter and Meta（Faceb...
Project Brief - THORChain ($RUNE)
Project Description. THORChain (Thor Chain) is a decentralized cross-chain AMM trading protocol that was just created by an anonymous group of cryptocurrency developers at Binance's hackathon in 2018. With THORCHain, users can trade tokens between different L1 blockchains, eliminating the need to trade through a centralized exchange. For users who have always sought privacy protection and asset safekeeping, THORChain offers one of the key features to replace centralized exchanges (CEX): ...
10 Token Design Types That Could Go to Zero in a Crypto Bear Market
There is a kind of helplessness called "your favorite project, which has a lousy Token design". Most Tokens are launched to exit liquidity and transfer legal liability, not to decentralize. Decentralization" may not even be a consideration when releasing Tokens. You can say it out loud, because these Tokens are completely useless. All you can do is look at customer service complaints in the project forum and pledge those Tokens, which can then be used to acquire more useless customer service ...
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Project Profile
Ronin is a sidechain of Ethernet and a dedicated chain of Axie Infinity, the first major chain tour. It aims to solve the problem of congestion and high Gas fee of Ether L1, providing reliable, fast and reasonable cost for the development of the game, and also avoiding the scaling problem that will arise later by using the existing blockchain.
Ronin Ecology
Ronin Wallet Bridge The Ronin Explorer Purchase Staking
Official website: https://bridge.roninchain.com/
Twitter: https://twitter.com/SkyMavisHQ
Discord: https://discord.com/invite/axie
Project Explanation Ether Sidechain A sidechain is an independent blockchain, such as PolyChain, which runs in parallel with Ethernet and operates independently. Sidechains have their own consensus algorithms (e.g., PoW, PoS, Byzantine fault tolerance, etc.) and are linked through a two-way main network. Since the sidechain is developed based on EVM, it works in the same environment as the main chain. Sidechain is a common way of scaling Ethernet.
Side-chain advantages.
Pre-existing technologies. Support for general purpose computing, EVM compatible.
Sidechain disadvantages.
Not decentralized enough. Use of a separate consensus mechanism, not protected by L1. Verifiers reach a certain number prone to fraud.
Sidechain Ronin Ronin was created to address a pain point in the game Axie infinity experience - slow transaction speed reads due to congestion in the ethereum network, and high gas fees. In order to reach more tiers of users, the Axie game and economic system must be made faster, cheaper and smoother.
Currently, most L2 scaling solutions serve Defi and payment functions, and there are still relatively few for games. sky Mavis, after creating its own chain Ronin, can decide and modify the functions and properties of that chain by itself, fully solving all kinds of complicated needs of the gaming community.
Consensus mechanism and verifier Ronin currently uses the PoA (Proof of Authority) consensus mechanism, a system based on authority and reputation. Verifiers are selected by the team based on authority and reputation, and include well-known platforms such as Binance, Ubisoft and Animoca Brands. Validators pledge their credibility rather than Tokens, and collusion with each other to commit misconduct can undermine the credibility these authorities hold dear. Because the number of verifiers is limited and relatively centralized, the Ronin system allows for fast transaction completion.
Ronin Wallet Sky Mavis has created its own sidechain wallet, Ronin Wallet, which allows players to scale on Axie games and Dapp on Ronin. In addition to being used to hold their assets, users can use fiat currency in the wallet to purchase Tokens directly from the Axie ecosystem (e.g., $AXE, $SLP $wETH, etc.).
Ronin Decentralized Exchange - Katana Every blockchain will have its own decentralized exchange, just like UniSwap of Ether and PancakeSwap of BSC, Ronin also has its own decentralized exchange - Katana, which allows users to exchange Tokens in Axie's ecosystem without leaving the Ronin chain.
Three main functions of Katana.
Swap: users can exchange ERC20 assets in Katana. Pool: users can provide liquidity to DEX to earn transaction fees. Farm: Users can pledge pairs from the liquidity pool to earn $RON.
Bridge Allows you to transfer assets between Ether and Ronin, mainly by connecting ERC20 Tokens to the Ronin network. However, cross-chain fees are relatively high, and most people choose to send Tokens from the Binance exchange to the Ronin wallet, or buy and transfer directly from the Ronin wallet.
Purchase You can buy cryptocurrencies directly on the Ronin chain with fiat currency. Currently you can only buy $RON, $AXS, $SLP, $WETH.
$AXS Pledge In addition to Katana's liquidity pool, there is also a $AXS single coin pledge pool on the Ronin wallet, where pledging $AXS rewards $AXS with an annualized return of 76%. The total number of pledges is: 24,164,405.
Ronin Browser The Ronin Browser (https://explorer.roninchain.com/), which tracks transaction data on Ronin.
Top Stories On March 23, 2022, the Ronin Bridge was stolen for 173,600 ETH and 25.5 million USD, approximately $600 million, in the largest hack in DeFi's history. The attackers used hacked private keys to forge withdrawals, and Sky Mavis did not discover the theft until after a user reported being unable to withdraw 5,000 ETH from the bridge.
Dating back to November 2021, when the Axie DAO verifier was allowed to distribute free transactions, and although it was discontinued in December, the IP of the verifier remained on the whitelist, leading to the hacking of five verifier private keys, including four Sky Mavis verifiers and one Axie DAO. and the attackers found this backdoor through a Gas-less RPC node, using This node was used to obtain the signatures of the Axie DAO verifier.
The current status is that the Ronin bridge is not yet available, katana is back up and running, and the project claims to have raised $150 million to compensate users affected by the attack.
The incident caused the trading volume of Axie Infinity game NFT, $RON and $AXS to suffer a plunge.
The Ronin theft was a positive for all DeF mining projects, giving players a glimpse of the risks of decentralization and cross-chain.
Economic Model Token Information Token symbol: $RON
Contract address: 0xe514d9deb7966c8be0ca922de8a064264ea6bcd4
Current Price: $1.58
Current market value: $233,738,231
24-hour trading volume: $782,564
Fully diluted market cap: $1,577,800,000
Liquidity: $148,339,298
Maximum supply: $1,000,000,000
Total supply: 1,000,000,000
Token role: The main goal is to protect and decentralize the network; verifiers need to hold and pledge $RON to participate in block verification, and $RON holders can participate in network governance.
Token Distribution Distributed mainly to: community players, content creators, developers and partners. No public offering, initiated by incentivizing liquidity on Ronin's native DEX-Katana's liquidity pool. A reduction in the number of issues per quarter. Will reach maximum supply in 294 months.
Investment Background Financing Information In May 2021, SkyMavis closed a $7.5 million Series A round of funding led by Libertus Capital.
In October 2021, Sky Mavis raised $152 million to expand Axie Infinity and the Ronin blockchain, led by Silicon Valley venture capital firm Andreessen Horowitz, with participation from Accel and Aradigm.
On April 7, 2022, Sky Mavis received $150 million in Series B funding, led by Binance, for the restoration of the Ronin bridge, with investors also including Animoca Brands, a16z, Dialectic, Paradigm, and Accel.
Investment Institutions Ubisoft, AAVE, Binance, Samsung, Delphi Digital, Kyber Nettwork, Maker, Upbit
Development Team
Roadmap Phase 1 At least 10 validators in addition to Sky Mavis. At least 3 external teams building NFT games on Ronin, etc.
Stage 2 Upgrade to proof of stake by relying on verifiers to pledge $RON. Validators voting on on-chain contract deployments. At least 5 external teams building NFT games on Ronin, etc. At least 20 validators in addition to Sky Mavis.
Stage 3 An upgrade to the Ronin consensus mechanism in terms of scalability and security breakthroughs. More than 100 validators. More aspects of revenue will be developed in addition to the Axie domain.
Summary Ronin raises the game experience of Axie players to a new level. The fact that a sidechain was developed for a game reflects the team's level of dedication to this game; the fact that this theft was able to have a new financing completed in a short period of time shows side-by-side that the project's investment background is very strong. Of course Axie game comes with huge traffic, which is undoubtedly an innate advantage, and Sky Mavis hopes to expand more possibilities from this one advantage.
Advantages Fast, seamless transactions with instant confirmation. Significant reduction in Gas fees. Eventual return of assets to the Ethernet mainnet. Simplified transparency and data accessibility (data viewability).
Disadvantages Bias towards centralization. Currently only an ecosystem capable of interacting with Axie Infinity games. Few tokens available for exchange. Fewer chains that can be crossed. Insufficient security of the bridge.
If you like my articles welcome to join our discord community:
Project Profile
Ronin is a sidechain of Ethernet and a dedicated chain of Axie Infinity, the first major chain tour. It aims to solve the problem of congestion and high Gas fee of Ether L1, providing reliable, fast and reasonable cost for the development of the game, and also avoiding the scaling problem that will arise later by using the existing blockchain.
Ronin Ecology
Ronin Wallet Bridge The Ronin Explorer Purchase Staking
Official website: https://bridge.roninchain.com/
Twitter: https://twitter.com/SkyMavisHQ
Discord: https://discord.com/invite/axie
Project Explanation Ether Sidechain A sidechain is an independent blockchain, such as PolyChain, which runs in parallel with Ethernet and operates independently. Sidechains have their own consensus algorithms (e.g., PoW, PoS, Byzantine fault tolerance, etc.) and are linked through a two-way main network. Since the sidechain is developed based on EVM, it works in the same environment as the main chain. Sidechain is a common way of scaling Ethernet.
Side-chain advantages.
Pre-existing technologies. Support for general purpose computing, EVM compatible.
Sidechain disadvantages.
Not decentralized enough. Use of a separate consensus mechanism, not protected by L1. Verifiers reach a certain number prone to fraud.
Sidechain Ronin Ronin was created to address a pain point in the game Axie infinity experience - slow transaction speed reads due to congestion in the ethereum network, and high gas fees. In order to reach more tiers of users, the Axie game and economic system must be made faster, cheaper and smoother.
Currently, most L2 scaling solutions serve Defi and payment functions, and there are still relatively few for games. sky Mavis, after creating its own chain Ronin, can decide and modify the functions and properties of that chain by itself, fully solving all kinds of complicated needs of the gaming community.
Consensus mechanism and verifier Ronin currently uses the PoA (Proof of Authority) consensus mechanism, a system based on authority and reputation. Verifiers are selected by the team based on authority and reputation, and include well-known platforms such as Binance, Ubisoft and Animoca Brands. Validators pledge their credibility rather than Tokens, and collusion with each other to commit misconduct can undermine the credibility these authorities hold dear. Because the number of verifiers is limited and relatively centralized, the Ronin system allows for fast transaction completion.
Ronin Wallet Sky Mavis has created its own sidechain wallet, Ronin Wallet, which allows players to scale on Axie games and Dapp on Ronin. In addition to being used to hold their assets, users can use fiat currency in the wallet to purchase Tokens directly from the Axie ecosystem (e.g., $AXE, $SLP $wETH, etc.).
Ronin Decentralized Exchange - Katana Every blockchain will have its own decentralized exchange, just like UniSwap of Ether and PancakeSwap of BSC, Ronin also has its own decentralized exchange - Katana, which allows users to exchange Tokens in Axie's ecosystem without leaving the Ronin chain.
Three main functions of Katana.
Swap: users can exchange ERC20 assets in Katana. Pool: users can provide liquidity to DEX to earn transaction fees. Farm: Users can pledge pairs from the liquidity pool to earn $RON.
Bridge Allows you to transfer assets between Ether and Ronin, mainly by connecting ERC20 Tokens to the Ronin network. However, cross-chain fees are relatively high, and most people choose to send Tokens from the Binance exchange to the Ronin wallet, or buy and transfer directly from the Ronin wallet.
Purchase You can buy cryptocurrencies directly on the Ronin chain with fiat currency. Currently you can only buy $RON, $AXS, $SLP, $WETH.
$AXS Pledge In addition to Katana's liquidity pool, there is also a $AXS single coin pledge pool on the Ronin wallet, where pledging $AXS rewards $AXS with an annualized return of 76%. The total number of pledges is: 24,164,405.
Ronin Browser The Ronin Browser (https://explorer.roninchain.com/), which tracks transaction data on Ronin.
Top Stories On March 23, 2022, the Ronin Bridge was stolen for 173,600 ETH and 25.5 million USD, approximately $600 million, in the largest hack in DeFi's history. The attackers used hacked private keys to forge withdrawals, and Sky Mavis did not discover the theft until after a user reported being unable to withdraw 5,000 ETH from the bridge.
Dating back to November 2021, when the Axie DAO verifier was allowed to distribute free transactions, and although it was discontinued in December, the IP of the verifier remained on the whitelist, leading to the hacking of five verifier private keys, including four Sky Mavis verifiers and one Axie DAO. and the attackers found this backdoor through a Gas-less RPC node, using This node was used to obtain the signatures of the Axie DAO verifier.
The current status is that the Ronin bridge is not yet available, katana is back up and running, and the project claims to have raised $150 million to compensate users affected by the attack.
The incident caused the trading volume of Axie Infinity game NFT, $RON and $AXS to suffer a plunge.
The Ronin theft was a positive for all DeF mining projects, giving players a glimpse of the risks of decentralization and cross-chain.
Economic Model Token Information Token symbol: $RON
Contract address: 0xe514d9deb7966c8be0ca922de8a064264ea6bcd4
Current Price: $1.58
Current market value: $233,738,231
24-hour trading volume: $782,564
Fully diluted market cap: $1,577,800,000
Liquidity: $148,339,298
Maximum supply: $1,000,000,000
Total supply: 1,000,000,000
Token role: The main goal is to protect and decentralize the network; verifiers need to hold and pledge $RON to participate in block verification, and $RON holders can participate in network governance.
Token Distribution Distributed mainly to: community players, content creators, developers and partners. No public offering, initiated by incentivizing liquidity on Ronin's native DEX-Katana's liquidity pool. A reduction in the number of issues per quarter. Will reach maximum supply in 294 months.
Investment Background Financing Information In May 2021, SkyMavis closed a $7.5 million Series A round of funding led by Libertus Capital.
In October 2021, Sky Mavis raised $152 million to expand Axie Infinity and the Ronin blockchain, led by Silicon Valley venture capital firm Andreessen Horowitz, with participation from Accel and Aradigm.
On April 7, 2022, Sky Mavis received $150 million in Series B funding, led by Binance, for the restoration of the Ronin bridge, with investors also including Animoca Brands, a16z, Dialectic, Paradigm, and Accel.
Investment Institutions Ubisoft, AAVE, Binance, Samsung, Delphi Digital, Kyber Nettwork, Maker, Upbit
Development Team
Roadmap Phase 1 At least 10 validators in addition to Sky Mavis. At least 3 external teams building NFT games on Ronin, etc.
Stage 2 Upgrade to proof of stake by relying on verifiers to pledge $RON. Validators voting on on-chain contract deployments. At least 5 external teams building NFT games on Ronin, etc. At least 20 validators in addition to Sky Mavis.
Stage 3 An upgrade to the Ronin consensus mechanism in terms of scalability and security breakthroughs. More than 100 validators. More aspects of revenue will be developed in addition to the Axie domain.
Summary Ronin raises the game experience of Axie players to a new level. The fact that a sidechain was developed for a game reflects the team's level of dedication to this game; the fact that this theft was able to have a new financing completed in a short period of time shows side-by-side that the project's investment background is very strong. Of course Axie game comes with huge traffic, which is undoubtedly an innate advantage, and Sky Mavis hopes to expand more possibilities from this one advantage.
Advantages Fast, seamless transactions with instant confirmation. Significant reduction in Gas fees. Eventual return of assets to the Ethernet mainnet. Simplified transparency and data accessibility (data viewability).
Disadvantages Bias towards centralization. Currently only an ecosystem capable of interacting with Axie Infinity games. Few tokens available for exchange. Fewer chains that can be crossed. Insufficient security of the bridge.
If you like my articles welcome to join our discord community:
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