SunCrypto recently listed RON Token on its platform which is the native token of Ronin Network, a prominent gaming-specific blockchain network. To that end, SunCrypto users desire a detailed video explaining what the RON token is and how to buy Ronin (RON) in India or SunCrypto.
The Ronin network is an Ethereum-linked sidechain designed exclusively for blockchain games. It is supported by Sky Mavis, the gaming studio that created the popular blockchain game Axie Infinity. Ronin’s mission is to make Axie Infinity and future gaming releases more cost-effective, rapid, and smooth. Let’s understand it more broadly!
How to Buy Ronin (RON) in India | What is Ronin Network?
Ronin Network was launched in the first half of 2021 by Sky Mavis and it is an Ethereum sidechain designed primarily to support blockchain-based gaming applications. The network was created in response to rising demand for Axie Infinity’s game, and the high gas fees and sluggish settlement times made Axie Infinity games more cost-effective, faster, and seamless.
The network’s Testnet was launched on December 23rd, 2020, and the Ronin Mainnet followed a few months later, on February 1st, 2021. Talking about RON, it is the Ronin network’s native or governance token, and it is an ERC-20 token that is integrated with the Ethereum Virtual Machine. In January 2022, Axie Infinity introduced this native token in the trading market.
RON Token Consensus Mechanism
Most blockchain networks employ either the Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus mechanisms to process transactions and create new blocks. However, the Ronin network employs more advanced variants of the PoS method known as Proof-of-Authority (PoA) and Delegated Proof of Stake (DPoS).
▪️ Proof-of-Authority (PoA): Ronin initially used Proof of Authority (PoA) consensus, in which designated validators to maintain the network and validate transactions. These validators are trusted individuals picked by Sky Mavis and the community for their knowledge and reputation.
Validators create new blocks and add them to the network. Validators could be added or removed in the future if the majority of present validators agreed with the choice. This encouraged validators to perform honestly in order to avoid losing authority and reputation.
PoA is more energy efficient than other consensus mechanisms, such as Proof of Work (PoW), because it does not require sophisticated calculations to verify transactions. It also allows for faster transaction speeds and lower transaction costs because blocks can be validated quickly.
However, the PoA consensus has been questioned for being less decentralized than other consensus techniques. It relies on a set of trustworthy validators to keep the network operational, necessitating a high level of trust in the validators. This could be a vulnerability if they act deliberately.
▪️ Delegated Proof of Stake (DPoS): To increase Ronin’s decentralization, they released an update that included DPoS in the validator selection. Anyone with sufficient RON can become a validator. It grants validator access and significantly enhances Ronin’s decentralization. However, Ronin Network retains the advantages of PoA, such as faster transaction speeds and lower transaction fees.
DPoS is a consensus algorithm that allows token holders to delegate their stake to validators. These validators validate transactions, create new blocks, and receive rewards for their efforts. Token holders can vote for themselves or assign their share to a representative. The more tokens a validator receives, the better their chances of selection.
Furthermore, because RON staking is necessary for validators, they have implemented slicing rules to penalize malicious validators. Slashing discourages unlawful conduct by punishing validators who do not create new blocks or try to cheat the system.
Use Cases & Uniqueness of RON Token
- Ronin has proven its reliability and scalability, handling 15% of NFT trading volume in 2021 and serving as the primary platform for Axie Infinity assets.
- Ronin ranks second only to Ethereum in NFT sales volume, demonstrating its capability to support millions of daily users within a single game ecosystem.
- Ronin prioritizes gaming optimization, minimizing unnecessary features found in other blockchains to provide a streamlined experience with high uptime and minimal spam.
- Compared to other chains, Ronin boasts environmental friendliness, with significantly lower energy consumption per transaction.
- Ronin is supported by Sky Mavis, the creators of Axie Infinity, offering expertise in product development, community building, and market strategies to partners deploying on the network.
- Despite facing security challenges, such as the Ronin Validator Breach in March 2022, Ronin has evolved into a resilient and secure platform through rigorous internal security measures, code reviews, and expert audits.
How to Buy Ronin (RON) in India or SunCrypto?
The process of buying Ronin (RON) or any other cryptocurrency token in India is straightforward, but locating a reputable exchange is one of the most challenging tasks. In this case, SunCrypto leads the pack by adhering to all regulatory requirements, making it the safe haven of the Indian crypto sector.
Follow these simple steps to find out how to buy Ronin (RON) in India:
- Download the SunCrypto Application from the Google App Store or Apple App Store.
- Complete the registration and KYC process, and then simply add a bank account on the SunCrypto application.
- To buy RON Tokens, deposit INR on SunCrypto using IMPS or a bank transfer.
- Search RON in the market section and click on it.
- Tap the BUY button and enter the amount.
- Click the PAY button and enter the MPIN to complete the RON purchase on SunCrypto.
- And you are done with your buying, you can check your RON token holdings in the portfolio section.
Conclusion
Ronin (RON) is a prominent cryptocurrency with a strong reputation in the crypto industry, making it a suitable option to start with affordable prices. Even though the investment is simple, a person should conduct research before entering the market.
To learn more about how to buy Ronin (RON) in India or SunCrypto, go check out SunCrypto Academy.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].
