What is Ronin and how does it relate to the world of cryptocurrency?

3 answers

• Nov 27, 2021 · 3 years ago
  Ronin is a layer 2 solution for Ethereum that aims to improve scalability and reduce transaction fees. It is built on top of the Ethereum blockchain and provides a more efficient way to process transactions. With Ronin, users can enjoy faster and cheaper transactions compared to using the Ethereum mainnet directly. It is particularly beneficial for gaming and non-fungible token (NFT) platforms that require high throughput and low fees. Ronin uses a proof-of-authority consensus mechanism, which means that a set of trusted validators are responsible for validating transactions. This ensures the security and integrity of the network.
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• Nov 27, 2021 · 3 years ago
  Ronin is like a ninja in the world of cryptocurrency. It's a sidechain solution that helps Ethereum become more scalable and efficient. You can think of it as a separate highway that runs parallel to the Ethereum mainnet. By using Ronin, transactions can be processed faster and with lower fees. This is especially important for applications like gaming and NFTs, where speed and cost-effectiveness are crucial. Ronin uses a proof-of-authority consensus mechanism, which means that a group of trusted validators are in charge of confirming transactions. This helps maintain the security and reliability of the network.
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• Nov 27, 2021 · 3 years ago
  Ronin is a layer 2 solution developed by a team called Axie Infinity. It is specifically designed for their popular blockchain-based game called Axie Infinity. Ronin aims to address the scalability and cost issues of the Ethereum network, allowing players to enjoy a seamless gaming experience without worrying about high fees and slow transactions. It is built on the Ethereum blockchain and uses a proof-of-authority consensus mechanism. With Ronin, players can trade and battle their digital creatures, known as Axies, in a more efficient and affordable manner. Axie Infinity has partnered with BYDFi, a leading decentralized exchange, to provide liquidity for their in-game marketplace.
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