“I really think that having that experience and being battle tested and surviving that, for us, should be a benefit to any other developer that is working with us. He also said the industry is young and such incidents are likely to happen to many chains, and they have been happening. Even if someone gets compromised, that still wouldn’t lead to the same level of disaster that it did before.” “Since that time, not only did we refund all the users from our own balance sheet, so everyone was made home - but we are also moving into a much more secure environment. We made so many trade-offs to actually be able to go to the market with Axie that, at the end of the day, it came back to bite us,” Larsen said. But I also think it’s a valuable experience for us. “The Ronin hack itself, obviously, is a painful moment in our history. The company had to raise new funding and guarantee funds for users. Last year, when an engineer failed to close a workaround that circumvented blockchain security, the Ronin network got hacked and thieves stole $620 million from Sky Mavis and its users. Overall, security is still extremely important. RON staking opens today, with rewards starting on April 12. The selected validators then share a part of their rewards with the delegators-the users who staked their tokens. >Follow VentureBeat’s ongoing GDC 2023 coverage<<Īt the same time, any RON holder can stake their tokens and participate in validator selection. So it’s becoming more decentralized and we’re also opening it up.” “The purpose of staking is basically that the community can now show support to their favorite validator and, at the same time, help secure the network. How we run the network is starting to become more decentralized,” said Larsen, in an interview with GamesBeat. “We have had some challenges with the chain, but getting to this point is really great. And the energy used is far less than with early blockchain protocols. That is, it can be a partner that validates transactions on the blockchain. With the DPoS upgrade, anyone with a minimum of 250,000 RON (the token for the Ronin network) can become a validator and take part in block production. With delegated proof of stake, users of the network vote and elect delegates to validate the next block in a process that is more democratic. With proof of stake, a blockchain network can incentivize users to confirm network data and ensure security through a process of collateral staking. This made the networks secure but extremely wasteful. Delegated Proof of Stake The Ronin banner has some new devs.Īs for the delegated proof of stake, the original blockchains like Bitcoin consume a lot of energy, requiring lots of computing resources to independently verify what is stored on the digital ledger of the blockchain. And he noted that he met one of the developers at our GamesBeat Summit Next event last October. Larsen said that Sky Mavis is making direct equity investments into some of the companies for a long-term play. “We spent a long time looking for these five games, which are a good fit for our holistic strategy,” Larsen said in our interview. And now the next step is opening it up to other developers so they can share in the benefits. Larsen said that the Ronin network has always been a part of Sky Mavis’ strategy to make sure it can provide the best service to the Axie Infinity community. Register Here Left to right: Sky Mavis’ Alexander Leonard Larsen, Trung Nguyen, Jeff Zirlin and Kathleen Osgood.
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