By Peter Jennings
Last year’s Ronin network hack sent shockwaves through the world of blockchain and crypto. It was an unprecedented breach that allowed hackers from North Korea’s Lazarus group to siphon off $625 million from the blockchain that underpins Axie Infinity.
The attack was a stark reminder of the vulnerability of blockchain networks and the importance of robust security measures.
Fast forward to today, and Sky Mavis, the team behind Axie Infinity, is taking a proactive approach to ensure that such a breach never happens again.
The company has announced plans to revamp Ronin’s core systems to create a more decentralized network that is less susceptible to the types of single points of failure that made last year’s attack possible.
These measures will help to protect the network against future attacks and ensure that the integrity of the Axie Infinity game remains intact.
Moreover, in a move to expand the Axie universe and bring new blockchain-based video games to the market, Sky Mavis has partnered with other game development studios.
A Beneficial Collaboration
This collaboration will help to create a thriving ecosystem of blockchain-based games that can benefit from the security and scalability of Ronin’s technology.
With these upgrades and partnerships, Sky Mavis is taking a bold step towards a more secure and diverse blockchain gaming industry.
Despite the immense financial loss and negative publicity caused by the Ronin network hack, Sky Mavis has emerged from the incident stronger and more determined than ever.
In fact, Jeff Zirlin, who is Sky Mavis’s co-founder, sees the attack as a badge of honor and a symbol of the company’s resilience and commitment to innovation.
As Zirlin explains, many blockchain projects have faltered in the face of adversity, unable to recover from setbacks and challenges.
However, Sky Mavis has refused to be deterred by the hack and has instead used it as a catalyst for growth and improvement. The company’s willingness to confront and overcome adversity is a testament to its vision and leadership.
Looking to the future, it is clear that Sky Mavis is well-positioned to lead the blockchain gaming industry forward, with a focus on security and innovation.
Axie Infinity has been a trailblazer in the world of web3 games, offering players the opportunity to earn cryptocurrency and trade in-game items on the blockchain.
According to Sky Mavis, the game has generated an impressive $1.3 billion in revenue since its launch in 2018.
Initially, Axie Infinity was built on the Ethereum blockchain, but the network’s high fees and sluggishness posed significant challenges to the game’s growth and accessibility.
This prompted the creation of Ronin, a faster and more cost-effective sidechain that could exchange assets with Ethereum while having its own app ecosystem and security apparatus.
What Do the Upgrades Bring to the Table
The latest upgrade to Ronin involves a change to the consensus mechanism used to operate the network. Specifically, the network will transition from a proof-of-authority to a delegated proof-of-stake mechanism.
Under the old system, the network was secured by a small group of entities hand-picked by Sky Mavis. Unfortunately, this group’s size and composition made Ronin more vulnerable to attack, contributing to the massive breach last year.
By shifting to a delegated proof-of-stake mechanism, Ronin will be more decentralized and better able to resist malicious attacks.
This change will enhance the security of the network and provide a more robust foundation for future growth and innovation in the Axie Infinity ecosystem.
As Sky Mavis continues to push the boundaries of what is possible in blockchain gaming, Ronin will remain a crucial component of its success.
Final Thoughts
Under the new system, any user with a minimum of 250k RON can become a validator and participate in block production.
This will allow for a more decentralized network and help prevent the concentration of power in the hands of a few validators, as was the case under the previous proof-of-authority system. Additionally, any RON holder will be able to stake their tokens and participate in validator selection, which will create opportunities for more users to get involved in the network.
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