A look into how Sky Mavis, Axie Infinity, and its Ronin blockchain network have fared up so far, and what the future holds for Play-to-earn.
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In recent years, blockchain technology has opened up new possibilities for the gaming industry, particularly in the form of play-to-earn games. Axie Infinity stands out as one of the most popular and successful examples and an epic fail equal parts. However, Axie Infinity is not just a game, but a complex ecosystem. This includes multiple stakeholders, from players to developers to investors.
For those of you who don't know, Sky Mavis is a Vietnamese startup founded in 2018 by Trung Nguyen and Aleksander Leonard Larsen. Their goal was to build a game that could combine blockchain technology, non-fungible tokens (NFTs), and the play-to-earn model. And, their game took the gaming industry by storm.
Sky Mavis' Axie Infinity: More Than Just a Game
In the game Axie Infinity, players have their own Axies and breed them. On the Ethereum blockchain, these are shown as NFTs. Axies come in different classes, types, and traits, and they can be combined to make offspring that are new and different. Then, players can train and equip their Axies and use them in turn-based battles against other players. The game also has a part about managing resources. In this game, players must collect and use different kinds of resources to keep their Axies alive and move forward.
Axie Infinity isn't just a game, though. It is also a platform where people can play games and complete tasks to earn cryptocurrency. A token called Axie Infinity Shards (AXS) is used on the platform. A player can earn AXS tokens by playing the game, staking AXS tokens, or taking part in governance decisions. Axies can be bought, sold, and traded on different marketplaces, which creates a new economy around the game.
Delegated Proof of Stake
Bitcoin uses the traditional blockchain architecture, which uses a lot of energy. It also takes a lot of computing power to validate transactions, which makes for a network that is both safe and wasteful. But Proof of Stake (PoS) is a better alternative that uses less energy. It gives users a reason to check the data on the network through a process called "collateral staking."
Delegated proof of stake (DPoS) is an extension of this model that lets users vote and choose delegates. These delegates will approve the next block. This will make the system more democratic. With the DPoS update, anyone with at least 250,000 RON, the token for the Ronin network, can become a validator. And make blocks, which uses a lot less energy than the first blockchain protocols.
The Rise of Ronin: Solving Ethereum's Scalability Issues
As Axie Infinity became more popular, it also had to deal with a big problem: Ethereum's problems with scaling. Ethereum, the blockchain platform on which Axie Infinity is built, can only handle a limited number of transactions at once. This means that fees are high and transactions take a long time. This made it hard for players to buy, sell, and trade Axies, which turned off potential new players.
Sky Mavis came up with Ronin, a gaming sidechain based on Ethereum, to solve this problem. Ronin is faster, cheaper, and more efficient than the main Ethereum network because of how it is made. It lets players play Axie Infinity without having to pay high fees or wait a long time for transactions. Ronin uses a proof-of-authority consensus mechanism, in which a group of trusted validators confirm transactions and blocks. This keeps the network safe and stable.
The Future of Sky Mavis, Axie Infinity, and Play-to-Earn Gaming
Axie Infinity has become a cultural phenomenon in the gaming and crypto communities, with thousands of players and investors joining the ecosystem every day. The game has also inspired a new wave of play-to-earn games, where players can earn cryptocurrency by playing and contributing to the ecosystem. The success of Axie Infinity has also attracted attention from investors and venture capitalists. Sky Mavis raising over $150 million in funding as of September 2021 is a prime example.
The company behind the popular blockchain-based game Axie Infinity, Sky Mavis, has announced that its Delegated Proof-of-Stake (DPoS) system will be getting an update. CEO Nguyen says that this move will give the company a chance to bring its infrastructure and technology to a larger part of the Web3 world.
The goal is to make gaming more fun and rewarding by making it more about the community. In a recent statement, Nguyen also welcomed Directive Games, Bali Games, Tribes, and Bowled.io as new partners to the Ronin network. Also, the company is having talks with big game studios that want to build on top of the Ronin network.
The Challenges that Need Addressing by Sky Mavis
Looking to the future, Axie Infinity and "play-to-earn" games could change the gaming industry and give both players and developers new ways to make money. As blockchain technology keeps getting better, we can expect to see more games and ecosystems based on the "play-to-earn" model, as well as more creative ways to solve the problems of scalability and usability that make blockchain-based games hard to use right now.
But there are some problems and risks that need to be dealt with. One of the main worries is whether or not the play-to-earn model can last. It depends on how much the underlying cryptocurrency is worth and how many people are willing to play. There are also problems with rules and laws. When gambling and money come together, it raises questions about jurisdiction, taxes, and protecting consumers.
Sky Mavis has made a game and an ecosystem that give players and developers new options and change the way the gaming industry works. They did this by having a clear vision, coming up with new ideas, and working hard. As we look to the future, we can expect play-to-earn games to get even more interesting. Also, there are new chances to look into what blockchain and NFTs can do.
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