30s Summary
Web3 gaming network, Ronin, is integrating Chainlink’s Cross-Chain Interoperability Protocol to enhance its performance across different blockchains. The integration will enhance user experience, improve security, and allow Ronin to allocate more resources to user acquisition. No changes will be required from crypto asset holders on the network. The collaboration follows an extensive hack last year when over $600m was stolen from Ronin, triggering security enhancements.
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Web3 gaming network, Ronin, is joining forces with Chainlink, a programming powerhouse to secure and improve the Ronin network’s ability to work across different blockchain systems.
On October 10, Ronin shared that they’re integrating Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This is a fancy term for a technology that allows users to send information, like transactions, between different blockchain networks.
This new setup is empowered by decentralized oracle networks. In simpler terms, these are like referees, making sure the messages being sent back and forth between blockchain networks are legitimate.
Before choosing Chainlink’s CCIP, Ronin carried out a thorough three-step selection process.
By teaming up with Chainlink, Ronin hopes to improve user experience, boost security, and free up some of their own resources. This will help them get even more users onboard with their platform.
Jeff Zirlin, the co-founder of Sky Mavis, which is linked with Ronin, is really excited about the collaboration with Chainlink, calling it “battle-tested” and saying it’ll make the network “stronger and more secure”.
Even better news? If you’re already a token holder, you don’t have anything to worry about — everything will be happening in the background. The aim is to make this transition as smooth as possible and not interfere with your experience.
All the crypto assets that currently exist on the network won’t have to go through any changes — so no worries there either.
In fact, Ronin and Chainlink are already hard at work, planning to support transfers between Ethereum and Ronin. The whole transition is planned to take two to three months.
This move is particularly important because last year Ronin faced one of the biggest hacks in crypto history, with over $600 million in crypto stolen.
Since that incident, Ronin has been working hard to enhance its security. This includes increasing its validator count, as well as this new integration with Chainlink’s CCIP, which is expected to ramp up the security of the network even more.
After the hack, Ronin worked with regulators to get back the funds that were nicked. With the help of Norwegian authorities, they managed to retrieve $5.7 million. This new move will hopefully make similar incidents a thing of the past.
Source: Cointelegraph