Introduction
All of you have probably heard about such a game as Axie Infinity. This is a popular game that was released in 2018 and won the hearts of many users around the world, giving them exciting gameplay and very large incomes. In 2018, the game encountered problems such as loading the Ethereum network and increasing fees for transfers within the game. Of course, this problem affected both the players and the developers of the game itself, and therefore the development team decided to create their own wallet, which would be easy to use and reduce the cost of commissions and time for operations.
This is how Ronin Wallet appeared – this is a crypto wallet that runs on the Ronin blockchain, a sidechain of the Ethereum network. The wallet was created specifically for Axie Infinity, but it later became compatible with other NFT projects on the Ronin blockchain.
What is Ronin Wallet?
As mentioned above, Ronin Wallet is a crypto wallet that operates on the Ronin network, which is a sidechain of Ethereum. It is provided in two versions: as a browser extension and as a mobile application, available for Android and iOS platforms.
Ronin Wallet is used to interact with the popular game Axie Infinity and other decentralized applications (DApps) running on the Ronin blockchain.
To start using Ronin Wallet, simply install the appropriate extension for Chrome or Firefox browsers. It is also possible to download a mobile application from the Apple Store or Google Play. However, you should remain vigilant to avoid falling for fake apps.
How to create a Ronin Wallet?
Ronin Wallet is available as a mobile app or extension for Chrome and Firefox browsers. In this tutorial, we will be talking about the browser extension.
1. First, add the Ronin Wallet browser extension to Chrome or Firefox.
2. Open the extension and click [Get Started].
You will be redirected to the Ronin Wallet setup page. Now click [I’m new. Let’s get set up!] (I’m a new user. Let’s get started!).
3. Next, choose how you want to create your wallet, creating it using mail or using Secret Recovery Phrase (Which we highly recommend)
4. Create a strong password for your wallet and click [Create Wallet].
5. You will see a hidden version of your seed phrase. Click [Reveal Seed Phrase] and write it down. Keep your wallet in a safe place in case you need to regain access to it in the future. Do not share your seed phrase with anyone.
6. Now you need to enter the seed phrase that you just backed up. Then click [Continue] and your Ronin Wallet is ready to use!
It is important to note here that the Ronin Wallet is non-custodial, which means no one else will have access to your funds, not even the Ronin developers. That is, if you lose your seed phrase or private keys, no one will be able to help you restore your wallet. That’s why you need to write down your seed phrase and store it in a safe place, so you can always regain access to your account.
6. After creating Ronin Wallet, click on the browser extension to open the wallet interface.
At the top you will see the wallet name [Account #] along with your Ronin Wallet address. This address will be required when entering or receiving assets. The [Assets] section displays your current balance of ERC-20 and ERC-721 NFT tokens. To view your transaction history, click [Activities].
Staking
Ronin users have the opportunity to stake their AXS tokens to receive dividends. In order to start staking AXS tokens, you need to create an account through the web extension.
To do this you need:
- Go to the Axie Infinity staking page.
- Click on “Connect to Ronin Wallet”.
- Select “Stake”.
- Specify the number of tokens for the transaction.
- Confirm the operation by clicking on “Stake”.
Once activated, AXS functions are frozen. Investors begin receiving dividends after 24 hours. This is how developers synchronize the time of payments to all depositors.
AXS Staking Panel in Chrome Browser
Investors can unfreeze their assets at any time. To do this, on the staking panel you need to click on Unstake and specify the AXS number to unlock.
Ronin Wallet crypto wallet settings
The program’s user interface contains a “Settings” section with internal parameters that clients can view and change. The ability to go to this section is available from any other section of the program (by selecting your profile and then selecting the gear icon in the menu).
The following parameters are used for configuration:
- “Biometric Login”. The virtual switch allows you to configure authorization using supported biometrics of a smartphone or tablet. (This function is only available on mobile devices)
- “Currency”. In this tab, users can select the base currency for displaying balances and quotes.
- “View Secret Recovery Phrase”. Clients can copy the mnemonic phrase for future use. Even viewing it requires entering the set PIN code.
- “dApp Connections”. This page displays current connection sessions with other repositories, decentralized applications (DApps) and blockchains. The Wallet Connect protocol is a Web 3.0 standard for connecting various DeFi products.
- “Auto-Lock Wallet”. This option allows you to block the crypto wallet in use after a certain interval.
- “Sync with mobile” is a feature that allows users to synchronize the web extension with a mobile application to work with one wallet on different devices.
- “Lock Wallet” This option allows you to block the crypto wallet in use. The next time you log into the vault, you will be required to confirm using biometrics or entering a PIN code.
Ronin Wallet Security
The storage developers have transferred responsibility for storing private keys to users. The Ronin Wallet crypto wallet is non-custodial. Even if attackers gain full control of the servers, they will not be able to hack customer accounts.
Anonymity
Crypto wallet users are ensured high confidentiality of personal information. Clients do not need to provide personal information when registering. Also, Ronin does not provide a verification procedure.
Transaction tracking
One of the main tabs of the application is “Activities”. It displays any user activity. For example, in this section the client can track AXS transfers or NFT token exchanges.
To obtain extended information about transactions, you need to use the proprietary blockchain monitoring service Ronin. You can find a transaction by identifier (TxID). The blockchain explorer provides the following data:
- Transaction hash (identifier).
- Transaction status(confirmed or not).
- The number of the block in which the operation was included.
- Transaction time (Timestamp) in Greenwich Mean Time (GMT + 0).
- Sending wallet.
- Receiving address.
- Transaction action (SLP transfer or other).
- A complete record of information: from where, where, how much was transferred. For example, From ronin:0aa7b…5c74b to ronin:d36ec…f0b94 for 189 SLP.
- Transaction amount (equivalent in RON).
- Transaction fee.
- Gas price (indicated in gwei for cross-chain transfers).
- Gas application limit (maximum permissible value).
- Gas consumed (quantity).
- Nonce value.
- Input data.
Using the “View Original Input” button, you can view the original encrypted recording of the input information.
Usually it looks like this:
0xa9059cbb0000000000000000000000000d36ec347f7169a1f5f3dg886929ba061152f0b94000000000000000000000000000000000000000000000000000 000000000000bd
Conclusion
The Ronin wallet and network were created to reduce the cost and duration of transactions on Axie Infinity, as well as to improve the user experience. Now the ecosystem is developing, more projects have begun to appear that use this wallet, and it is already becoming obvious that an increasing number of projects will be tied to it.