Following the recent security breach on the Ronin Chain, it has decided to add five more validators to its network. Furthermore, the attack also reminded the firm of the need for a truly distributed blockchain. Here are more details of this update.
Steps to Increasing the Number of Validators on the Ronin Network
As part of its long-term ambition of creating a truly decentralized and secure blockchain, Ronin Network will be increasing the number of validators to at least 21 independent nodes. In the short term, however, it will be onboarding five new validators. It also plans to overhaul its source code.
It believes that successfully completing these steps will improve the security infrastructure and make the network almost impossible to hack. These are the steps it will be taking to achieve its goal:
Add More Organizations to the Validator Node Pool: Ronin will be onboarding more validators to its network. It expects to complete the process this week. The aim is to get new stakeholders into the group and familiarize them with the node technology.
Evolve the Current Source Code to Improve Security and Decentralization: The second step will be to improve the current functions of these nodes. One of such is assigning withdrawal limits and enabling the bridge to have more governance functions. It expects to have a collaborative design process. Therefore, Ronin will involve its community members as well as other security outfits and investors. Therefore, it is encouraging users to share their thoughts, ideas and feedback on social media using the #securingronin hashtag.
Ronin’s New Validators
Ronin is glad to welcome onboard a new batch of validators. They include the following:
Delphi Digital: This is a research, consulting and investment firm. Delphi Digital is dedicated to advancing the development and understanding of the digital asset market.
Animoca Brands: Animoca is a household name and a leading investor in the NFT space. It has a mission of delivering digital property rights to internet users.
Dialectic: Dialectic is a capital enterprise based in Switzerland. It focuses on deploying human and financial capital into alternative assets.
Nansen: Nansen is a blockchain analytics platform that enriches on-chain data with millions of wallet labels.
Stable Node: The addition of Stable Node as one of the validators does not come as a surprise to many. After all, this is a well-known blockchain node validator. It uses the rewards it gets to invest in Crypto and Blockchain start-ups. Part of its funds serves as liquidity for DeFi applications.
Furthermore, Ronin Network is still seeking more validators. Therefore, interested persons and firms can apply to become one by filling out this form.