Written by: Paul Veradittakit, Partner of Pantera Capital, a blockchain investment institution
Compiler: Perry Wang
Although multi-chain projects were bucking the trend only a few years ago, the encryption industry now seems to be looking forward to a "multi-chain future", when applications and users will be implemented in the background on different underlying public chains (for example, Ethereum, Solana , Polkadot, etc.), depending on the situation.
Want to provide liquidity to DeFi protocols? Currently, this usually means using Ethereum. Want to post something on decentralized social media? This could mean using Solana, Ethereum Layer 2 (L2) solutions, or other high-throughput blockchains.
As blockchains are optimized for different use cases, there needs to be protocols that abstract away all of this complex cross-chain coordination.
Rangers Protocol, which was born to solve this problem, recently closed with a valuation of $63 millionround of financing, Pantera Capital participated in this round of investment along with Framework Ventures, Alameda Research, HashKey and several top investors. After nearly three years in development, the protocol is finally ready to reveal itself to the world with its upcoming mainnet launch.
What is the Rangers Protocol?
The core of the Rangers Protocol is the "metaverse blockchain infrastructure". In other words, it gives decentralized applications (DApps) and assets the ability to interact frictionlessly with multiple different chains. This is especially important in the so-called "metaverse": users will want to participate in complex operations that require data, assets or smart contracts to be extracted from different blockchains. For example, a primitive game might wish to be compatible with ERC-721 token assets from Ethereum, store its high-frequency data on Solana, and incorporate Terra's UST as an in-game currency.
The project is developed by a well-known blockchain game publisherMixMarvelimage description
Source: Rangers Protocol (White Paper)
To understand how the Rangers Protocol achieves this goal, it is important to understand the protocol's architecture. It has some unique features:
Random Proof of Stake (PoS) underlying public chain with verification and proposal nodes.
Protected by BLS+VRF (and TSS) algorithm. The team believes that this encryption algorithm will gradually become the industry standard.
Extremely high throughput, capable of generating one new block per second.
Real-time trading, which enables many high-frequency trading use cases.
Ethereum Virtual Machine (EVM) compatibility, DApp developers can easily migrate their projects and smart contracts to Rangers Protocol.
Rangers Protocol also has an interesting approach to NFT strategy. In addition to supporting the most popular existing NFT standards such as ERC-721, the platform adds many other features to NFTs:
Strong data portability and collection capabilities, including minting, trading and burning.
DApp NFT availability. The team stated, "We believe that the most critical value of NFT is reflected in the reuse and inheritance of data. In other words, NFT should be reusable by multiple DApps." The Rangers Protocol standard enables DApps to add unique data to NFTs , and take temporary ownership of their own data in the asset description.
Built-in NFT loans allow borrowers to use this asset without transferring it.
white paperwhite paperLearn more about every detail of it.
The native token of the protocol
Rangers Protocol Gas (RPG) is the token that powers the protocol and is used both as the underlying currency and for the random PoS consensus (staked and received by validator nodes) and the way network fees are denominated.
As adoption of the Rangers Protocol increases, the RPG demand required to participate in the protocol will increase accordingly.
image description
Source: Rangers Protocol (White Paper)
What is the current adoption of the Rangers Protocol?
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Source: Rangers Protocol (white paper)
For example, the chain game Yundoulong (HyperDragons Rocket Arenaimage description
Source: Rangers Protocol (White Paper)
A browser game that was popular a few years ago, Snake (HyperSnakesimage description
Source: Rangers Protocol (Twitter)
In July, the testnet version of Rangers Protocol was released, releasing many features that the team has developed over the years. While access to the testnet is still limited to specific developers, the fixed-rate lending protocol on EthereumBlueStoneHas successfully migrated to Rangers Protocol. Due to the EVM compatibility of the Rangers Protocol, BlueStone did not need to change the contract, only minor changes were made to the front end.
As the Rangers Protocol team plans to launch a full mainnet later this year, they hope that other developers will also integrate with Rangers Protocol to reap some of the advantages that a cross-chain world can offer.
