Rangers Protocol is a virtual world-proofing blockchain infrastructure that is fully compatible with Ethereum and natively supports NFTs and complex applications.
Blockchain is indeed a revolutionary technology, but just like all technologies, it still faces significant challenges, which include network congestion from high-frequency use, excessive energy consumption, and time constraints, to name a few.
Fortunately, tech firms are rising to the challenge to solve these problems to make blockchain a more efficient platform, not just for the present competition but also for the future of the tech industry.
Table of Contents
Background
Rangers Protocol aims to be an efficient bridge for blockchain assets and public chains to allow their free and undeterred circulation and expand the blockchain industry further.
Its three founders, with expertise in software development, game development, and entrepreneurship, have converged to establish a platform to push blockchain technology into mainstream use.
What is Rangers Protocol?
Rangers Protocol is a virtual world-proofing blockchain infrastructure that is fully compatible with Ethereum and natively supports non-fungible tokens (NFTs) and complex applications. It integrates cross-chain, NFT, and EVM protocols and allows developers to create complex dapps that offer a higher level of security while providing the convenience of Internet applications.
Consensus Mechanism
This platform uses a Verifiable Random Function (VRF+BLS) consensus mechanism to reduce the consequences of high-frequency trading.
Instead of having the usual proof-of-work (PoW) production counting, which lasts in minutes (considered long by industry standards), the Rangers Protocol executes a block every second, decreasing usage costs and protecting the network from congestion.
One of blockchain’s most important capabilities is to create a truly random set of numbers that is both unpredictable and verifiable to ensure a platform’s security and transparency.
Bitcoin, for example, has achieved these two major aspects by using a ‘hash’ to constantly create random numbers that make it a secure, decentralized, and transparent cryptocurrency. But despite the undeniable benefits of this innovation, its problems, including energy consumption and time constraints, hinder it from being used on a global scale for today.
The Ranger Protocol faces these problems by using VRF+BLS technology to generate random numbers at a millisecond level, which is faster than the usual speed in the industry.
VFR (Verifiable Random Function) serves as the main algorithm of the Ranger Protocol that helps it generate truly random numbers and executes a four-step process which are:
- Key pair generating function to generate a public key and private key pair
- Random number generating function
- Zero-knowledge proof-calculating function
- Random number verifying function
High-Level Security
To ensure above-standard security measures for users’ assets, the protocol utilizes a consensus system based on the relay chain and smart contract that executes multiple signatures placed on the public blockchain to protect assets from various risks.
Innovative Asset Migration
Asset migration remains one of the major problems of blockchain platforms today, and Rangers Protocol found a way to solve this by using a cross-chain solution based on a relay chain.
NFT Protocols
It uses advanced protocols like ERC-721 to standardize NFT for digital assets and provides data rights management, data reuse, and life cycle management.
NFT Support
Rangers Protocol has a feature that can record the life cycle data of NFTs, from minting, to NFT set release, to transaction to public chains, and even towards NFT destruction.
The platform also developed an ‘NFT shuttle mechanism’ to seamlessly transfer an NFT ownership on various dapps and set a specific schedule for each dapp to reuse an NFT to make the whole process as organized as possible.
This innovative process is similar to renting a real house, where a tenant has the right to use the house but has no right to trade it.
Real-Time Response
Unlike other protocols where users have to wait for a block to generate in order to receive transaction confirmation, Rangers Protocol can provide real-time execution results, saving time when dealing with interactive-related problems.
Rangers Protocol Gas (RPG Token)
RPG (Rangers Protocol Gas) is the Ranger Protocol’s native token, with a total supply of 21 million pieces, and has versions issued in ERC20 and BEP20 format.
Token Design
In the platform’s economic system, ecological nodes generate blocks that are divided into proposal and verification nodes. It also supports participation in the system’s operation through an open participation mechanism for registered users.
It is designed from top-to-bottom to operate smoothly in a decentralized environment as it allows general network-compatible devices instead of customized professional devices to become nodes.
Rangers Protocol also created two principles, called ‘Protocol Principle’ and ‘Transparency Principle,’ designed to ensure that the desired level of productivity in the platform is always maintained.
The Protocol Principle is an economic system that doesn’t depend on the traditional lengthy procedures and coercive measures and instead relies on protocol behavior and financial incentives. Meanwhile, the Transparency Principle is a system that can have a centralized design, but the platform requires users to eliminate the black box if possible.
Token Allocation
- Rangers Protocol will be connected to significant platforms and encourage developers to distribute, develop and operate their apps on the platform.
- Developers are required to buy and stake tokens to be able to use Rangers Protocol.
As the platform expands, three major aspects will inevitably increase: the RPG token’s value, the number of token holders, and the number of ecological nodes.
Proposal Nodes
Ranger Protocol requires users to stake 1250 RPG to become a qualified proposal node, and the tokens staked as proposal nodes will continue to adjust due to the platform’s governance mechanism improvements.
RPG won’t be unlocked during the process of stake in order to block reward distribution. It will only be unlocked after the node reward is issued, which would take 10 hours.
Each node can stake once in each block distribution cycle, and when distributing RPG to the rewarded proposal nodes, the process will depend on each node’s RPG stake ratio.
During each block generation, the proposal group will have 35% of the total block rewards, each block-producing proposal node will receive 10.5% of the total block rewards individually, while all nodes in the proposal group, including the block-producing ones, will share 24.5% of the remaining rewards according to the nodes’ stake ratio.
Verification Nodes
To qualify as a verification node, registered users must stake 250 RPG, and as long as the stake can enter the random pool, waiting for selection as a verification node, Ranger Protocol wouldn’t implement any restrictions on node application.
Like in the proposal nodes, RPG cannot be unlocked during the process of stake to block reward distribution and can only be unlocked after the node rewards are issued, which will take 10 hours.
And again, each node can only stake once in each blockchain distribution cycle, and the distribution of RPG to the rewarded proposal nodes will depend on each node’s RPG staking ratio.
The verification group will have 14% of the total block reward during each block generation, and all nodes in the verification group will receive a reward according to the nodes’ stake ratio.
Ranger Protocol Foundation
Ranger Protocol Foundation is a platform for ecosystem construction, community maintenance, system operation, and market promotion.
One of its specific responsibilities includes investing in Rangers Protocol-based dapp developers, implementing punishments on unethical activities on the platform, and building an efficient application ecosystem.
It also has the right to initiate voting proposals for the platform’s governance, but the decision of whether to approve this proposal or not belongs to the community.
Conclusion
Using innovative technologies like blockchain isn’t enough to bring highly valuable services to the market and compete with other players. Ranger Protocol, aside from merely using this technology, has initiated ways to solve blockchain’s existing limitations and problems to provide a more refined service that the industry needs.
