What is Root Network? Root Network is a layer 1 blockchain with a vision of becoming the ideal platform for Metaverse applications and the core infrastructure of the Futureverse ecosystem. Root Network is built using Substrate Core and has the advantage of being compatible with smart contracts on EVM. So what is special about this project? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following projects to better understand the article!
What is Root Network?
Overview of Root Network
Root Network is a community-owned layer 1 blockchain designed to optimize interoperability for Metaverse applications. This project is an important part of the Futureverse ecosystem towards an open Metaverse platform, where Metaverses can interact with each other without limit.
Root Network uses the ROOT token as the main native token on the network, but a big difference compared to most other blockchains is that Root Network owns a Multi-Token economy. Besides ROOT being used to protect and administer the network, there is also the participation of XRP used to pay gas fees.
Outstanding features of Root Network
Root Network built for itself 3 core protocols: Core Protocol, UX Protocol and Metaverse Protocol. Separating the three protocols shows that Root Network has an edge over other blockchains in terms of UX and Metaverse support. Let’s learn more about these 3 protocols!
Core Protocol
Root Network’s Core Protocol focuses on the core solutions of a blockchain including:
- Layer 1: Root Network uses the PoS consensus mechanism, pre-designed with the necessary functions to ensure seamless interaction between Dapps and Metaverse.
- Layer 2 expansion solution: Layer 2 of Root Network supports Optimistic algorithm, World Sharding ZK Proof and pre-built crosschain protocol.
- EVM integration: Root Network is fully compatible with smart contracts built in Solidity language so developers on Ethereum and the EVM chain can easily build on Root Network.
- On-Chain Assets: Supporting popular standard assets such as ERC-20, ERC-721 and XLS-20, Root Network always ensures compatibility with other blockchain networks.
- In-Chain Exchange: Giving developers the ability to create liquidity pools for assets without having to deploy smart contracts.
- On-Chain Collectibles Protocol: Create and trade digital collectibles quickly and easily with On-Chain royalties. Root Network also allows users to create collections without having to deploy smart contracts.
- Staking Protocol: With the goal of moving towards Open Metaverse, where anyone can run a node or stake ROOT to participate and become part of the network.
- On-Chain Administration: Network governance is done On-Chain, token holders can vote to contribute to network decisions.
UX Protocol
UX Protocol is a special protocol that helps improve user experience, singling out such a protocol shows that Root Network is very focused on bringing the web3 experience closer to everyone. UX Protocol has 4 special points:
- Any-Token Gas: Root Network is designed to be able to use any type of token to make gas, this greatly improves the experience, users do not need to worry about preparing gas when making transactions on the network. This feature will convert user tokens into ROOT to pay gas fees completely automatically.
- Identity Protocol: This protocol allows users to create, own and manage identifiers similar to usernames used in web 2.0, the difference is that this identifier can be used across Metaverse creating seamless identity in digital space.
- Smart Wallet Protocol: Asset management protocol with an experience similar to web 2.0, thanks to the Account Abstraction feature, users can manage assets in multiple wallets through a single account.
- Cross-Chain Data + Asset Interoperability: Root Network natively supports functions such as asset bridges and asset references between blockchains creating a seamless multi-chain experience without the need for 3rd party crosschain infrastructures.
Metaverse Protocol
With the vision of serving the mission of building Open Metaverse, Root Network has built its own set of protocols specifically for Metaverse applications.
- Asset Registry: The platform and asset registry make it easy for developers to define data formats to ensure compatibility across the Metaverse.
- Social Data Protocol: Root Network’s SYLO social data protocol puts the power of personal data back in the hands of users while supporting social data interoperability and storage for Metaverse applications.
- AI Protocol: Root Network comes with a protocol for AI ownership in the form of collections, Altered State Machine is an AI protocol that allows AI developers to create applications and experiences with the help of trainable AI. Practice according to need.
Development roadmap
Update…
Core Team
The predecessor of the Root Network team was Non-Fungible Labs, which later expanded into Futureverse. Previously, the team built an NFT FLUF World ecosystem with popular collections FLUF and Party Bear.
Aaron McDonald – Founder
- In 2016, he became a co-founder of AI technology company Centrality.
- Aaron McDonald began his journey into the Blockchain field in 2017 as director of Plug Blockchain.
- In 2018, he continued to work as director of Sylo, a storage infrastructure project for Metaverse, until now Sylo is integrated into Futureverse’s infrastructure.
- In 2021, he takes on the role of Managing Partner at NetX Fund.
Shara Senderoff – Co-Founder
- Shara takes on the role of Board Member of two projects, Audigent (from 2019) and Cool Cats (from 2023).
- Before joining Futureverse, she also held the role of Co-Founder at Raised In Space, a fund that invests in technology and Blockchain.
Marco B. – Co-Founder & CTO
- Marco has held many roles related to security and information technology at many companies since 2018. He is also Chief Information Security Officer of Centrality and Non-Fungible Labs.
Investor
July 18, 2023: Futureverse, the parent company of Root Network, has completed its first round of funding worth $54 million from 10T fund and Ripple Labs.
Tokenomics
Basic information about Tokens
- Token name: Root Network
- Ticker: ROOT
- Blockchain: Root Network
- Total supply: 12,000,000,000 ROOT
Token Allocation
- Community Rewards: 20%
- Land Mechanics: 20%
- Ecosystem Development Fund: 10%
- Block Reward Bootstrap: 10%
- CENNZ Burn to Mine: 10%
- Futureverse: 15%
- Liquidity providers: 5%
- DAO treasury: 5%
- Advisors: 5%
Token Usecase
- Network administration.
- Staking to participate in running Node and Validator.
- Pay gas fees.
- Rewards for the FLUF World game ecosystem.
- Pay costs for buying and selling data and incentivize users who share data with third parties via the Token Service platform.
Root Network’s Information Channel
- Website: https://www.therootnetwork.com/
- Twitter: https://twitter.com/TheRootNetwork
- Discord: http://discord.gg/therootnetwork
Summary
Root Network is a pioneering blockchain supporting the development of the Metaverse industry in the context of major countries spending billions of dollars to promote Metaverse infrastructure. Meta still affirms its Metaverse orientation and Apple has just begun to venture into this new industry with Apple Vision Pro. Root Network will be a notable name in the near future as the story of the Metaverse becomes more and more clear. This is all I want to introduce about Root Network, hope everyone has received a lot of useful knowledge in this article.