What is the Root Network (ROOT)?

The Root Network introduces a pioneering Layer 1 platform, envisioned as the central hub for the open metaverse, facilitating unparalleled connectivity across its landscape. It is meticulously designed to cater to the open metaverse, incorporating protocols that are centered on core user experience and digital content, thereby ensuring a fluid interaction and greater compatibility of assets within the open metaverse.

With a strong emphasis on user experience and security, the Root Network integrates features such as account abstraction and a versatile token gas system. These innovations empower some of the most prominent content brands to onboard their users smoothly and securely.

Moreover, the Root Network is compatible with EVM and is constructed using Substrate, offering integration with XRPL and ETH, along with plans to connect with additional networks. This strategic design enhances the functionality and interoperability of content and accounts across these networks within the expansive open metaverse.

Who are the founders of Root Network?

The Root Network, developed by Futureverse, is an L1 blockchain designed to facilitate smooth user interactions and promote the compatibility of digital assets' data. Futureverse serves as a metaverse operating platform, comprising decentralized protocols and infrastructures collaborating to deliver a cohesive metaverse user experience.

The Root Network is a community-driven open-source project initiated by Futureverse, a leading global media technology company based in Auckland, New Zealand, with a presence worldwide.

Starting with the consolidation of 11 tech and content enterprises, Futureverse's goal was to lay down the essential groundwork for an authentic open metaverse. The company was established by Aaron McDonald, Shara Senderoff, Marco Brondani, and Daniel Gillespie.

Leveraging its extensive knowledge in web3, AI, and entertainment, as well as intellectual property from globally recognized brands, Futureverse has significantly contributed to the development of applications on The Root Network.

What is the working mechanism of ROOT Network?

The Root Network is built on a foundation of the finest components from the web3 ecosystem, emphasizing the importance of simplifying the process for new users to join. 

Traditionally, the complexity and perceived security issues of web3 have been significant barriers compared to the more user-friendly Web 2.0. The Root Network aims to rectify these issues by facilitating easier navigation between applications and enabling the transfer of assets without permissions, among other advantages.

To accomplish its objectives, The Root Network focuses on three main pillars: the Substrate framework, support for the Ethereum Virtual Machine (EVM), and the introduction of a multi-token economy. This unique combination sets it apart from its peers.

At the heart of The Root Network lies Substrate, which provides the network with the ability to customize and optimize the chain's runtime environment, enhancing the overall user experience. Additionally, The Root Network benefits from the robust developer community surrounding the Substrate framework. With integrated EVM compatibility, the network can seamlessly execute Solidity-based smart contracts, facilitating a straightforward transition of Ethereum-developed applications to The Root Network.

A key innovation aimed at improving the user experience is the adoption of a multi-token economy by Futureverse, where the main network token, ROOT, is distinct from the gas token, mitigating the issue of high transaction fees and providing node operators with more attractive, liquid rewards.

To enhance the liquidity and appeal of block rewards, The Root Network has established partnerships with leading financial platforms such as Ripple and XRPL, allowing for the distribution of block rewards in XRP.

Moreover, users engaging with decentralized apps (DApps) within Futureverse are spared the complexity of understanding gas fees. An innovative in-chain gas fee exchange mechanism enables transactions using the DApp's native token or allows users the option to have fees covered by developers through a delegation process.

The introduction of liquidity pools for both the native and gas tokens enables node validators to earn gas tokens as rewards for block production.

Leveraging a Proof of Stake (PoS) consensus mechanism, The Root Network encourages broad participation and reward acquisition through the staking of the ROOT token. Users have the opportunity to contribute as nominators or assume validator roles for potentially greater rewards.

What are the use cases of Root Network?

• NFT Runtime Module: Unlike conventional networks, where NFTs are confined to the contract layer, The Root Network houses NFTs within a central network runtime module. This module empowers users to craft and exchange custom NFTs without necessitating the deployment of personal smart contracts.
  

This streamlined approach not only simplifies NFT creation for all users but also fosters heightened asset compatibility. Proceeds from the NFT runtime module are distributed among network stakers and validators.

• Decentralized Exchange: The network operates an in-chain decentralized exchange (DEX) that facilitates seamless trading of asset tokens, establishment of liquidity pools, and initiation of token price discovery sans the need for deploying smart contract code. The in-chain exchange accommodates all network asset tokens, including ASM, SYLO, and ASTO. Exchange fees are collected by node validators.

• Decentralized State Oracle: The state oracle serves as a conduit linking events on external chains to actions on The Root Network. Developers leverage this oracle to embed interoperability within their DApps.

• Liquidity and Collectibles Bridges: The Root Network serves as the foundation for two asset bridges, the Ethereum Bridge and XRPL Bridge, enabling bidirectional transfers of native tokens and assets between the bridges and The Root Network.
  

This not only enhances interoperability but also amplifies liquidity for the network, as users can now utilize non-native tokens on The Root Network. As part of its commitment to fostering an inclusive metaverse, the team pledges to extend native support for additional networks as the ecosystem expands.

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