The Root Network (ROOT): Powering the Open Metaverse
Are you a developer searching for a network that simplifies user experience and onboarding for the open metaverse? Or perhaps a user looking forward to a superior web3 experience? The Root Network is the new bridge to a world-class experience on the open metaverse in which anything can be connected to anything else.
Key Takeaways:
The Root Network is a purpose-built, interoperable PoS blockchain developed by Futureverse to ensure a smooth user journey within an open metaverse.
The Root Network's integration with EVM and Ripple streamlines cross-asset utilization, and its unique features, including an NFT runtime module and in-chain DEX, further enhance asset interoperability.
ROOT, the native token of The Root Network, is used for multiple purposes and can be traded on Bybit as a Spot pair.
What Is The Root Network?
The Root Network is an L1 blockchain built by Futureverse to enable seamless user experience and support data interoperability of digital assets. Futureverse is a metaverse operating platform consisting of various decentralized protocols and infrastructures that work together to create a seamless metaverse user experience.
As a Futureverse core element, the network looks to support developers in creating community-owned applications and persuade more creators to join the open metaverse by providing an exceptional web3 experience.
Hereâs some background.
As we integrate more of our social and economic systems into the digital space, the Futureverse team believes embracing the open metaverse is vital â a singular, secure and open experience for all. Currently, a handful of big players in the digital space are consolidating different sectors, such as media and commerce or finance and gaming, to maintain their grip on economies and their influence on how customers think.Â
The open metaverse promises an internet and digital economy future where everyone can participate in shaping the inevitable destination of everything valuable that weâll create. As a decentralized blockchain network, The Root Network will form the base of the open metaverse as envisioned by Futureverse.
How It Works
The Root Network's core blockchain infrastructure consists of the best web3 components, with a deliberate focus on better user onboarding. In the past, many users have found web3 too complicated and unsafe, far more than Web 2.0. The Root Network is looking to change this by creating easy movement across applications and supporting permissionless asset transfer, among other benefits.
To achieve these goals, The Root Network relies on three key elements: Substrate Core, Ethereum virtual machine (EVM) support and a multi-token economy, a feature that makes it a standout among its competitors.
Substrate serves as the core of The Root Network. Its technical capabilities offer critical chain runtime customization and flexibility for optimized user experience. The Root Network also looks to leverage the Substrate network's established developer community. Its network runs integrated EVM compatibility, which allows the protocol to read and execute Solidity smart contracts. Thanks to this convenient feature, code previously written for Ethereum can also be run natively on The Root Network.
In line with its core mandate of enabling seamless user experience, Futureverse has adopted a multi-token economy in which ROOT, the main networkâs token, is separated from the gas token to address high gas fees and the demotivating illiquid block rewards for node operators.
To provide more liquid and valuable block rewards, the network has partnered with industry-leading finance networks, Ripple and XRPL, to offer users block rewards in XRP.Â
Additionally, a user interacting with a decentralized app (DApp) in Futureverse doesnât need to understand the gas concept. The team has created an in-chain gas fee exchange system that uses the DAppâs native token. Alternatively, users can allow the developer to pay on their behalf through delegation.
By developing liquidity pools for the native token and the network gas token, node validators can receive the gas tokens as rewards for producing blocks.Â
The Root Network utilizes a proof of stake (PoS) consensus mechanism that allows anyone to participate and receive rewards by staking the ROOT token. Apart from staking, users can also participate as nominators, or take on validating responsibilities for even better rewards.
The Root Network Key Features
NFT Runtime Module
Unlike other networks, whose NFTs exist at the contract layer, NFTs on The Root Network are located in a core network runtime module. The runtime module can be used to create custom NFTs and trade them without the usersâ own smart contracts.
This simple process not only makes it easy for anyone to mint NFTs, but also promotes enhanced asset interoperability. Fees from the NFT runtime module are distributed to stakers and validators on the network.
Some of the NFT runtime key features include:
NFT creation without the need to deploy smart contracts
Royalty enforcement
Native NFT swaps
Native minting options
Decentralized Exchange
The network runs an in-chain decentralized exchange (DEX) that allows users and developers to trade asset tokens, set up liquidity pools and initiate token price discoveries without deploying smart contract code.Â
The in-chain exchange supports all the asset tokens on the network, including ASM, SYLO and ASTO. Node validators collect the exchange fees.
Decentralized State Oracle
The state oracle enables the linking of events on other chains to actions on the network. Developers on the network can rely on it to implement interoperability in their DApps.
Liquidity and Collectibles Bridges
The Root Network acts as a base for its two asset bridges, Ethereum Bridge and XRPL Bridge, to facilitate two-way transfers of native tokens and assets between the bridges and The Root Network. This not only boosts interoperability, but also unlocks extra liquidity for the network, as users can now use non-native tokens on The Root Network.Â
In an effort to achieve a truly open metaverse, the team promises to provide native support for more networks as the ecosystem grows.
What Is ROOT?
ROOT is the native token for The Root Networkâs ecosystem, with a maximum supply of 12 billion tokens. Its core purposes include the following.
Governance
ROOT is essential for the governance of the network. It covers critical functions, such as onboarding new chains, runtime and software upgrades, and the block reward economy.
Powering the Data Marketplace
The token can be used as an incentive for data sharing with third parties through the Token Service platform.
FLUF World Utility and Game Economy
As the main in-game token for the FLUF World ecosystem, ROOT can serve a range of purposes that include:
Stake-to-earn
Stake-to-play
Reward land mechanics
Content purchases
Staking
Users can stake ROOT tokens to earn network fees (awarded in the form of Vortex tokens) as an incentive for active participation and helping to maintain network security. Distributed in a 90-day cycle, Vortex tokens represent a basket of tokens in the Vortex, including ROOT and XRP, and can be traded on DEXs. According to The Root Network team, the latest cycle accumulated a total reward of 602,000 Vortex tokens, which amounted to 362,000 XRP and 4.7 million ROOT in value.
There are three ways to stake ROOT. The low-risk, low-reward way is to stake ROOT without nominating validators. As an ordinary staker, you can unstake at any time. Other ways to stake involve securing the network as a nominator or validator. Both of these options require more effort and dedication, and face the possibility of slashing risks for the staked ROOT.
Is The Root Network a Good Investment?
Futureverse is undoubtedly dedicated to putting in the hard work in many respects, with The Root Network being the backbone of their metaverse ecosystem. The Root Network's UX and digital contentâfocused protocols facilitate a seamless user experience and empower Futureverse to build a robust foundation in content, stories and characters. In addition, its integration with EVM and Ripple also enables interoperability and streamlines cross-chain asset usage. This results in a vibrant web3 world that's scalable, yet sustainable enough to keep users engaged for a long time.
Furthermore, the ROOT token has diverse uses, from governance to in-game utility. This versatility could contribute to heightened demand, and appreciation in the tokenâs value.
The Futureverse is also embracing emerging technologies such as artificial intelligence (AI) to accelerate their creation of an open metaverse for all. Its strategic partnerships with major blockchains like Ripple also enhances The Root Network's capabilities, fortifying its position as a versatile and well-connected platform. This forward-looking fusion of emerging technologies and tactical alliances positions Futureverse at the forefront of innovation, ready to shape the future of the metaverse.
With Futureverse backing The Root Network, itâs reasonable to believe that this project could be a promising investment opportunity. However, keep in mind that a blockchain project is a highly volatile investment. We recommend that you conduct research, or seek expert financial advice before making an investment decision.Â
Where to Buy The Root Network (ROOT)
Are you ready to join The Root Network? Buy ROOT as a Spot pair (ROOT/USDT) on Bybit and qualify to grab a share of the 185,000 ROOT prize pool! From Nov 21 through Dec 3, 2023, there are two events you can participate in for your chance to win.
For the first event, sign up to deposit 100 USDT worth of ROOT, or deposit 100 USDT to buy ROOT to earn 100,000 USDT thatâs up for grabs. If youâre an existing Bybit user, follow the same deposit prompts above for a chance to earn 20,000 USDT.
In the second event, you simply need to trade the ROOT/USDT pair and accumulate a Spot trading volume worth at least 200 USDT to earn from the 65,000 USDT prize pool.
Closing Thoughts
The Root Network isnât just a blockchain. Itâs the linchpin of Futureverse, revolutionizing the open metaverse with a user-centric, interconnected approach and a decentralized way of defining digital assets. As the backbone of Futureverse, The Root Network's focus on seamless user experience and interoperability sets it apart in the web3 landscape, providing unrivaled user experience in an inclusive, open metaverse.
#Bybit #TheCryptoArkÂ