The Root Network Explained

Key Takeaways

The Root Network is a new Layer 1 aiming to serve as the center of the Open Metaverse.

The Root Network is built on Substrate and compatible with the EVM. It seamlessly connects with mainstream public chains and offers a range of functions.

The Root Network's native token, ROOT, serves as a governance and utility token.

What Is The Root Network?

The Root Network is a new Layer 1 aiming to serve as the center of the Open Metaverse. Built on Substrate, a blockchain framework integrated with XRPL and ETH, The Root Network significantly enhances user experience and asset interoperability within the Open Metaverse through built-in account abstraction and tokenomics. Compatible with the Ethereum Virtual Machine (EVM), it seamlessly connects with mainstream public chains, facilitating interchain interoperability.

How Does The Root Network Work and What Makes It Stand Out?

At the heart of the infrastructure in the Open Metaverse is The Root Network, comprised of an array of core components that help it rival the performance of Web2 networks. The superiority of The Root Network is evident in five aspects:

Built on Substrate: The Root Network uses Substrate at its core. Substrate offers two advantages: a large, well-established developer community and the technical capability to significantly enhance user experience.

EVM Compatibility: The Root Network is compatible with the EVM and thus can execute Solidity smart contracts. This enables seamless migration for Ethereum DApps. The Root Network is also compatible with popular NFTs.

Custom Runtimes: The Root Network's custom runtimes for crypto assets, Gas models, DEXs, and oracles provide the tools for creators to build applications without being a professional developer. They also offer high-quality services.

NFT Runtimes: The Root Network provides a variety of NFT runtimes with unique features, including royalty enforcement, native multi-wallet split and tiered royalties for creators, NFT trading and minting, building NFT DApps without the need for smart contract development or deployment, and automatic distribution of NFT fees to network stakers and validators. The Root Network will also integrate the XRPL XLS-20 NFT standard to ensure compatibility with the XRPL NFT ecosystem and infrastructure.

Multi-token Economy: In many single-token blockchain networks, gas fees fluctuate with the surge of token price. To address this issue, The Root Network adopts a multi-token economy where developers can establish a liquidity pool containing native tokens and network gas tokens. In this way, nodes can accept gas tokens as block rewards, and users can pay gas fees with the tokens they hold. If developers' native tokens do not have a liquidity pool, they can XRP as network gas tokens.

On top of that, The Root Network offers token issuance, decentralized state oracles, DEXs, interchain bridges, and more. These features help developers launch tokens quickly, improve interoperability between applications, deploy DEXs for trading services, and achieve interchain asset interoperability.

The Root Network's Tokenomics

The Root Network's native token, ROOT, plays a pivotal role in the ecosystem by serving as a governance and utility token.

As a governance token, ROOT controls critical measures such as network upgrades, deployment of essential features, and adjustments to block reward mechanisms. The Root Network adopts a PoS model, where ROOT is staked by nodes to ensure network security. In return, nodes receive tokens as incentives. In The Root Network, staking rewards primarily come from gas fee revenue, initial supply incentives, and fees collected from other ecosystems, such as commission on NFT and token issuance and trading fees and DEX trading fees. ROOT is also the in-game token for the FLUF World game ecosystem and can be used for land rewards, game rewards, and staking for items, among others. Additionally, ROOT can be used as an incentive token for data sharing with third parties.

ROOT has a total supply of 12 billion, with 20% allocated for community incentives, 20% for game tokens in The Third Kingdom, 10% for the ecosystem development fund, 10% for block rewards, 10% for CENNZ holders at a 1:1 airdrop ratio, 15% for the core developer Futureverse, 5% for liquidity provision, 5% for the DAO treasury, and 5% for the advisors.

The Bottom Line

The Root Network is the result of five years of efforts from the Futureverse, a company committed to building an open metaverse. It serves as the core infrastructure of the ecosystem. According to its whitepaper, The Root Network is partnering with renowned IP rights holders in areas across film, TV, social media, and sports, which will be announced soon. By providing a wide range of runtimes for robust infrastructure and leveraging the metaverse narrative for compelling content, The Root Network is poised to create a flourishing metaverse ecosystem.