TheRoot.ninja – The Root Network (ROOT) is an open-source community project founded by Futureverse, a global technology media company. The Root Network is designed as a Layer 1 blockchain that will be the centerpiece of an open metaverse. ROOT is the network token used by node validators and delegators to secure the Proof-of-Stake network. Futureverse, an AI and metaverse technology and content company, has raised $54 million in its latest funding round. The Root Network ecosystem features a reward economy that collects fees from various network activities and creates a reward pool for all participants, including validators and nominators.
Project Assessment
Technology: The Root Network is designed as a Layer 1 blockchain that will be the centerpiece of an open metaverse.
Project’s Team: The Root Network is an open-source community project founded by Futureverse, a global technology media company.
Tokenomics & Token Utility: ROOT is the network token used by node validators and delegators to secure the Proof-of-Stake network.
Investors: Futureverse, an AI and metaverse technology and content company, has raised $54 million in its latest funding round.
Community: The Root Network ecosystem features a reward economy that collects fees from various network activities and creates a reward pool for all participants, including validators and nominators.
Technology
1. The Root Network is designed as a Layer 1 blockchain that will be the centerpiece of the open metaverse. Its primary focus is on connectivity and interoperability. As such, The Root Network aims to be the foundation that allows various metaverse applications and experiences to interact seamlessly and connect with each other.
2. The Root Network is compatible with the EVM (Ethereum Virtual Machine) and is built on Substrate, a modular framework for building custom blockchains. Additionally, The Root Network is integrated with XRPL (XRP Ledger) and ETH (Ethereum). Plans also include compatibility with other blockchain networks.
3. The Root Network’s top priorities are user experience and security. Some features that support this include account abstraction, which allows users to interact with the metaverse without needing to understand the technical details of the blockchain, and an any-token gas economy that ensures efficiency in transaction costs.
Project’s Team
4. The Root Network is an open-source community project founded by Futureverse, a global technology media company. Futureverse is based in Auckland, New Zealand, and brings together 11 technology and content companies with the goal of building the foundation of an open metaverse. Futureverse was founded by Aaron McDonald, Shara Senderoff, Marco Brondani, and Daniel Gillespie.
Tokenomics and Token Utility
5. ROOT is the network token used by validator nodes and delegators to secure the Proof of Stake network. This network uses a Nominated Proof-of-Stake (NPoS) mechanism with validators and nominators to maximize chain security.
Investors
6. Futureverse, an AI and metaverse technology and content company, has raised $54 million in its latest funding round with the goal of merging AI and the metaverse. 10T Holdings led this round and included participation from Ripple.
Community
7. The Root Network community refers to the group of individuals, such as node validators and delegators, who interact within the network. Meanwhile, the Root Network ecosystem encompasses the entire network and its communities.
8. This ecosystem has a reward economy that collects fees from various network activities and creates a reward pool for all participants, including validators and nominators. Both the Root Network community and ecosystem play a role in developing and advancing the Web 3 space and its derivatives.