The Root Network (ROOT) is a pioneering project that seeks to drive Web3 and metaverse adoption through a selection of helpful tools and services. The protocol helps to streamline the creation of metaverse dapps and enables developers to focus on creativity rather than worrying about creating required functionality. Here’s everything you need to know about The Root Network.
What Problems Does The Root Network Attempt to Fix?
The Root Network stands out from competitors due to its focus on the metaverse. Unlike most metaverse tokens that support a particular ecosystem, The Root Network was designed to be a network-agnostic metaverse interoperability enhancer and project launch platform.
The program integrates a helpful interface and module to help reduce any technical roadblocks to adoption. Anyone can create metaverse dapps without the need to program smart contracts. Consequently, The Root Network helps to drive metaverse and blockchain integration and adoption.
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Source – The Root Network
Lack of Liquidity
The unique structure of The Root Network allows it to offer a host of features to help metaverse dapps succeed. The network supports the creation and management of liquidity pools. This structure allows new projects to access public funding without having to appease gatekeepers.
These liquidity pools eliminate the need for coding as they don’t require any smart contracts on the user’s part. Everything is handled on the back end which makes this approach a lot easier than competitors and continues to drive more users to The Root Network.
Web3 Interoperability
The Web3 sector is fractured. There are hundreds of massive metaverses, but very little can be used to communicate data or assets freely. This lack of interoperability between web3 networks has limited its adoption and usefulness
The Root Network supports full interoperability in the blockchain web3 sector in multiple ways. The protocol offers the option to use a variety of bridges. It supports the concept of an open metaverse with transferable assets that can seamlessly go with you on your digital journeys.
The Asset Register platform and tooling kit are at the core of the metaverse compatibility strategy. This toolset makes it easy to ensure that your digital creations can travel across the metaverse without issues. It introduces standards to accomplish this task and is a vital addition that can assist builders in their efforts.
Benefits of The Root Network
The Root Network offers some exclusive benefits to the market that make it ideal for use in certain scenarios. For one, the protocol offers a seamless web3 metaverse experience for creators and users alike. Web3 is seen as the future but currently, the UI and UX lack. The Root Network seeks to improve these areas by driving innovation and interoperability to new heights.
NFT Support
The NFT market is hot, and as more real-world assets become tokenized, support for NFT assets will need to increase. The Root Network’s development team built the protocol to support the creation, management, and trading of these assets in a peer-to-peer manner.
The Root Network leverages the XLS 20 token standard to ensure full interoperability of collectibles across major networks. Additionally, the system allows you to set pre-programmed royalties into your creations without the need to code.
EVM Compatible
Another wise decision made by developers was to make the network EVM compatible. EVM blockchain standard is the most popular and most known option in the market. Users can seamlessly launch solidity programs on The Root Network without the need to recode. This approach makes it easier for more developers to make the switch.
Developer Support
One of the prime benefits of The Root Network is its focus on developers. The network empowers developers to build safer and more interoperable dapps that can leverage each other’s options to enhance the user experience.
Gas Fee Economy
The Root Network has a unique dual token structure leveraging separate tokens for gas fee payers. Unlike most dual-token arrangements, you can use any token to pay gas fees. The system automatically converts the tokens to XRP tokens to accomplish his task. XRP was selected as the best option a a gas token due to its flexibility, transferability, technical structure, and business model.
Network Rewards
There are several ways for users to secure passive rewards using The Root Network. The protocol offers users the opportunity to help secure the blockchain and take part in community governance via staking protocols. This structure empowers users and adds more transparency to operations.
There’s also a unique Dapp rewards system within the Root ecosystem. This protocol rewards Dapp owners for running their operations on the blockchain. They receive rewards in the form of Vortex tokens. These tokens can be traded for other assets on a selection of DEXs and are redeemable after their issuance every cycle.
Protect Your ID
In the digital age, discretion is your best weapon against hackers. Root supports web3 IDs which helps to reduce the sharing of your data by eliminating the need to provide this info to third parties directly. Instead, these systems use blockchain technology to provide proof of your ID without putting you in danger.
How Does The Root Network Work?
The Root Network operates as an L1 blockchain that supports full dapp and smart contract programmability. The blockchain uses a Proof of Stake (PoS) consensus mechanism that provides passive returns to users who take their tokens to secure the blockchain. This approach is more democratic and open compared to PoW options.
Metaverse Modules
At the core of The Root Networks offerings is a library of metaverse modules. These modules include the core features and services that you would expect to see in most metaverse dapps. Providing these modules helps cut time and sets the stage to introduce industry standards that ensure interoperability within the metaverse editor.
Token Creation
Another vital aspect of the Root is the easy token creation options. Users can create digital assets and tokens without the need to program smart contracts directly. An advanced UI empowers users to tokenize items and create digital assets to expand their engagement.
Digital ID
The Root Network offers support for digital IDs. Blockchain web3 IDs are seen by many as a better option due to their added security, transparency, and immutability. Digital blockchain ID technology is on the rise and more web3 services are looking at this alternative to prevent data breaches.
Altered State Machine AI protocol
The Root Network seeks to stay ahead of the trends and as part of this strategy, they have integrated support for AI agents. AI agents are created in the metaverse and can complete tasks or offer support or other features.
Root envisions a future where AI agents can be created and traded alongside other digital assets in an a p2p manner. These AI protocols continue to expand in their features as many now incorporate web3 data models.
Root Network Wallet
The Root wallet provides users with an easy-to-use option for storing assets, managing tokens, and using digital IDs. The wallet was built to be versatile and can store multiple types of metaverse-enabled assets.
Tokens (ROOT)
The Root Network incorporates a dual-token system that helps to create demand for the utility token ROOT while preventing inflation. ROOT can be staked and is used to pay for service and interact with others in a trackable manner.
Developers use XRP (Ripple) to pay gas fees on smart contract executions. This structure helps to provide more stability to the network. It also ties The Root Network to a popular and stable crypto project with years of experience.
The Root Network Governance
The Root Network leverages a community governance system that enables users to put forth suggestions on network changes and upgrades. These proposals get voted on by the community. To participate in the voting process, you only need to stake ROOT tokens.
Metaverse Market on the Rise
Researchers from Earthweb released a report which highlighted the metaverse market adoption. The data showed the global metaverse market valued at $61.8 billion in 2022. Impressively, the same report predicts the metaverse market will expand to $426.9B by 2027. Much of this growth can be attributed to more accessibility to VR and AR systems.
In the coming years, the Metaverse and other web3 services will provide core services to the market. As a crucial onramp into the web3 ecosystem, Root seeks to become one of the premier options for users to consider. There is a lot for The Root Network to gain if they can capture a percentage of the metaverses’ current +400M monthly active users.
How to Buy The Root Network (ROOT)
Currently, The Root Network (ROOT) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Terms Apply. Cryptoassets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. Restrictions may apply, depending on location.
Gate.io – This exchange was established in 2013 and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. USA & Canadian residents are prohibited.
The Root Network (Root) Positioned for Success in a Metaverse Economy
The Root Network provides a valuable service to web3 users by connecting the fractured metaverse sector. The platform offers a combination of features that help promote further tokenization and metaverse adoption. As such, it’s a project to watch.
You can learn more about exciting blockchain projects here.
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