What is The Root Network?
The Root Network is the core blockchain infrastructure for the Futureverse. It’s built by bringing together best-of-breed runtimes and components from the Web3 community, with a deliberate focus on great user onboarding.
The Root Network uses Substrate at its core. Substrate has two major advantages: a large, well-established developer community, and the technical capability to customize the chain runtimes to optimize for user experience.
EVM runs within The Root Network protocol and is able to read Solidity smart contracts and execute them. This gives developers access to smart contract functionality and also means that any code previously written for Ethereum can now run natively on The Root Network.
The EVM development ecosystem provides the broadest possible support for smart contracts and DApps, as well as compatibility with existing collections and assets in the NFT ecosystem.
Our custom runtimes for Non-Fungible Assets, GAS Economy, Fungible Assets, Decentralized Exchange, Oracles and more, will provide the ingredients for creators to build applications and content without being a smart contract developer. They are also designed to provide a world-class onboarding experience.
Non-Fungible Assets Runtime
The Root Network NFT runtime provides a single unified network-wide experience for NFTs.
In other networks, NFTs exist at the individual contract layer. In The Root Network, NFTs exist in a core network runtime. This provides a common standard for building interoperability.
A uniform approach to minting, royalties and structuring, especially in the metadata and content formats, is essential for delivering the asset interoperability people imagine at the application layer.
The NFT runtime also has unique features like:
- Network-wide royalty enforcement
- Native multi-wallet split and tiered royalties for creators
- Native NFT to NFT swaps
- Native static and cold minting options
- Build NFT DApps without needing to develop or deploy smart contracts
Fees from the NFT runtime are distributed to network stakers and validators.
The Root Network will also integrate the XRPL XLS-20 NFT standard as a runtime enabling compatibility with the XRPL NFT ecosystem and infrastructure.
The Root Network has a unique multi-token economy that enables the optimization of both gas and initial user onboarding.
In The Root Network, the primary network token is Mycelium. It is designed as the network security and governance token used in the network’s Proof of Stake consensus. It is isolated from the GAS token by design. To solve for the base liquidity of block rewards, we have partnered with Ripple and XRPL to provide base block rewards in the form of XRP. XRP will also be used as a network gas token. This combination will allow the Mycelium network token to grow in value and provide a high degree of liquidity for rewards for block producers.
Like the NFT runtime, users can create and launch standardized fungible tokens without having to deploy smart contract code, and that are compatible with XRPL fungible tokens. 1% of each new asset created in the Fungible Assets runtime is distributed to network node validators as a fee.
The network exchange runtime provides an in-chain DEX with a rich set of features that enable users and developers to trade assets, build liquidity pools and launch token price discovery, without having to deploy smart contract code. Exchange fees are collected by node validators. The in-chain DEX will also be integrated into the XRPL DEX to draw liquidity from, which will bootstrap the network liquidity.
The state oracle allows developers to link events that happen on other chains to actions inside The Root Network. For example, this would allow a DAO vote on ETH to kick off an asset transfer on The Root Network. Or, an NFT on one network can interact with utility on The Root Network. This provides developers with another easy way to build interoperability into their applications and content.
Using the state oracle, contracts can request the result of a remote contract call. The state oracle system will ensure the correctness of the result, returning the response to a predetermined callback function on the calling contract.
The Root Network natively supports asset bridges through its general purpose bridging runtime. This means FLUF World assets on the ETH network or fungible and non-fungible assets on the XRPL can be bridged to The Root Network to gain additional utility. These two networks will be live at launch, but others can be added as the ecosystem grows. The Root Network can also act as a hub for other Substrate-based and XRPL-based networks. This would apply to people who want to build interoperable content in the ecosystem, but require their own MetaApp chain.