KuCoin AMA With The Root Network (ROOT) — Enabling Seamless Experience And Asset Interoperability Across Open Metaverse

2023/11/24 01:52:14

Dear KuCoin Users,

Time: November 22, 2023, 9:00 AM- 9:58AM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the CEO of Futureverse of The Root Network, Aaron McDonald in the KuCoin Exchange Group.

Official Website: https://www.therootnetwork.com/

Whitepaper: https://www.futureverse.com/research?index=whitepaper

Follow The Root Network on Twitter, Telegram, and Discord.

Q&A from KuCoin to the The Root Network Team

Q: Can you tell us more about The Root Network and what problems it solves that other blockchains haven’t yet?

Aaron: As you have mentioned, The Root Network has been designed as the hub of the open metaverse. Many people have discussed the idea of an open and interoperable metaverse of applications and content, but they have yet to deliver that. The Root Network is purposely built to solve that problem and make the ideas we see in movies like Ready Player One come to life. In helping content that lives on any chain become interoperable with any application. Beyond interoperability, The Root Network has focused very hard on solving common UX problems for new users to Web3. Truly scaling web3 requires UX to mirror the simplicity of the web2 world. The Root Network’s core runtimes and patented technology are designed to make it simple and safe for mass adoption.

Lastly, The Root Network is designed with all the tools game and content developers need to enable web3 already built in. It means these developers don't need to build smart contracts or understand web3 to build on The Root Network Safely. The Futureverse team has partnered with Emergence to integrate core features to 40,000 unreal and unity developers. We are proving this stuff works at the Futureverse by building on the root network with the world's largest brands and most loved IP.

Q: What kind of projects should we look to build on TRN?

Aaron: You're right. We have been able to bootstrap The Root Network with some awesome projects and brands, games, experiences, and DAPPs, but the open metaverse is built by more than one company. It only exists if we build together. The Root Network is very focused on being the foundation of the open metaverse, so if you're in gaming, content, media, consumer goods, and retai, we have the best set of tools to help your project become a success.

Q: What support can projects get from The Root Network?

Aaron: The Root Network has a $50m fund called Born Ready, designed to invest in those who are building. We have also partnered with Outlier Ventures to run the Born Ready Basecamp to incubate projects in the early stages. On top of that, Futureverse has regional teams in 16 countries worldwide, including Korea, Japan, the US, Singapore, China, and more, with tooling to help you build successful open metaverse applications.

Q: Can you explain the tokenomics model of The Root Network?

Aaron: We have designed something unique in blockchain. Built with user experience in mind, The Root Network supports an “Any Token Gas Economy,” allowing projects to pay fees on behalf of users and users to pay in the native token of their project. All GAS paid on the network and any fees earned by things like the Inbuilt network DEX, the inbuilt NFT runtime, and other network-based runtimes are collected in a pool and are distributed as block rewards. In this way, The Root Network not only pays fees to stakers for transactions, but for a whole range of additional network activity. We are providing an opportunity to earn rewards from everything built on The Root Network.

The Root Network uses ROOT tokens to stake and provide network security and governance; those who Stake ROOT tokens will earn VORTEX tokens containing all the fees the network collects. For example, if an NFT is traded, those fees and network gas fees go into the VORTEX. In the first reward cycle, those who staked earned more than 361,714 XRP along with ROOT, ETH, ASTO, SYLO, and other tokens used to pay fees.

Q: Why was it important to integrate TRN into XRPL, and what role does XRP play in the economy?

Aaron: The Root Network is integrated into XRPL in several ways. We have a direct bridge to XRPL. XRP is the native GAS token, and you can earn XRP from block rewards. The Root Network has also implemented the XLS-20 NFT standard. This integration allows those in the XRP community to use XRP on The Root Network or a range of new applications and smart contracts. Something that isn't possible on the native XRPL, this provides new utility for a huge existing community of users and holders. Futureverse has also partnered with Ripple directly to help them grow the XRPL ecosystem in content-rich applications.

Q: Who is the Futureverse, and how are they building on The Root Network?

Aaron: Futureverse is a Media Tech unicorn with 300 people in 16 countries worldwide. They started the open-source project that The Root Network is based on. Futuerverse builds AI technology that powers rich experiences with the largest brands in the world across Music, Gaming, Mass Media, Consumer goods, and Culture.

Q: Can you give us an example of an application on The Root Network?

Aaron: Futureverse is one of the largest web3 NFT communities that covers more than 20 collections, including FLUF World Cool Cats Altered State Machine and more. Futureverse partnered with FIFA and built the FIFA AI League on The Root Network with almost 1m downloads and over 4 million NFTs minted. It’s one of the largest global sports brands we work with that powers new fan experiences.

Q: What are the best ways to get involved with The Root Network community?

Aaron: The first one is to join our channels on social media, such as Discord, It is full of friendly community members who are there to help. Some of them are here today with us, too. If you’re developing a new project, check out our Born Ready Base Camp program. We would love to have you build alongside us. Lastly, one of the best ways to get started is to check out the FutureScore Quest program, which rewards community members for interacting with the Root Network, Games, partner applications, and more. Just sign up for your futurepass and check out upcoming quests.

Free-Ask from the KuCoin Community to The Root Network

Q: Are there any strategies to attract investors outside the crypto industry to join your project? The success of a project often leads to interest from investors who have yet to be involved in cryptocurrencies. How do you plan to promote your project in the non-crypto space and raise awareness?

Aaron: Great question. We are almost exclusively focused on users, businesses, and developers outside of web3, and this is our largest opportunity, as only 5% of the world's population is currently in crypto.

Q: How does The Root Network address the challenges of onboarding non-technical users to Web3, and what specific measures have been taken to optimize user experience?

Aaron: The root network has been designed specifically for this. Like our built-in account abstraction, futurepass, any gas token economy enables users to onboard safely without understanding web3.

Q: Could you explain the integration of The Root Network with XRPL, ETH, and other networks on the horizon? How does this contribute to deeper functionality and interoperability in the open metaverse?

Aaron: We have integrated XRPL and ETH mainnet already and have a good list of other chains in the backlog. Protocols like futurepass and the asset register allow users to hold assets on their chain of choice but allow developers to access those in a unified way.

Q: Currently, most projects and platforms are in English. How will your project reach non-English local communities? Do you have any plans to develop projects in different languages?

Aaron: Yes, we have dedicated teams in Korea, Japan, Singapore, and more that are working with local communities, localization of content, and building partnerships with local developers and large brands/IP.

Q: What kind of quests are typically available? How do they contribute to the growth of the Root Network ecosystem?

Aaron: We have various quests, from testing network features like our bridges to using new DAPPs like our DEX or NFT runtime to playing new games launched on the network, owning new collectibles, and helping test partner applications to keep everyone interested and plenty for new members to join in.

KuCoin Post AMA Activity — The Root Network

🎁 Participate in the Root Network AMA quiz now for a chance to win $10 in ROOT!

The form will remain open for five days from publishing this AMA recap.

The Root Network AMA - ROOT Giveaway Section

KuCoin and The Root Network have prepared a total of $2,000 in ROOT to give away to AMA participants.

1. Pre-AMA activity: $800 in ROOT

2. Free-ask section: $50 in ROOT

3. Flash mini-game: $400 in ROOT

4. Post-AMA quiz: $750 in ROOT

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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