Root Network Describes Itself As

The Root Network is a layer 1 blockchain designed as a hub for the open metaverse - where anything can be connected to anything. The protocol has been purpose-built for open metaverse activations, utilizing core, UX, and digital content focused protocols to enable a seamless user experience and enhance asset interoperability. Prioritizing user experience and safety, Root Network introduces elements including account abstraction and an any token gas economy, enabling some of the world's largest content brands to onboard users seamlessly and safely. The Root Network is EVM compatible built on Substrate integrated to XRPL and ETH with other networks on the horizon allowing content and accounts on those networks to access deeper functionality and more interoperability.

Root Network Protocols

Core Protocols

• NFT Runtime: Facilitates the creation and exchange of digital collectibles and tokens across various applications and experiences, eliminating the need for creators to develop their own smart contracts.
• In-Chain Exchange: Enables developers to create liquidity for digital assets effortlessly, supporting asset trade without deploying smart contracts.
• Digital Collectibles Protocol: Allows for the easy creation and trade of digital collectibles, with built-in mechanisms to enforce creator royalties and ensure seamless interoperability.

UX Protocols

• Any-Token Gas Economy: Root adopts an any-token gas model, in which users are able to pay gas and network fees in assets other than the network’s native token, ROOT. At the time of writing, users are able to transact using XRP, ROOT, ASTO, and SYLO, with XRP functioning as the network’s default gas token (assets other than XRP are converted to XRP when used for fees). The ability to use “any-token” helps to simplify the user onboarding experience, and Root has plans to approve more tokens in the future. 
• Identity Protocol and Smart Wallet Account Abstraction: Offers a secure, web2-like authentication experience, enabling users to manage their digital identity and assets through a unified account, enhancing both safety and convenience.

Metaverse Protocols

• Asset Register: Assists developers in defining digital assets to ensure compatibility across the open metaverse, promoting richer and more engaging applications.
• Social Data Protocol: Introduces graph-based features to support data interoperability and social networking, enriching the social fabric of the metaverse.
• AI Protocol: Equips the network with the capability to host AI-powered collectibles, enabling new forms of content creation and interaction within the metaverse.

The Root Token

The Root Network follows a dual token model, with XRP functioning as the default gas token, and the Root token powering a number of core functions on the network. These include, but are not limited to: governance, staking, in-game token, and data sharing incentives. 

The ROOT token has a max supply of 12,000,000,000 with approximately 1,038,925,778 ROOT (8.66%) currently circulating. 

About the Founders

The Root Network was created by Futureverse, a global media tech powerhouse launched in 2022. Futureverse was founded by Aaron McDonald, Shara Senderoff, Marco Brondani, and Daniel Gillespie, beginning with the integration of 11 technology and content companies. Futureverse has brought together expertise across web3, AI and entertainment, along with IP from some of the world's most notable brands, to bootstrap the applications on The Root Network.

Risks of ROOT

Like an investment in other crypto assets, there are some general risks to investing in ROOT. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in ROOT is subject to the following specific risks:

• The Layer-1 space is intensely competitive. Several new blockchains continue to emerge which boast high-profile teams, claim unparalleled transaction speed, energy-efficiency, as well as developer-friendly programming languages. Any potential success associated with ROOT is reliant on the extent to which the Root Network blockchain is adopted by enterprises and developers.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with ROOT. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The ROOT community and Root Network founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of ROOT have no recourse to the ROOT community, Root Network founding team, or Uphold if ROOT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing ROOT on the Uphold Platform, Uphold performed due diligence on ROOT and determined that ROOT is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of ROOT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of ROOT.
• Any marketing materials put forward by the ROOT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with ROOT, including any code defects, security breaches and other threats concerning ROOT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with ROOT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of ROOT.