A: FLUF World, a pioneer in multi media web3 metaverse content and Ripple, the leader in enterprise blockchain and crypto solutions, have architected an unprecedented partnership to bring to life “The Open Metaverse'' via the new decentralized blockchain network, The Root Network.
The Root Network brings together best-of-breed components from the Web3 community with a deliberate focus on the user experience, built alongside a blockchain focused on enabling creators, settlement and liquidity of tokenized assets at scale – the XRP Ledger (XRPL). For over 10 years, XRPL has served as the epicenter for developers with capabilities around tokenization, settlement, and liquidity to enable a broad array of decentralized app use cases. XRPL will now play a critical role in the Root Network by setting the standard for NFT functionality. It also sets XRP as a native digital asset for all NFT and transaction activity of the network.
The Root Network will give any creator access to common smart contract functionality without having to write or deploy contracts themselves and also means that code previously written for Ethereum can now run natively on The Root Network through Ethereum Virtual Machine (EVM) compatibility. Root’s integrated 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 with a simple onboarding experience without being a smart contract developer.
The Root Network is a decentralized proof of stake network. Any community member can run a node or stake mycelium to secure the network or vote on governance matters for the network. The Root Network will give any creator access to common smart contract functionality without having to write or deploy contracts themselves, also code previously written for Ethereum can now run natively on the Root Network through Ethereum Virtual Machine (EVM) compatibility. Root’s integrated 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 with a simple onboarding experience without being a smart contract developer.
The Root Network natively supports asset bridges to the XRPL network and the ETH network as well as support for the XRPL, XLS-20 NFT standard being introduced. This connects The Root Network to two of the largest Web3 communities and extends for the first time new smart contract features, as well as access to NFTs for the holders of the XRP token.
The Ripple ecosystem is extensive and has a wide range of supporting infrastructure. This partnership can help speed up the integration of the Root Network into the broader web3 ecosystem. Integration to the XRPL DEX will also help to provide more liquid initial block rewards for validators without drawing down on the value of the Mycelium token. The XLS-20 NFT standard solves a number of problems with scaling NFTs to the mass market, including NFT minting, trading, burning on ledger, automatic royalties, co-ownership of assets and more - notably without the need for smart contracts.
The Root Network adds utility to XRPL and XRP by providing a whole new layer of capability, including smart contract functionality, for XRPL developers who can connect their applications with the Futureverse. The content ecosystem developed by the Futureverse ecosystem will enable more users to interact with XRP token and with the XRPL.
Decentralization is the sum of all our efforts in web3 rather than one specific type of technology. We decentralize the internet by working with others rather than trying to impose one single standard on everyone. Connecting to this ecosystem allows further decentralization for holders of XRP.
The Open Metaverse is grounded in two principles:
Our XRPL partnership will deliver exposure to a new larger community from a top 5 network who has aligned with The Root Network and Futureverse ecosystem as their go to destination for Metaverse utility. The support includes a significant amount of ecosystem development resources which will help create a broader group of applications and IP partnerships that integrate with both FLUF World content and the Mycelium Token.
The Futureverse team believes in the Open Metaverse and therefore we support ETH and XRPL from the outset but we will continue to connect to as many networks as practical to ensure we can deliver on this promise. Our multi-token gas economy means that individuals can come with the tokens they already own and use them on the Root Network.
We hope to have the Root Network live before the end of Q3 2022.
The Root Network supports bridging to the ETH network so you can choose to have your Fluf on either but moving to the Root Network will enhance the utility of your Fluf and give it access to the Mycelium economy.
The Futureverse is a group of companies working together to create the Open Metaverse led by FLUF World. The Mycelium Token is the core asset of the FLUF World ecosystem.