Futureverse CEO Claims rXRP:XRP 1:1 Backing on The Root Network

  • According to Aaron McDonald, all rXRP tokens on the Root Network are backed 1:1 by XRP.
  • McDonald explained that the project is consolidating accounts to make it easier to track.
  • The Futureverse CEO promised to release a more formal report on the topic.

According to Aaron McDonald, the founder and CEO of Futureverse,  developer of The Root Network, all rXRP tokens on the Root Network are backed 1:1 by XRP tokens on the XRP Ledger (XRPL). He noted this in a post on X (formerly Twitter) while responding to a user who sought clarification over the recent airdrop by The Root Network.

The user, Thomas Silkjaer, asked how the network distributed 360,000 tokens when the XRPL bridge account had only ever received about 48,000 XRP. Silkjaer also asked how The Root Network could have a total XRP balance of 680,000.

In his response, McDonald explained that the project has had several iterations of bridging processes and accounts during the development of the network, especially during the pre-public launch phase. According to him, all rXRP tokens are backed 1:1 by XRPL XRP in the project’s vault accounts. 

McDonald explained that the project is an ongoing consolidation of accounts that would make it easier to track and more transparent, noting that it is one of the reasons the VORTEX can’t be unwound right now. He promised to release a more formal report on the topic and assured users that all funds are protected using the “Secure Asset Fund for Users (SAFU)” model.

The Root Network is a decentralized blockchain incorporated with the XRP Ledger DEX. It runs a dual-token system by using ROOT for security and governance, and XRP for gas fees. The project recently awarded over 602,000 Vortex tokens, with the Vortex containing 362,000 XRP and 4.7 million ROOT to those securing The Root Network as part of its airdrop campaign. 

According to those behind the project, anyone can use ROOT tokens to participate in the staking process that helps to secure the network. By staking, users become eligible to receive Vortex tokens as reward for participation. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

Immutable and MetaStudio Announce Partnership to Enhance the Gaming Metaverse

Image
Braga, Portugal, May 22nd, 2023, Chainwire MetaStudio , a renowned Portuguese game studio, has announced a new partnership with Immutable , a leading Ethereum Layer 2 scaling solution provider, aimed at transforming the gaming metaverse. MetaStudio has been recognized for its innovative games and games-as-a-service offerings, along with their unique non-fungible token (NFT), Rune Realms , which offers holders a chance to partake in a 10% revenue share in the studio's earnings. By integrating with Immutable's Layer 2 blockchain infrastructure, MetaStudio can provide players with a dynamic gaming experience and unique benefits such as zero gas fees for peer-to-peer trading and secure ownership of in-game assets. Immutable is an ideal partner for us," said Carlos Domingues, CEO of MetaStudio. "Their Ethereum Layer 2 solution enables us to offer our players genuine ownership of their in-game assets and the ability to profit from their gameplay. And their upcoming passport...
Read more

Bitcoin $30K bets greet FOMC as analyst warns over long liquidations

Image
Bitcoin may celebrate no matter what the Fed decides on interest rates, but the extent of longs that would be liquidated below $20,000 has one analyst worried. Bitcoin (BTC) may “take out shorts” to crack $30,000 during the day’s key United States macroeconomic policy updates, analysis says. As bets pile up over how BTC price will react to the Federal Reserve’s decision on interest rates, $30,000 is in sight — but a drop to below $20,000 is not off the table. Trader plans $30,000 profit-taking Bitcoin is hours away from what popular trader Crypto Tony calls “one of the most anticipated” Fed meetings ever. The Federal Open Market Committee (FOMC) will decide on how to tweak baseline Interest Rates on March 22, amid suspicions that the ongoing U.S. banking crisis has disrupted policy. From ongoing rate hikes forecast just last month, Markets are now considering the chances that the Fed will pause the cycle, data from CME Group’s FedWatch Tool shows. Fed target rate probabilities chart. ...
Read more

Bitcoin payments exec shares adoption challenges in the Philippines

Image
Pouch founder Ethan Rose said that they've managed to convince 400 businesses to accept Bitcoin in the Philippines. As many developments within the space show how far the Bitcoin (BTC) community has come, an executive from a BTC payment provider shared how in other parts of the world, adoption may still be in its early stages.  At the BTC Prague event, Cointelegraph reporter Joseph Hall interviewed Ethan Rose, the founder of Pouch, a wallet service that supports the Bitcoin Lightning Network in the Philippines. The duo spoke about the state of adoption in the country and how the Pouch team is trying to introduce Bitcoin to merchants on the island of Boracay, a popular tourist hotspot in the country.  According to Rose, their team has already managed to onboard around 250 businesses within the island and 400 businesses in the country. Their team is working to promote Bitcoin adoption in the country by offering merchants another way to attract customers. “They're not really...
Read more