Root Protocol
Root Protocol is a decentralized platform designed to simplify and unify access to Web3 applications by integrating digital identities, virtual accounts, and social graphs. It aims to streamline user interactions, asset management, and value exchange across decentralized protocols and chains. [1]
Overview
Root Protocol is a framework designed to unify access to Web3 by integrating digital identities, virtual accounts, and social graphs. It serves as a centralized identity framework across Web3 applications, simplifying interactions, asset management, and value exchange. Aggregating protocols and chains enable streamlined Web3 interactions, offering unified views across platforms, automated transactions, and portable decentralized identities (Root DIDs). Root OS enhances accessibility by introducing familiar onboarding methods like email and social logins and providing an integrated interface for interacting with decentralized applications. With open smart contracts and transparent data, Root Protocol empowers users with greater control over their digital activities and data. [2]
Products
Root Wallet
The Root Wallet is a mobile-first client for Root Protocol, designed to simplify Web3 access and asset management. It supports login methods, including traditional private keys or Web2 social accounts like Google, Twitter, and Telegram, utilizing threshold cryptography for secure key management and social recovery. Available as both a mobile app and browser extension, it streamlines interactions with Web3 applications and protocols. Its interface offers two modes: an aggregated protocol view for a seamless user experience, automatically selecting the best protocol for transactions, and an advanced mode for direct dApp interaction with cross-chain asset management. Features include the integration of Web2 and Web3 social graphs and AI-driven intent recognition to create smart operations, enhancing usability. [2] [3]
Root Account
The Root Account is a unique identifier within the Root Protocol, allowing users to claim personalized, domain-like names, such as “Alice.root.” Each account is linked to Abstract Contracts (ERC-4337 Smart Wallets) with consistent addresses across multiple chains. This setup lets users maintain uniform addresses and permissions across chains, streamlining interactions and account management within the protocol. [2] [3] [4]
Root Chain
Root Chain is a Layer 2 Rollup compatible with the Ethereum Virtual Machine (EVM) and integrates the Root Abstract Account. It focuses on authenticating the workload of the Protocol Indexer and Operation Executors while incorporating incentivization mechanisms to motivate the network. [2] [3]
Root SDK
The Root Network SDK supports seamless integration with Root Network, enabling developers to build on an intent-centric system combining digital identities, virtual accounts, and social graphs for unified Web3 access. It simplifies the creation of self-sovereign digital identities, facilitates virtual account management for multi-blockchain interactions, and offers tools for building decentralized applications with customizable social connections and data models. The SDK provides direct access to the Root Network's aggregated operating system, promoting interoperability, scalability, and enhanced user experiences for Web3 applications. [2] [3] [5]
Root Omni Protocol
Root Omni Protocol is a key component of the Root Protocol, offering a unified interface for various Web3 protocols. It combines features like Root Dex, Root Lending, and Root Graph, allowing users to swap assets, optimize lending profits, and access aggregated social data without navigating multiple protocols. [2] [3]
ISME
$ISME tokens are utility tokens native to Root Protocol, designed to provide access to various products and services within the ecosystem. The uses of $ISME tokens are dynamic. They will expand as Root Protocol develops, with current utilities including governance voting, paying transaction and service fees, staking for network security and rewards, and rewarding users for ecosystem contributions. [6]
Tokenomics
ISME has a total supply of 1B tokens and has the following allocation: [2]
Operational Reserve: 15%
Community & Ecosystem: 15%
Team: 15%
Vault: 15%
Liquidity Bootstrapping Pool: 10%
Strategic Round: 10%
Private Round I: 9%
Angel Round: 6%
Private Round II: 4%
Community Presale: 1%
Funding
On January 19, 2024, Root Protocol announced it had closed $10 million in funding across two seed rounds, valuing the project at $100 million. The funding rounds were led by Animoca Ventures and participated in by strategic investors, including Shima Capital, DFG Group, Signum Capital, Ankr Network, Digital Strategies, CMS Holdings, Double Peak, GenBlock Capital, and Cypher Capital. Newly announced investors included Dao5 and Gate Labs Ventures. [7]
Partnerships
Mint
KaratDAO
Tilted
INTO
Digitalabs AI
FairFun
Novastro
Anome
WePunks
TONsale
Openpad
aZen Protocol
OEG DAO
