XRP-Powered Transparency: The Root Network's CEO Addresses

Futureverse CEO Aaron McDonald clarified the 1:1 backing of rXRP tokens on The Root Network by XRP on (XRPL). Responding to user Thomas Silkjaer’s query about airdrop distribution, McDonald cited developmental iterations and transparent consolidation efforts.

Hey 👋 thanks for asking we have had several iterations of bridging process and accounts during the development of the network, especially during the pre public launch phase. All rXRP tokens are backed 1:1 by XRPL XRP in our vault accounts. We are consolidating these so that it’s…
— Captain McDonald (@aaronmcdnz) November 24, 2023

Silkjaer questioned the distribution of 360,000 tokens when the XRPL bridge account had only received 48,000 XRP, and The Root Network showed a total XRP balance of 680,000. McDonald addressed this by explaining multiple bridging processes during the pre-launch phase.

McDonald promised interested people a forthcoming detailed report regarding the transparency and tracking of VORTEX, which had proved impossible to unravel. Secure asset fund for users (SAFU) was presented as the necessary measure to protect those funds under this model.

XRP Backing Clarified by The Root Network CEO

The Root Network, a decentralized blockchain integrated with its Ledger DEX, operates a dual-token system – ROOT for security and governance and XRP for gas fees. The recent airdrop awarded 602,000 Vortex tokens, containing 362,000 XRP and 4.7 million ROOT, to those securing the network.

As network activity grows so do the rewards. 🌌

Those securing The Root Network in the last cycle were awarded over 602k Vortex tokens, with The Vortex containing 362k $XRP and 4.7m $ROOT.

Help secure The Root Network by staking ROOT and receive Vortex token rewards for… pic.twitter.com/EL2CRx4xqY
— The Root Network (@TheRootNetwork) November 23, 2023

Furthermore, an insider’s statement that makes stakeholders consider using ROOT as a means of staking enhances the entire ecosystem’s security. Vortex tokens reward stakeholders and promote participation in the Root network.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.