How did Futureverse build an AI metaverse with a financing of 54 million US dollars?

Futureverse built a $54 million AI metaverse.

Compiled by: Peng SUN, Foresight News

The voice of the metaverse has been silent for too long. Recently, Futureverse, a startup company that combines AI and the metaverse, attracted attention with a recent financing round of $54 million. The funding was led by 10T Holdings, with participation from Ripple Labs and others.

Futureverse has an interesting background. It was formed through the merger of 11 different companies, with 8 companies merging at the end of 2022 and 3 more joining later. The 11 companies are:

It is worth noting that many of these companies involved in the merger are interconnected. For example, CentraLianGuaiy, CentraLianGuaiss, and Sylo are all operated by Centrality. Aaron Mcdonald, the co-founder of Futureverse, is also a co-founder of Altered State, CentralLianGuaiy, CentraLianGuaiss, Immersve, and Non-Fungible Labs.

Through the merger of these 11 companies, Futureverse integrates infrastructure from different fields into a collaborative ecosystem, providing the essential components needed for any metaverse application. Today, I have reviewed the Futureverse whitepaper and will share with you how Futureverse is building an open metaverse.

I. Basic Components of Futureverse

Futureverse provides a set of tools at the infrastructure, protocol, content, and application layers. These tools are designed with user experience in mind and are fully integrated to ensure interoperability.

  • The Root Network: a decentralized blockchain network that optimizes user experience and lowers the barrier of entry to Web3;

  • Decentralized Identity Protocol and Asset LianGuaissport: a decentralized identity protocol and asset passport that forms the foundational data layer for interoperability and application;

  • Decentralized Delegation Protocol: allows applications to access assets, users, and content in a layered manner;

  • Decentralized Communications, Notifications & Storage Protocol: enables communication between users and applications;

  • Decentralized Artificial Intelligence Protocol: allows applications and avatars to leverage this technology in a community-managed and user-centric manner;

  • Payment networks and wallets designed to help users enter Web3 and connect to physical goods, acting as financial channels for the metaverse;

  • Content assets: a rich collection of user-owned digital assets centered around storytelling.

2. The Root Network

The Root Network is the core blockchain infrastructure of Futureverse, built with the following components and runtime, focusing on user onboarding experience:

(1) Substrate Core

The Root Network is based on the Substrate framework, which has a large and mature developer community and the technical ability to optimize user experience by customizing chain runtimes;

(2) EVM with Smart Contract Support

EVM runs in The Root Network protocol, able to read and execute Solidity smart contracts. The Root Network developers can access the smart contract functionality, enabling any code previously written for Ethereum to run on The Root Network.

(3) Custom Runtimes

Custom Runtimes for non-fungible assets, GAS economics, fungible assets, DEX, and oracles will provide creators with the elements to build applications and content without needing to be smart contract developers.

1. Non-fungible Token (NFT) Runtime

The Root Network NFT runtime provides a unified network-wide experience for NFTs.

In other networks, NFTs exist at the individual contract layer. In The Root Network, NFTs exist in the core network runtime. This provides a common standard for interoperability, including unified minting, royalties, and structure (metadata and content format). The NFT runtime has the following features:

  • Network-wide royalty execution

  • Native multi-wallet revenue sharing and tiered royalty services for creators

  • Native NFT-to-NFT exchange

  • Native static and cold minting options

  • Build NFT dApps without the need to develop or deploy smart contracts

The fees from the NFT runtime will be distributed to network stakers and validators. The Root Network will also integrate with the XRPL XLS-20 NFT standard, compatible with the XRPL NFT ecosystem and infrastructure.

2. Multi-token Economics

The Root Network proposes multi-token economics to optimize gas fees and reduce the barrier for initial user onboarding to Web3.

The main network token of The Root Network is ROOT, which is the network security and governance token in the PoS consensus, not a gas token. Futureverse collaborates with Ripple and XRPL to provide base block rewards in the form of XRP. XRP will also be used to pay for network gas fees.

The Root Network provides on-chain gas fee exchange services, eliminating the need for users to understand the concept of gas and purchase gas before using dApps, as well as addressing the issue of gas fee instability. Users can join The Root Network and use the native tokens of the applications, and developers can delegate and represent users in paying fees. Developers establish a liquidity pool between their native tokens and gas tokens. Node validators can receive these gas tokens as rewards for generating blocks. For example, users coming from Ethereum can use ETH, users accessing through ASM can use ASTO, and users who have downloaded the SYLO wallet can use SYLO. By default, if the native token does not have a liquidity pool, users can use the network gas token XRP.

Pledgers and validators can accumulate network tokens and have access to activities within the entire ecosystem, while users can join without needing to understand the underlying network economy or interact with exchanges.

3. Homogeneous Assets

Similar to the NFT runtime, users can create and launch standardized homogeneous tokens without deploying smart contract code, and these tokens are compatible with XRPL homogeneous tokens. For each new asset created by the homogeneous assets runtime, 1% of it will be allocated as fees distributed to network node validators.

4. DEX

The network exchange runtime provides an on-chain DEX, where users and developers can trade assets, establish liquidity pools, and launch token price discovery without deploying smart contract code. The exchange fees are collected by node validators. The on-chain DEX will also be integrated into XRPL DEX to extract liquidity from XRPL DEX and initiate network liquidity.

5. Decentralized State Oracle

The state oracle allows developers to link events happening on other chains with actions within The Root Network, enabling cross-chain interoperability and allowing developers to build interoperability into applications and content.

For example, it allows a DAO vote on ETH to initiate asset transfers on The Root Network, and NFTs on a certain network can interact with utility tools on The Root Network.

(IV) Liquidity and Asset Bridge

The Root Network natively supports asset cross-chain through its universal cross-chain bridge runtime, enabling assets such as FLUF World assets on the Ethereum network or homogeneous and non-homogeneous assets on XRPL to be cross-chained to The Root Network.

III. ROOT Token Economics

The total supply of ROOT tokens is 12 billion, which can be used for protocol governance, PoS network staking, transaction fees, minting fees, FLUF World game tokens, and data markets, among others. The token distribution model is as follows:

  • Community Rewards: 20% – Monthly ecosystem challenges will determine the total rewards that players can receive, as determined by FutureScore;

  • Land Mechanics: 20% – Focused on game mechanics within The Third Kingdom;

  • Ecosystem Development Fund: 10% – Encourages developers, artists, and IP holders to participate in development;

  • Block Reward Bootstrap: 10% – Validators and pledgers will receive up to 10% of tokens as startup funds over 260 weeks;

  • CENNZ Burn to Mine: 10% – CENNZ token holders can burn CENNZ in The Root Network, and for each CENNZ burned, they will receive one ROOT token at a 1:1 ratio;

  • Futureverse Team: 15% – Locked for 100 weeks, with a release period of 100 weeks;

  • LP Allocation: 5%;

  • DAO Treasury Allocation: 5% – Locked for 50 weeks, with allocation controlled by the DAO;

  • Advisor Allocation: 5% – Issued to core advisors and important IP buyers, locked for 100 weeks, with a release period of 100 weeks.

IV. Decentralized Identity Protocol and Asset Passport

Futureverse adopts the W3C Decentralized Identifier (DID) protocol to provide users and assets with a way to interact with cross-metaverse applications that protects privacy and achieves interoperability.

This protocol allows developers and users to create off-chain identities that can be transferred between applications that provide services to users and assets. It can also specify proofs for content formats, similar to seals on passports.

Users can also use a stateless eKYC engine to receive proofs corresponding to their IDs for potential sensitive data such as age. This engine does not store users’ personal identity data and allows developers to provide age-based content experiences.

V. Decentralized Delegation Protocol

Doughnuts is a patent-pending delegation proof protocol. They exist between two or more cryptographic key pairs and can prove that an address has delegated something to another address.

Doughnuts allow fine-grained access to assets, such as allowing applications to access them only once or allowing time-based access, making wallet transactions more secure.

VI. Decentralized Communication, Notification, and Storage Protocol

In Futureverse, the consensus of the ledger is provided by The Root Network. However, communication, notification, and other non-value-based transaction services do not require full network consensus but still need to be decentralized.

Futureverse provides decentralized off-chain services for DApps through The Sylo Network, including real-time events, asynchronous messaging, notifications, state management, real-time invocations, and real-time data exchange. These decentralized services are provided by Seeker nodes and are paid for using Tickets.

The Sylo Network is the first network to gamify node infrastructure, tightly linking the node infrastructure itself (Sylo nodes) with metaverse roles (The Seekers, also NFTs), and introducing social mechanisms and game rewards to incentivize participation.

Typically, the rewards for running nodes are limited to token rewards, consistent with network token incentive mechanisms. By combining Seekers NFTs with Sylo nodes, Futureverse creates in-game functionality that encourages more network participation, thereby improving network resilience.

Seekers also introduce the concepts of Orders, Factions, and Clans in the game; joining is only possible by contributing to the network itself. Orders, Factions, and Clans will have higher privileges, enabling greater participation in the game and being recognized as meaningful contributors to the infrastructure of the open metaverse.

VII. Decentralized Artificial Intelligence Protocol

Futureverse uses the Web3 artificial intelligence protocol Altered State Machine (ASM), whose products are a platform and protocol for AI that leverage NFTs for ownership, tradability, composability, and interoperability, namely ASM Protocol and ASM Platform. ASM allows individuals (not companies) to prove ownership, build, and manage their own AI. Through the integration of ASM Agent NPCs, ASM can become avatars, pets, vendors, task providers, storytellers, companions, etc. in the world. ASM products also include an NFT asset deployment platform.

Eight. Content

Futureverse builds content in three ways:

  • Following the path: Story and legend > Characters > Content > Small spaces > Events > Big spaces > Games [AM1]. At each step, the community must take time to collectively create narratives and content;

  • Collaborating with world-leading film, television, social media, and sports IP holders;

  • Ecosystem development fund.

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