The Root Network

<ul class="news-points"> 
 <li><strong>According to Aaron McDonald, all rXRP tokens on the Root Network are backed 1:1 by XRP.</strong></li> 
 <li><strong>McDonald explained that the project is consolidating accounts to make it easier to track.</strong></li> 
 <li><strong>The Futureverse CEO promised to release a more formal report on the topic.</strong></li> 
</ul> 
<p>According to Aaron McDonald, the founder and CEO of Futureverse,&nbsp; 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.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Hey <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f44b.png" alt="👋" class="wp-smiley" style="height: 1em; max-height: 1em;"> 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…</p>— Captain McDonald (@aaronmcdnz) <a href="https://twitter.com/aaronmcdnz/status/1728150335569662359?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 24, 2023</a>
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<p>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.</p> 
<p>In his response, Mc…</p>
<p>The post <a href="https://coinedition.com/futureverse-ceo-claims-rxrpxrp-11-backing-on-the-root-network/">Futureverse CEO Claims rXRP:XRP 1:1 Backing on The Root Network</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

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

Coin Edition

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