Root Protocol

About Root Protocol

Root Protocol is developing an operating system for the Web3 space, designed to function as an intent-centric aggregator for digital identity, social networking, and more. The company's stated mission is to unify and simplify access to Web3, addressing the complexities that can be a barrier to user adoption. In January 2024, Root Protocol announced it had raised $10 million in two seed rounds, achieving a valuation of $100 million. The funding rounds were led by Animoca Brands and saw participation from investors such as Shima Capital, Signum Capital, and CMS Holdings.

The company was founded by Dylan Dewdney, who served as CEO until April 2024, when he stepped down to focus on his family. Jason Sun has since taken over as interim CEO while a search for a permanent replacement is underway. The founding team and its advisors have backgrounds from prominent organizations in both the crypto and traditional finance sectors, including Consensys, Polygon, Morgan Stanley, Stanford University, and MIT. The project initially began as NFT3 and later rebranded to Root Network before solidifying its current vision.

The core of Root Protocol's offering is a suite of components that work in tandem to create a more seamless Web3 experience. This includes the "Root Account," which provides users with a self-sovereign, non-custodial digital identity (DID). Its B2C product, Isme.is, has registered nearly 500,000 human-readable ".isme" DID accounts. The system also features the "Root Chain," an EVM-compatible Layer 2 rollup for interoperability, and the "Root Wallet," an aggregated interface designed for a user-friendly crypto journey. For developers, the company provides a Software Development Kit (SDK) to integrate with the Root Network, build decentralized applications, and create virtual accounts for multi-blockchain interactions. The protocol's native token, $ISME, is used within the ecosystem.