R1 protocol
“R” stands for ROOT and “1” stands for ONE.
R1 protocol is an Ethereum-based decentralized trading agreement proposed by ONEROOT.
At the same time, it is also the most important part of building the decentralized exchange ROOTREX which has the best user experience.
In addition to the advantages of traditional decentralized trading agreements, including asset security, transaction transparency, and free from individual manipulation, which are characteristics that the traditional decentralized trading agreements do not have, R1 protocol also has the following features: enabling off-chain order relaying, on-chain settlement, transaction history auditable, and decentralized asset custody.
Here we briefly introduce the changes of the user experience and the benefits brought about by R1 protocol:
1. Incidents like Mt. Gox will never happen again (decentralized on-chain asset custody)
User assets are stored in smart contract and are not controlled by any third party. Even if the exchange is attacked, user assets are safe. Users can extract assets through the exchange, or they can extract themselves by calling the contract interface.
Focus:
Even if the exchange is attacked, user assets are safe.
2. The transaction efficiency is comparable to the centralized exchange (order going on-chain based on delegated authorization)
Different from the transaction model of 0x, Etherdelta, Kyber, etc., in which the order is submitted directly to the chain for settlement by the user (taker). R1 protocol uses a new transaction model. The user signs the delegated order and authorizes Relayer to submit the asset to the chain to complete asset settlement after successful matching to achieve better performance and user experience.
Focus:
The user signs the delegated order and submits it to the chain to complete asset settlement after successful matching.
3. The trading experience is comparable to the centralized exchange (on-chain order matching)
R1 protocol contains the matching of the two parties’ orders. The protocol will carry out price match according to the two parties’ order intention. Under the chain, the user submits the delegated order to Relayer, who submits the two parties’ orders to the chain after finding matched orders. And the final matching and settlement of the two parties’ order intention are carried out by R1 protocol.
Focus:
R1 protocol contains the matching of the two parties’ orders. The protocol will carry out price match according to the two parties’ order intention, and the settlement will be proceeded only after the conditions are satisfied.
ONEROOT Operation
April 29 Meet-up
With the establishment of ONEROOT Project Ecology, we will hold an ONEROOT Project fans salon on April 29th (Sunday).
Tony Sun, founder and CEO of ONEROOT Project, will preach the eco-idea and landing applications of the blockchain and ONEROOT Project. Come and join us in the meet-up, together with our technology advisor, co-builders, and the famous host in blockchain industry. If you cannot join us for the meet-up, you can watch the live broadcast.
Activity form: Offline Salon
Event time: April 29th at 13:45
Venue: Fanhe Financial Coffee Club, Building 1, №588, East Daming Road, Hongkou District, Shanghai
Admission method: invitation only
Registration address: https://jinshuju.net/f/iCNdJi
(The number of participators is limited. Please fill in the delivery address and we will send the invitation letter to you.)
Process:
13:45–14:00 Check in
14:00–15:00 Speech given by Tony Sun
15:00–15:20 Round table discussion
15:20–15:40 Interaction
15:40–16:30 Coffee break/free discussion
About ONEROOT
ONEROOT upholds the concept of win-win, aiming to build business infrastructure based on consensus agreements, and co-build a shared economic ecological system that is more suitable to the characteristics of the digital asset era with all parties. To be more specific, ONEROOT hopes to reach a consensus among all co-builders of digital asset ecology, co-constructing an open, peer-to-peer blockchain information data platform, as well as facilitating the full circulation of the industry resources. ONEROOT also provides information, investment, trading and liquidity solutions for the co-builders by constructing digital asset infrastructures, which facilitates more external resources to enter the industry and create a win-win, sustainable blockchain economy.
Related links:
Official website：https://www.oneroot.io
Medium：https://medium.com/@icoroot
Twitter：https://twitter.com/OneRootNetwork
Telegram：https://t.me/OneRootProject
BiYong：https://0.plus/OneRootProject
