Let $\left\{\mathbb{F}_{p^n}| n \in \mathbb{N}\right\}$ be a family of finite fields of characteristic $p$. Whenever $m$ divides $n$, we have the inclusion homomorphism $\mathbb{F}_{p^m} \to \mathbb{F}_{p^n}$. We also have the surjection $\mathbb{F}_{p^n} \to \mathbb{F}_{p^m}$ given by the norm map. This gives us two limits:
$$I = \lim_{\leftarrow} \mathbb{F}_{p^n}$$ $$D = \lim_{\rightarrow} \mathbb{F}_{p^n}$$
Now, I think both $I$ and $D$ are algebraically closed fields containing $\mathbb{F}_p$ - they're both characteristic $p$ and for every irreducible polynomial $f(x) \in \mathbb{F}_p[x]$ all it's roots are contained in $\mathbb{F}_{p^n}$ for some $n$, right? My question is, are they both THE algebraic closure of $\mathbb{F}_p$? I think an explicit isomorphism can be constructed using the universal property of direct and inverse limits, but I'm not sure how.
$I$ is not a field, or indeed a ring, since the norm maps are not ring homomorphisms.