STORE Community Update — February 2023

February was an excellent month for STORE as the team continued shipping results. Researching, designing, and testing have been high priorities. As the frost of crypto winter slowly thaws, STORE is positioning itself well for the next few quarters as it garners attention with its recent deliveries and innovative thinking.

STORE had two crucial projects ship this month, a trend it will keep up over the next few weeks and months as the team continues building the STORE suite of web3 products.

STORE is happy to share news on Forever Storage, a means for users to mint and perpetually store NFTs via STORE’s Explorer tool. The NFTs can be minted to Ethereum or other blockchains, including STORE, and have their content and metadata stored in perpetuity on STORE. The initial release is going through testing and will be publicly available soon.

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The Engineering team had another breakthrough at the end of the month as they shipped the STORE Oracle prototype. The suite comprises roughly 250 APIs that power the STORE ecosystem and connect all facets of STORE. The Oracle contains the economics logic engine that powers the STORE marketplace to sell decentralized computing and storage. The Oracle results from months of research into pricing algorithms, API development, and infrastructure buildout. Over the next few weeks, STORE will test the prototype to validate its efficacy and build out the rest of the API suite.

The Developer platform is coming along quickly. The design is complete, and development is on pace to begin this quarter. The tooling will exceed anything in web3 and rival what public clouds offer their users. The application allows STORE to manage the global decentralized network with trust-minimized governance. Through digital signatures, developers can gain access to the STORE APIs. The signatures also ensure the users adhere to the STORE Constitution that governs the network. STORE will have more updates and a prototype for the tooling soon.

For STORE Chain, the team is conducting an in-depth code review as Rag assesses the development team’s progress. The audit has shown the team is on the right track, with only a few pieces needing augmenting. The release of STORE Chain is a long-term deliverable for STORE that will significantly expand the use cases STORE can address and complement STORE Cloud, Oracle, Explorer, and the other suite of tools.

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STORE is deep into research furthering the concept of “restaking” token rewards on STORE. STORE intends to increase security and benefits to staking $STORE on the platform. The recent success of the EigenLayer concept has shown the effectiveness of restaking tokens across multiple utilities. In addition, the configuration of the STORE Virtual Machine is in progress, and in tandem, the team continues its research on smart contract design.

The company website will undergo a facelift to demonstrate the team progress and deliver STORE’s latest message. The most recent version will integrate with the new Explorer tool, allowing users to search blocks, view NFTs, and pager features from the STORE website. STORE is pleased to augment the landing page on the web, which serves as a beacon for the most recent product development.

Another area of promise: STORE is deep in discussions with a potential technical partner that could manage STORE’s Treasury. The potential partner is prototyping a custom configuration to meet STORE’s token distribution designs, which could interoperate with our token custody partner. The partnership would ensure all token sales and administration comply with the necessary standards. The team will announce more if and when this deal is finalized.

As it’s been a hot item in the news of late and a sign of what’s to come, the team wants to end with a quick summary of their thoughts on how AI and machine learning relate to STORE. The STORE team is focused on how the decentralized infrastructure it provides through the STORE protocol can expand to include GPU compute as one of the many features and how STORE’s tokenized data architecture can become a means by which large datasets, machine learning algorithms, neural networks, and more, can be represented by NFTs, opening up new use cases and new markets as these assets can be traded and used within the STORE ecosystem. In short, the team believes STORE can be a crucial facilitator of this macro trend.

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March will be a busy month full of investor meetings and industry conferences as STORE pushes the message of STORE acting as a Layer 0 (L0) for web3. To that point, leadership has finalized the latest version of the STORE protocol deck and updated the website with our latest language and project developments. The goal of raising $4M remains critical in providing enough runway to launch the project successfully. STORE has not pursued large investors for philosophical reasons important to the project. Instead, we have been able to rely on organic inbound interest to generate funds for the project to this point. We’ve found our best investors for the project’s long-term health have been our individual token buyers like yourselves. We thank you all for your contributions and support as we continue to push ahead. We greatly appreciate our community and look forward to more exciting news to share in March.

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We encourage you to learn more by reading the STORE deck:

https://docsend.com/view/uv6qfx45kg2uy6nf.

If you have questions, please send them to team@storecloud.org.