STORE is Web3 cloud computing, governed by decentralized democracy. $STORE is the unit of account on the STORE protocol.
As discussed in previous updates, it is required for our team to create an international entity for the listing of the $STORE token and after reviewing several locations against Store’s governance and tax requirements, we selected to base the Store Foundation in Switzerland. Throughout the summer, our team held conversations with several Swiss law firms, before selecting MME (http://mme.ch/). MME is well known in Switzerland and globally for their work with the Ethereum Foundation, Sygnum bank, and other innovative companies in the blockchain industry.
Our next step in establishing a formal presence in Switzerland is forming a banking connection, we would like to thank everyone in the community who reached out with introductions. We have built a database of potential banking partners and are beginning formal outreach. Finally, we have nearly completed Store’s licensing IP valuation –which is critical for licensing IP across multiple branches — and are now moving forward on the tax strategy necessary to launch in Switzerland.
Our team is finalizing the specification for immutable storage and BFT computing, which will be detailed in a paper that will be released shortly. Additionally, we have begun technical design for trust minimization on the network via the four governance branches.
Towards the end of the month, our engineering team initiated software development on BlockFin. We are obviously very excited about this progress and look forward to sharing more updates as development continues.
We have completed research comparing the cost of compute and storage against public cloud entities and major chains, such as Ethereum and Solana. We’re finalizing comparisons with Store Cloud, and we expect to be very competitive with AWS. This research is now being translated into publications and visuals before being shared with the community in order for it to be more easily consumed.
Research around cost per transaction and the tokenization of computing resources opens up new design space for Store. Looking forward, Store is specifying three new L2 token types to operate on the Store chain.