STORE Community Update - July 2021
STORE: Electricity for the Decentralized Internet: Project Updates
During July, our team made the right kind of progress across all major fronts: compute, storage, BlockFinBFT, taxes, regulatory, governance, setting up the STORE Foundation, and growing our team. We’ve recently added oracles and smart contracts to our R&D lab, which is both exciting and indicates our confidence in BlockFinBFT.
We are also preparing the next steps to launch the Swiss Store governance entities. It’s worth noting that Store has backup plans if unknown obstacles should emerge and slow down Store’s progress toward a listing.
Research and Development
Economics research around the cost of computing for newer protocols, such as Solana and BitClout is nearly complete. Additionally, our research around large-scale BTC mining using solar and nuclear energy is in internal peer review.
Our research team is currently evaluating how oracles, layer-two tokens, and smart contracts will operate on the STORE chain. The current research will shape Store’s development and deployment of the protocol. Third parties have started providing feedback on BFT Compute and Storage, and Store has begun to formalize Store’s primitives and tooling design for the marketplace. These foundational pieces build confidence in BlockFinBFT and compliment the work on Store’s primitives.
New Slogan
We have begun using the phrase:
Electricity for the Decentralized Internet
to describe Store’s place in the cryptocurrency landscape. Moving forward, you will see this phrase pop up regularly on our social media pages and other marketing materials.
Electricity for the decentralized internet. Decentralized cloud computing powered by decentralized democracy. $STORE is the unit of account on the STORE Cloud.
Cumberland Reapproval
Cumberland, one of Store’s OTC partners, wasn’t previously included in the roadmap because it was a confidential process. However, now that it’s been finalized we are pleased to share that Cumberland has reapproved Store.
Our BFT Cloud design, which includes the state-of-storage primitive, is being reviewed internally and we are working through the feedback.
As Store is building a backbone that can be used to support other protocols, we’ve successfully synced the BitClout nodes, while the Ethereum archival node is still in process and Cardano is now being studied.
IP Valuation
Store’s multinational branch design requires navigating global tax laws as they apply to valuing both IP and intangible assets. Once this valuation is complete, proper relationships amongst the governing branches can be erected. This is critical for a listing. There are multiple methods of valuation that can be applied, our team has been working with qualified third-party auditors to determine the best approach. This valuation has now been completed and the strategy for multi-jurisdictional branches is moving to the next phase.