STORE is Web3 cloud computing, governed by decentralized democracy. $STORE is the unit of account on the STORE protocol.
June has been a busy month for our team at Storelabs, we have made significant progress in engineering, governance, and operations as we continue to work towards the listing of the Store token.
Moving forward we will be publishing a monthly wrap-up of all updates regarding the Store network and the work our team is doing.
Engineering on BlockfinBFT, the Store network’s consensus algorithm, kicked into a new gear towards the end of the month. Tons of progress has been made throughout June towards the implementation of smart contracts on the network, we’ve finished our first in-depth research report and are moving onto phase 2. We are very excited about the potential here and look forward to sharing more information with the community as designs are finalized.
Our team has finished the design of the core payment logic and flows for decentralized cloud computing. It now integrates with trust-minimized onboarding.
Layer 1 of our decentralized cloud designs is now in internal peer review with multiple community members, all of who have qualified engineering and/or DevOps backgrounds.
We’ve also neared completion of our Ethereum archival node sync, which has been ongoing throughout the month of June due to an Ethereum software issue, and are preparing to begin syncing both Solana and BitClout nodes.
Proper governance and status as a utility token require the Store protocol to be decentralized. Second Governance introduces decentralized governance across international borders via an auction process.
Second Governance links together a combination of online (voting) and offline (contracts) processes. Eventually, the entire system will be fully automated. Offline materials have been completed, Store is now building the online tools for internal prototype testing before linking them.
Second Governance is a critical step in Store’s road to decentralization and as part of Store’s utility, which is required for Store to list.
An internal analysis by our legal counsel is being conducted to determine the ideal possible location for the first non-US Store entity. This entity is necessary for listing and is being reviewed against Store’s governance and tax requirements. Switzerland and the United Kingdom were both heavily evaluated by our team for their viability.
The initial conclusions are that Switzerland’s regulatory regime, while high, remains the preferred first location for a non-US Store entity for the purpose of listing.
While the UK does remain a strong candidate for future branches, we will not be pursuing a listing in the UK as the first non-US entity branch.
After launching our Governance and Listing Roadmap in May, we are excited to announce the launch of another public-facing roadmap for the community to follow: Engineering.
This Board includes all major, public initiatives along with the detailed steps each requires to be completed. Please note that this roadmap is not completely comprehensive, as several projects our team are working on remain confidential.
Work on the first Store Chain block explorer, which integrates our three trust-minimized compute primitives: state-of-compute, state-of-storage, and state-of-connection, has started and is proceeding smoothly. Additionally, we are advancing research on the cost of compute, which will factor into determining how we price decentralized cloud resources on the Store network.
Once completed, all Store primitives will write to each new block of the Store chain.
As part of Store’s expansion abroad, our team is updating all insurance information. Our business strategy needs and goals are being finalized before we begin negotiations with brokers.
This is particularly important to protect potential directors, who will be critical to the decentralization of the Store network.