STORE is Web3 cloud computing, governed by decentralized democracy. $STORE is the unit of account on the STORE protocol.
Our team continues to pursue a relationship with a crypto-friendly Swiss bank as part of the next phase of Store decentralization and the upcoming Foundation launch in Switzerland. We’re confident in Switzerland and are moving full speed ahead, however, we have also begun evaluating Liechtenstein as a “Plan B” should Switzerland not work out for us. This evaluation is being done in tandem with our progress in Switzerland and will ensure that if for some reason it does fall through, we will not face any major setbacks.
Throughout the month, our team has been securing commitments from some of the largest long-term STORE network participants to serve on the future STORE Foundation. Once the Foundation is ready to be established, Store will start preparing to hold elections for roles as part of the decentralization process.
We have also added our first-ever Head of Policy — Crypto and Governments, Craig Montuori to our team! We welcome you to stop by the Telegram channel and say hello while staying up to date with his weekly governance updates.
The first round of research surrounding our governance tooling has been completed. We are now transitioning to wire-framing and are pushing to launch the tooling to coincide with the international Foundation launch.
Additionally, we’re working on a use case for Web2 developers to issue governance tokens via moving their workloads off of centralized AWS and into trust-minimized Store. It’s an exciting area to explore and one where we have several highly credible Web2 developers interested in pioneering. There are some big implications here as the market of Web2 is many multiples larger than Web3. We’re in the early R&D phases of designing the tooling for this.
Store engineering has once again made significant progress on developing the BlockFinBFT consensus algorithm, Store Cloud, and governance system. The Store Cloud has advanced into the spec stage, and engineering resources have begun to expand Store Chain development capacity.
We are working to implement an architecture that will enable multiple teams to develop Store Cloud and Store Chain in parallel outside of the core development team. This is done to create an environment where one builder, like Vitalik (Ethereum) or Anatoly (Solana), is not required for the ecosystem to develop and maintain.