STORE Community Update - September 2021
Detailing progress on STORE governance, research & development, and engineering as the foundation of the web3 cloud gets built
It was another exciting month for Store, our team is working around the clock to launch our Swiss Foundation, the development of our BlockfinBFT consensus algorithm is hitting another gear, and Store founder Chris Mccoy was in New York connecting with institutions and heavy-hitters in the space. Let’s break down what we accomplished in September.
Time to Open a Swiss Bank Account
After retaining Swiss law firm MME (http://mme.ch/) in August, our team is now in the process of selecting a banking partner in Switzerland. Throughout September, we have worked to build a database of potential banks, and relevant account managers, who provide banking to existing layer-1 protocols. This database is being used internally to narrow our list to specific banks we want to work with, with formal outreach beginning shortly.
Additionally, we have made substantial leaps surrounding IP valuation, as well as expanded Store’s governance design into a deck for MME, which will serve as the basis to draft the Store Constitution and properly define the Swiss Foundation Charter.
Research Topics Galore
Our team is currently preparing to publish our research surrounding the Cost Per Transaction (CPT) of various cloud computing systems. The cost comparisons illustrate how the CPT has largely been ignored but is in fact the driving factor to understanding the future of decentralized web services.
Beyond research into CPT, we are reviewing an internal draft of the first-principles comparison between Web computing and Web3 systems, and how Store compares to both. We look forward to sharing our findings on both topics with the community.
Engineering Continues to Make Strides
In early September, the Store team completed speccing the final designs for compute that apply Store’s BFT trust minimization consensus algorithm.
Our engineering team has begun software development and documentation on BlockfinBFT and is moving ahead at full speed.
Finally, we are currently designing a cross-border accounting system to manage P&L across branches/funds in order to remain in compliance with local tax laws.