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Store Cloud — Telegram AMA — March 31

On Wednesday, March 31, we had the pleasure to welcome to our Telegram chat:

Chris McCoy, CEO, and
Troy Retzer, Community Lead.

We asked him questions about the development of STORE Cloud.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

STORE is a new layer one, zero-fee, public blockchain that will enable developers to build on the STORE Cloud — a decentralized network of data centers and edges — using the native $STORE token.

STORE will be a decentralized edge cloud with a decentralized monetary system, enabling perpetual innovation across web services, compute, storage, more.

BlockFinBFT addresses scalability, security, communication, and decentralization challanges in high performant cloud and edge computing environments with a multi-tier, asynchronous, parallel, and pipelined BFT consensus algorithm.

STORE’s non-compounding inflationary monetary policy is expected to give STORE industry-leading real yields for staking.

Introduction

Q — Ayeley Commodore-Mensah from GAINS: What did you do before crypto and did you have any other previous venture in crypto?

A — Chris from STORE: This is Chris, the co-creator of STORE. I’ve been working in crypto since 2013. We attempted some experiments with Bitcoin, trying to make Bitcoin an API-based payments network at YourSports. Bitcoin programming is a little bit like programming a lawnmower. It wouldn’t work. We tried to work with Coinbase API. They weren’t robust enough.

We attempted experiments with Bitcoin where if you could take identity data of professional athletes like Ronaldo, Derek Jeter, or Lebron James, write into the blockchain, and once that data was queried by third-party developers, those folks would receive Bitcoin. It was like monetizing your identity as a media icon with Bitcoin. In many ways, it’s like the first NFT. We couldn’t do that because Bitcoin is very slow, very expensive, and would cost hundreds and thousands of dollars to write 40 million points of data in, so instead, I ended my bitcoin experiments.

I discovered the Ethereum project in 2014–15. They attempted to recruit me over to build some stuff. I prototyped some interesting user experiences, such as trading cards on top of Ethereum. For example, LeBron James 2015 season or 2014 season dating back to his rookie year, the more scarce it gets, the more valuable it gets, etc, but I couldn’t get around how Ethereum stores data and I couldn’t understand why miners did not want to get paid in hypothetical Bron James coins so I didn’t build on Ethereum. I left crypto for about a year and came back in about a year or so later.

A — Troy from STORE: Prior to getting involved in crypto in 2017, I worked as a small business consultant and operated a few businesses of my own. Over the past few years, I’ve worked in both community and strategy roles for a number of projects.

At STORE, I’m running the community and I’m involved in a number of other aspects of the project.

About STORE Cloud

Q — Ayeley Commodore-Mensah from GAINS: What is the Store Cloud project about in a few simple sentences?

A — Chris from STORE: Think of STORE as decentralized Amazon web services, kind of meets a decentralized blockchain governed by decentralized democracy. Ultimately we believe that web services and decentralized ledgers can co-exist enabling entirely new use cases for NFTs, including long-form video, media rights, etc. We ultimately believe that if our incentive plays out, then data will be tokenized. We believe that the data models that represent machine learning, neural networks, and artificial intelligence will more or less become tradable NFTs, so developers will be building with each other’s data over time. STORE is a global computer network where instead of building on Amazon web services, developers can build on STORE and issue NFTs where their data is secure with multiple levels of Byzantine fault tolerance.

A — Troy from STORE: STORE is a new layer one, zero-fee, public blockchain that will enable developers to build on the STORE Cloud — a decentralized network of data centers and edges — using the native $STORE token. In short, we are building decentralized web services powered by a decentralized democracy.

Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on the project? And how many people are on the team?

A — Troy from STORE: Formally, we’ve been working on STORE since 2017. We ultimately recognized that STORE is a cloud system, similar to AWS or Azure. You can find our full list of team members and advisors here.

Q — Twitter user @Ksalom95: You have a large number of advisors and members of the Store team. Do you think that the knowledge of the advisors in various financial and computational fields has been one of the points that your project has managed to develop?

A — Troy from STORE: We have worked to build one of the most knowledgeable, talented teams in the cloud computing and cryptocurrency space. Our Chief Architect has previously worked to scale Apple’s iCloud and Cisco’s WebEx. Project advisors include current and former executives from Microsoft Cloud, AWS, and Uber. We are really proud of the team we have put together and look forward to continuing to grow.

You can find out more here.

Q — Telegram user @Scotty777: How much for 1TB?

A — Chris from STORE: Our archival node is 200 terabytes of data and it’ll cost the STORE market about $6000-$6500 to store that archival node across all 17 miners so it’s actually relatively pretty cheap.

You can find out more here.

Q — Telegram user Al Bianco: High-Yield Staking was one of the features that I liked the most about your project. Can you tell us how STORE will be leading in staking and the benefits that staking offers on your platform?

A — Chris from STORE: Because STORE is so long-term in its monetary policy and fairly conservative in its inflation when you actually adjust for inflation, you see that STORE has one of the soundest monetary policies in all of the crypto computing industry. It’s not as sound as bitcoin but it’s not too different either.

You can find out more here.

Q — Telegram user Sang Captain: I read that you are writing your first ERC 1155 contract to simulate tokenized, high-value content assets. Can you tell us more about this and how will this help STORE and its users?

A — Chris from STORE: NFTs are a real case for STORE, but not NFTs like low-value assets or assets that arbitrarily can be stored in decentralized databases. We that file or the asset that is actually represented by a token contract (NFT) needs to be decentralized and BFT, meaning there needs to be a real cost to attack that data otherwise as to the owner you don’t really own the data so theoretically if you bought Jack Dorsey’s tweet, you own the tweet but what if Jack deletes it or Twitter Inc bans Jack or takes his tweet down and you end up owning a “page not found”. Ultimately we’re in conversations behind the scenes with some of the largest entertainment and media brands in the world about storing their assets on STORE and issuing them NFTs.

With that said, ERC 1155 is the research we’re doing to potentially incubate some NFT marketplaces that we are not ready to talk about yet, but there’s some cool stuff going on.

You can find out more here.

Token

Q — Ayeley Commodore-Mensah from GAINS: What is the use case of the $STORE token and how does it capture the value of the ecosystem you’re building?

A — Chris from STORE: We think there are 2 primary use cases for store

First is governance so we’re gonna unveil upon listing, a governance test network that effectively lets us frame the foundation of stored democracy: the tooling, the process, and economics. while also testing the economics of the store computer. As a potential voter in governance, you’ll have to win an auction in order to vote in STORE. You can win voting rewards and once you are in governance you actually have to be active in order to earn rewards or your rewards will be slashed.

The second use case is for developers. If you want to build on the store cloud you actually have to buy computing resources from store miners using the store token.

Q — Twitter user @TheShadowJK_1: What are the aspects of the project that holders of $STORE tokens can modify and improve? Is your DAO model based on the number of tokens owned by each user?

A — Chris from STORE: Our governance has the ability to overrule the executive team the STORE Labs Inc, the U. S. entity. Star labs Inc has the ability to effectively control what’s on the ballot but the folks who vote will be able to overrule them and there’ll be a committee structure.

Anything across our research or across our approach can bubble up from committee structure and go to a formal ballot if Store Lab Inc finds it worthy of the vote. We’re testing the concept of checks and balances. So imagine if the miners/community could overrule Vitalik and the Ethereum foundation.

We don’t believe in one token one vote. We think that ultimately ends up in plutocracy. Over time, those systems become incentivized to be controlled by the large holders, so a few control the rules of the money for many, and historically has never worked, as seen with imperial Japan and Rome. What you really need is to create an environment where as many participants in the world can actually have a say around governance and so that’s what we’re doing with one entity one vote.

You can find out more here.

Q — Telegram user Isabella Isla 🌸: I like that STORE has free internet money and low inflation of up to 2% and altogether a new type of AMAZON AWS. Can you explain to us how you achieve this low inflation and what role does this type of Amazon AWS has in STORE?

A — Chris from STORE: Monetary policy is core to our ethos and research. Effectively we anticipate 20 million STORE per year incentivizing both miners to secure the ledger and store data that are written in the STORE, including data on other ledgers such as Ethereum.

25 percent of that block reward will actually go to governance to incentivize things such as growth, operations, security, etc. 75% goes to the miners, and that decentralized monetary system enables STORE to have an environment of perpetual innovation where we can reach consensus while having a very robust environment.

You can find out more here.

Competitive Advantage

Q — Ayeley Commodore-Mensah from GAINS: Is there any other crypto company that is taking on the cloud system just like you? And what sets you apart from them?

A — Troy from STORE: Here is a chart detailing how STORE stacks up against other cloud providers!

Technology

Q — Telegram user Thomas: Store has a scalable Byzantine consensus algorithm, which is quite interesting. This model is fault-tolerant and decentralizes cloud computing and edge computing? How many TPS does this algorithm allow? In what aspects does it outperform the other models already known to many?

A — Troy from STORE: We anticipate STORE’s unique BlockfinBFT consensus algorithm will enable an adaptive 5,000+ transactions per second. The key breakthroughs offered by BlockfinBFT include leaderless consensus, pipelined and parallel processing, and secure containers.

Q — Telegram user Gutierrez04: You point out that your project uses a consensus that supports Byzantine faults, but these “Byzantine faults” are so simple that they don’t affect the platform? Or is it preferable to tolerate the failure, rather than develop a solution that affects other characteristics of the platform?

A — Chris from STORE: Yes ⅓ BFT meaning if there are 2 or more malicious nodes in a 4 node network then the network is effectively corrupt and if there’s 3 the network is essentially compromised, and so we offer 3 faults plus 1 additional node.

You can find out more here.

Q — Telegram user @ti lo: This BlockFinBFT consensus mechanism was invented by STORE and the STORE Protocol has dynamic proof consensus (DyPos), are they the same? What is the core mechanism that makes it work?

A — Chris from STORE: The BlockFin is how blocks are routed and secured in a ⅓ fault-tolerant way. Dynamic proof of stake is how the blocks are allocated to the miners, so instead of a leader-based system where there is one winner of the whole reward, every participant in the network is rewarded proportional to the amount of earnings power.

You can find out more here.

Partnerships

Q — Telegram user Deleted Account: Which partners will promote and help Your Project reach and achieve the project’s goals?

A — Chris from STORE: Yeah we believe in the same thing where the first piece of launch is actually providing secure BFT storage for Ethereum and we hope that that ecosystem appreciates what we’re doing there. We think we might even do something similar with a few other chains.

Finances

Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Troy from STORE: We initially capitalized our research through Milestone Based Offerings and now through invite-only Strategic Offerings. We’ve been very conservative so far and have run an efficient research project, but are getting ready to raise between $6–10 million.

Security

Q — Twitter user @meml97: I read that STORE is a decentralized cloud where each Cloud Market is operated by 17 individual entities. Can you tell us more about this and how could this provide more security to this Market?

A — Troy from STORE: In the traditional blockchain space where sharding is the main way of achieving scalability, use-case-specific side chains exist to solve particular problems. In STORE these are called “Markets” and host various different types of public and private applications in order to provide both decentralized compute and storage resources.

At maturity, STORE Markets consist of 10 Block (validation) miners and 7 Cloud (storage) miners. These node counts are chosen to balance between the cost of computing and storage resources and decentralization.

Q — Telegram user @Hanchelt: For the next year, STORE expects to complete a security audit of BlockfinBFT and all of your platform tools. Which company will be responsible for this task? Why did you decide to postpone your audit until now?

A — Chris from STORE: Yeah our security auditor is actually sigma prime out of Australia.

Business Development

Q — Ayeley Commodore-Mensah from GAINS: What stage is the STORE project at? And what should we look forward to in the coming months?

A — Chris from STORE: We’re running an Alpha of the store cloud internally

We are in the process of recruiting a world-class VP of cloud engineering out of Sun Microsystems. We also just added one leading cloud analyst in the world to our team.

We are attempting to get STORE International set up. Also, we’re doing our best to get ourselves into an exchange environment so we can launch a governance test network.

You can find out more here.

Q — Telegram user Bryant Javier: Is the STORE cloud really fully developed? or still needs to carry out tests and correct some anomalies? In addition to completing the project audit process, right?

A — Chris from STORE: We still have a lot of work to do. We have the STORE Cloud environments up for now and in the process of moving into BFT environments, so there are 17 cloud instances coordinating and able to take the STORE currency so the miner's computer data center costs

We’re building a cloud company, effectively one that’s truly decentralized and it’s really unique. Our first release will actually be governance and a lot of that is already built.

You can find out more here.

Q — Telegram user @Noé: How can STORE be a high-return financial system, sustainable in the long term?

A — Chris from STORE: We’re framing a very sound long-term high real yields environment, but we can’t guarantee that it’s going to continue. Governance could change monetary policy to be super inflationary or compound inflation. There are no guarantees really, but at the same time, we’re doing our best to introduce that ethos into the project and hope that our founding miners believe in the same things we do as the founders and carry it on.

Q — Telegram user @Demvrick: How do you plan to compete with the huge industrial market and place your services as the best choice for everyone?

A — Chris from STORE: Ultimately, it comes down to incentives. If developers make more money issuing assets and building the workload on top of the STORE Cloud than AWS, adjusted for the cost differences between AWS and STORE, then decentralized computing is just inherently more expensive than centralized computing because you’re storing data, running computing across multiple nodes, multiple computers and those computers are storing 3 copies of the data. If developers do make more money building on STORE than Amazon, we think there could potentially be a computing shift that affects the planet truly, and STORE as an incentive has the economics to profitably acquire computing resources to scale out and grow into a global computer network.

You also wanna be collaborative. You want to create a system where Fortune 500 companies and governments want to build on because it enables new computing properties that current cloud systems don’t. If developers make more money building on STORE than they do on Amazon, they’ll simply start building on STORE and that’s how we win.

You can find out more here.

It was a pleasure having you in our group today Chris and Troy. Anything else you'd like to say? Where can we follow you to stay updated?— Ayeley Commodore-Mensah from GAINS

Please join us in our Telegram and follow us on Twitter to stay up to date with the latest project news. We look forward to seeing y’all there :) — Troy Retzer from Store Cloud

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