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April 11, 2018 . 5 min read

8. The Launch "Ages" of Storecoin

How Storecoin evolves from zero-fee, p2p payments to a zero-fee, p2p cloud computing platform

This piece is the first in our four part series on Storecoin’s Path to Decentralization. In future pieces, we’ll explore treasury commitments, soft governance through peer review, and how governance is formally established. In this piece, we begin our path to decentralization journey with the overview of phases by which Storecoin moves from a high-aspiration project to a global p2p cloud that is truly decentralized in terms of infrastructure and decision making.

History has been marked by advancements in technology. These shifts remade the possibilities of human creativity, and separated the world into distinct befores and afters.

For Storecoin, the opportunities that are represented by cryptocurrencies represent a seismic shift. We believe that creating a secure, zero-fee base layer payment and settlement layer brings with it the opportunity to design a new type of tokenized p2p cloud infrastructure.

To honor the technological and social history we’re descended from, we’ve organized our planned evolution from p2p payments to a tokenized cloud as a set of “Ages,” named after the technology transformations that shaped our history.

Initially, we are laser-focused on securing a zero-fee settlement layer. As security with scalability is proven, Storecoin will open up miner (dWorker) participation to anyone in the world. From there, the secure settlement layer can evolve into a p2p cloud platform for the decentralization of data and the creation of new, zero-fee tokenized apps, powered by data-backed tokens or datacoins. Throughout this evolution, Storecoin’s governance moves from informal (but present), to semi-formal with voting, to fully ratified and formal.

The ultimate goal and the completed vision of Storecoin is a truly decentralized, p2p cloud platform that can compete with today’s centralized infrastructure (i.e. AWS). Review this vision and then scroll to see the “Ages” that get us there.

Genesis Age

Network type: Pre-testnet; R&D with public peer review
Est. Dates: May 2017-Q42019

At the beginning, things began. “Genesis” Age plays homage both to the Bitcoin Genesis block, as well as to the broader idea of everything starting somewhere. From the earliest moments in our ancestors history, they were explorers set to pushing their own boundaries and forging new paths.

Genesis Age is also Storecoin’s origin phase. During this phase, the project will focus on the initial commitments that orient it from a philosophical and economic standpoint for the rest of its journey. During Genesis Age, Storecoin has and will take its first governance steps on a path to decentralization, including:

  • Commitment to 8-year founder vesting
  • First stages of 6-month public peer review on governance
  • Joining Messari registry for public Treasury disclosures
  • Long-term Treasury schedule released for predictable maximum yearly emissions.

Decision making resides with Storecoin, Inc. with public peer review acting as soft-power checks-and-balances.

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)
GenesisR&D with public peer reviewsMay 2017 to Q4 2019None: R&DNone: R&DNone: R&DNone: R&D8-year vesting on founders; milestone- based token sales-only; a 6-month public peer review on our governance proposal; Storecoin joins the Messari registry for public disclosures on Treasury; a long-term Treasury Schedule is released allowing for predictable maximum yearly emissions; all decisions are made by Storecoin, Inc. but the public peer review network acts as a check and balance on changes.

Storecoin open sources its economic model projections for each launch phase – from its zero-fee settlement layer to its zero-fee computing platform. These models account for dWorker costs of hardware, compute, data storage, internet connectivity, load balancers, firewall, and more. The models back into potential break-even requirements and potential gross profits for dWorkers which are derived from the Yield – the annualized tokens earned relative to the estimated dWorker stake size and the active security budget for the blockchain.

* To build your own Yield models, start at http://storecoin.com/stakingeconomics

Stone Age

Network type: Test network/Settlement layer
Est Dates: Q1 2020

The Stone Age saw early human ancestors forge the first tools to interact with the world around them. First simple rocks and later more intricate tools, which in turn enabled significant advances in culture and civilization.

During Storecoin’s Stone Age, our test network will go live, giving our community the chance to start experimenting, building, and advancing. Additionally, Storecoin, Inc. will transfer all assets and IP over to the Storecoin nonprofit foundation & spin down entirely.

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)

STORE tokens are securely distributed to owners.

Storecoin’s ecosystem releases Wallet, staking tools, and more to launch the p2p protocol.

Stone
Test network
Zero-fee, p2p settlement-layer
Q1 2020
70 Validators
22 Messagenodes
N/A (Test network)N/A (Test network)N/A (Test network)Storecoin, Inc. transfers all assets and intellectual property over to the Storecoin non-profit foundation. Storecoin, Inc. entirely spins down and ceases to exist.

Bronze Age

Network type: Alpha network/Settlement layer
Est Dates: Q2 2020

The transition from Stone Age to Bronze brought with it significant advances in what people were able to build and through advances enabled in things like ship building technology, how far they were able to roam.

With Storecoin’s Bronze Age comes public launch, in which our community too is able to spread its wings and take off for farther lands. During Bronze Age, founding miners (aka dWorkers) win auctions to stake the limited number of seats in Storecoin’s consensus. Backup workers are also introduced to fill in seamlessly when necessary. Winning and backup dWorkers privately Know-Your-Voter (KYV) accreditate with one another in order to prevent Sybil attacks and enable Storecoin’s planned one-entity-one-vote governance model, which is designed to limit cartels and vote buying.

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)
Bronze
Alpha network
Zero-fee, p2p settlement-layer
Q2 2020
70 Validators
22 Messagenodes
$25,300 / Validator
$38,000 / Messagenode
9.62% / Validator
31.53% / Messagenode
20% / A maximum of 20 Million STORE (2%, pegged to security)At public launch, founding miners (dWorkers) win auctions to stake the limited # of seats in Storecoin’s consensus. Backup workers are also introduced so backups can fill in seamlessly. The winning backups can step right in. The winning dWorkers and the backup workers all privately Know-Your-Voter (KYV) accreditate with one another to prevent Sybil attacks on Storecoin’s intended one-entity, one-vote decentralized governance, which is also designed to limits cartels and vote buying.

Iron Age

Network type: Beta network/Settlement layer
Estimated dates: Q4 2020

The Iron Age brought with it increases in the size of civilizations, and consequently, new advances in learning and the beginnings of written language.

During Storecoin’s Iron Age, so too does the size of the immediate community around the project expands. Specifically, the blockchain expands the number of miners securing it. What’s more, just as political structures evolved in the first Iron Age, during this period for Storecoin, a Github-based voting infrastructure enables miners to vote on relevant issues that arise before governance is formally ratified - a process we’re calling, “Open Voting.”

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)
Iron
Beta network
Zero-fee, p2p settlement-layer
Q4 2020
102 Validators
32 Messagenodes
$25,300 / Validator
$39,500 / Messagenode
6.60% / Validator
21.62% / Messagenode
25% / A maximum of 20 Million STORE (2%, pegged to security)With minimum viable security in place, the blockchain grows the # of miners securing it. Github-based voting infrastructure enables Open Voting by miners on relevant issues that arise before governance is formally ratified.

Discovery Age

Network type: Production network/settlement layer
Estimated dates: Q2 2021

Advances in tools, technology, and civilization are self reinforcing. With the written word and eventually the printing press, came the ability to share information more widely than ever before. This propelled a new era of discovery.

During Storecoin’s Discovery Age, the give-and-take between members of the community also grows as the number of validators is allowed to nearly double. Open Vote continues to operate, advancing new ideas and allowing the community to help shape the direction of the profit. During this time, the Storecoin nonprofit moves to formally ratify the governance proposal developed through a public peer review process.

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)
Discovery
Production network
Zero-fee, p2p settlement-layer
Q2 2021
137 Validators
43 Messagenodes
$25,300 / Validator
$41,100 / Messagenode
4.92% / Validator
16.14% / Messagenode
30% / A maximum of 20 Million STORE (2%, pegged to security)The Open Vote by miners continues. The Storecoin organization owning the IP and trademarks moves to formally ratify the p2p governance proposal approved by the multi-year public peer review.

Revolution Age

Network type: Production network/settlement layer
Estimated Dates: Q1 2022

Ages of discovery tend to be followed by ages of revolution, in which new ideas exert themselves and worlds advance and change rapidly. The global age of revolution created the path for, among other things, the modern democratic nation-state system that has dominated ever since.

During Storecoin’s Revolution Age, we transition from informal to formal governance. The blockchain now supports an unlimited number of validators. Importantly, at this stage, a vote to ratify the proposed governance has occurred. If ratified, all decisions from this stage on are made through the formalized one-entity, one-vote governance of checks and balances. At this point, Open Vote that takes place via GitHub moves to a decentralized vote carried out via a fully decentralized and independent infrastructure.

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)

Storecoin attempts to ratify a checks and balances governance with its dWorkers (the voters)

Revolution
Production network
Zero-fee, p2p settlement-layer
Q1 2022
253 Validators
80 Messagenodes
$25,300 / Validator
$46,600 / Messagenode
2.66% / Validator
8.73% / Messagenode
51% / A maximum of 20 Million STORE (2%, pegged to security)
A vote to ratify Storecoin’s proposed governance has occurred. If ratified, then all decisions moving forward will be fully decentralized through a one-entity, one-vote governance of checks and balances. Storecoin would move from Open Vote to a Decentralized Vote carried out via a fully decentralized independent infrastructure.
Storecoin would be fully decentralized.

Industrial Age

Network type: Production network/cloud computing platform
Estimated dates: Q4 2022

Around the world, the Industrial Age represented an unbelievable new explosion of commerce and creative activity, in which previously unfathomable machines were invented and entire economic systems were reimagined.

Storecoin’s Industrial Age will bring with it a similarly transformative change, in which Storecoin moves from settlement layer alone to a global p2p cloud computing platform. In this context, data-backed tokenized apps will allow for a truly decentralized approach to data hosting and use that to compete against today’s data monopolies.

One note on governance: If, by this time, the dWorkers have not ratified a formal governance model, Storecoin will become an organization similar to the Ethereum Foundation which has control over commit-access to the code base and over treasury for funding engineers, operations, and ecosystem.

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)

The path to zero-fee, p2p computing (Platform) begins with a test network

Industrial
Production network
Zero-fee, p2p cloud computing platform
Q4 2022
253 Validators
80 Messagenodes
N/A (Test network)N/A (Test network)N/A (Test network)Governance is functioning as intended through one-entity-one-vote ratification. If no ratification has occurred, Storecoin will become an organization similar to the Ethereum Foundation: A single body will have full control over commit-access to the code base, to Treasury for the ecosystem, to Treasury for funding engineers and operations, more.

Imagination Age

Type: Production network/cloud computing platform
Estimate dates: 2023

The Imagination Age is a name for the age we live in today, in which technology is transforming our world at an ever growing rate; where innovation can come from anywhere; in which the only thing that’s sure is that we will barely be able to wrap our heads around what the world will look like in a generation.

Storecoin’s Imagine Age is imagined as the culmination of the early years of the Storecoin project, as the ratified decentralized governance approves the global p2p cloud computing platform for deployment to the world! What this Age presents as opportunity and all the ways the community will build on top of the foundations to design a new future are something we can’t wait to see!

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)

Storecoin’s decentralized governance would need to approve Platform before deployment

Imagination
Production network
Zero-fee, p2p cloud computing platform
2023
281 Validators
89 Messagenodes
$68,700 / Validator
$1,900,000 / Messagenode
2.40% / Validator
7.86% / Messagenodes
+51% / A maximum of 20 Million STORE (2%, pegged to security)If a one-entity, one-vote governance is in place, STORE will be on a path to zero-fee global money and to zero-fee global compute.

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Complete Visual Overview of Storecoin Ages

Release AgeTypeEst. Launch Date# of dWorkers (miners)**Est. cost to run a node (annual)***Est. Yield****Security Budget / *****Inflationary Rewards (yearly)Path to Decentralization (governance)
GenesisR&D with public peer reviewsMay 2017 to Q4 2019None: R&DNone: R&DNone: R&DNone: R&D8-year vesting on founders; milestone- based token sales-only; a 6-month public peer review on our governance proposal; Storecoin joins the Messari registry for public disclosures on Treasury; a long-term Treasury Schedule is released allowing for predictable maximum yearly emissions; all decisions are made by Storecoin, Inc. but the public peer review network acts as a check and balance on changes.

Storecoin open sources its economic model projections for each launch phase – from its zero-fee settlement layer to its zero-fee computing platform. These models account for dWorker costs of hardware, compute, data storage, internet connectivity, load balancers, firewall, and more. The models back into potential break-even requirements and potential gross profits for dWorkers which are derived from the Yield – the annualized tokens earned relative to the estimated dWorker stake size and the active security budget for the blockchain.

* To build your own Yield models, start at http://storecoin.com/stakingeconomics

STORE tokens are securely distributed to owners.

Storecoin’s ecosystem releases Wallet, staking tools, and more to launch the p2p protocol.

Stone
Test network
Zero-fee, p2p settlement-layer
Q1 2020
70 Validators
22 Messagenodes
N/A (Test network)N/A (Test network)N/A (Test network)Storecoin, Inc. transfers all assets and intellectual property over to the Storecoin non-profit foundation. Storecoin, Inc. entirely spins down and ceases to exist.
Bronze
Alpha network
Zero-fee, p2p settlement-layer
Q2 2020
70 Validators
22 Messagenodes
$25,300 / Validator
$38,000 / Messagenode
9.62% / Validator
31.53% / Messagenode
20% / A maximum of 20 Million STORE (2%, pegged to security)At public launch, founding miners (dWorkers) win auctions to stake the limited # of seats in Storecoin’s consensus. Backup workers are also introduced so backups can fill in seamlessly. The winning backups can step right in. The winning dWorkers and the backup workers all privately Know-Your-Voter (KYV) accreditate with one another to prevent Sybil attacks on Storecoin’s intended one-entity, one-vote decentralized governance, which is also designed to limits cartels and vote buying.
Iron
Beta network
Zero-fee, p2p settlement-layer
Q4 2020
102 Validators
32 Messagenodes
$25,300 / Validator
$39,500 / Messagenode
6.60% / Validator
21.62% / Messagenode
25% / A maximum of 20 Million STORE (2%, pegged to security)With minimum viable security in place, the blockchain grows the # of miners securing it. Github-based voting infrastructure enables Open Voting by miners on relevant issues that arise before governance is formally ratified.
Discovery
Production network
Zero-fee, p2p settlement-layer
Q2 2021
137 Validators
43 Messagenodes
$25,300 / Validator
$41,100 / Messagenode
4.92% / Validator
16.14% / Messagenode
30% / A maximum of 20 Million STORE (2%, pegged to security)The Open Vote by miners continues. The Storecoin organization owning the IP and trademarks moves to formally ratify the p2p governance proposal approved by the multi-year public peer review.

Storecoin attempts to ratify a checks and balances governance with its dWorkers (the voters)

Revolution
Production network
Zero-fee, p2p settlement-layer
Q1 2022
253 Validators
80 Messagenodes
$25,300 / Validator
$46,600 / Messagenode
2.66% / Validator
8.73% / Messagenode
51% / A maximum of 20 Million STORE (2%, pegged to security)
A vote to ratify Storecoin’s proposed governance has occurred. If ratified, then all decisions moving forward will be fully decentralized through a one-entity, one-vote governance of checks and balances. Storecoin would move from Open Vote to a Decentralized Vote carried out via a fully decentralized independent infrastructure.
Storecoin would be fully decentralized.

The path to zero-fee, p2p computing (Platform) begins with a test network

Industrial
Production network
Zero-fee, p2p cloud computing platform
Q4 2022
253 Validators
80 Messagenodes
N/A (Test network)N/A (Test network)N/A (Test network)Governance is functioning as intended through one-entity-one-vote ratification. If no ratification has occurred, Storecoin will become an organization similar to the Ethereum Foundation: A single body will have full control over commit-access to the code base, to Treasury for the ecosystem, to Treasury for funding engineers and operations, more.

Storecoin’s decentralized governance would need to approve Platform before deployment

Imagination
Production network
Zero-fee, p2p cloud computing platform
2023
281 Validators
89 Messagenodes
$68,700 / Validator
$1,900,000 / Messagenode
2.40% / Validator
7.86% / Messagenodes
+51% / A maximum of 20 Million STORE (2%, pegged to security)If a one-entity, one-vote governance is in place, STORE will be on a path to zero-fee global money and to zero-fee global compute.
Previous Governance Essays
April 11, 2018
8. The Launch "Ages" of Storecoin
How Storecoin evolves from zero-fee, p2p payments to a zero-fee, p2p cloud computing platform
March 15, 2019
🖊️ A TechCrunch op-ed essay from Storecoin founder Chris McCoy on the inevitability of tokenized data and open computing
March 21, 2019
🎙️ Tom Shaughnessy of Delphi Digital interviews Storecoin's Chris and Rag (CTO) on its radically new p2p cloud computing platform
Febuary 26, 2018
7. Day One Governance
Why Governance Must Be Articulated From Day One
April 29, 2019
🖊 An essay from Storecoin's Chris McCoy on how Facebook could give users control of their data without needing governments to intervene.
January 31, 2019
🎙️ A podcast from Storecoin co-creator Chris McCoy on Blockcrunch making a case for a checks and balances-based and democratic-inspired governance for public blockchains.
January 31, 2019
🖊️ An essay from Storecoin co-creator Chris McCoy on The Block making a case that the winning governance models will be chosen.
January 29, 2019
🖊️ An essay from Storecoin investor and advisor Ari Paul on STORE governance as it relates to BTC, ETH, and EOS.
January 18, 2018
6. How To Enable Democratic Blockchain Governance Through One-Entity-One-Vote
Ending Plutocracy & Enabling Democracy In Blockchain Governance: An Overview Of One-Entity-One Vote And Know Your Voter
January 8, 2019
5. A Separation of Powers in Storecoin’s Decentralized Governance of Checks and Balances
How formal and enforceable roles prevent gridlock when miner, developer, and holder interests diverge
December 20, 2018
4. Reimagining Property, Rights, and Enforcement In The Blockchain Context
The foundation of markets are property rights and the enforcement of contracts. Without protected private property, market participants can’t lay claim to the goods they sell or buy in the market. Without contract enforcement, participants have to trust trading counterparts with no hope of recourse.
December 13, 2018
3. An Overview of Storecoin's Governance
Towards a ‘decentralized republic’ model of blockchain governance
November 28, 2018
🖊 An essay from Storecoin co-creator Chris McCoy on Token Daily making a case that the governance discussion is massively undervalued.
November 28, 2018
2. Blockchain Governance, Trade Offs, and the Importance of a Checks-and-Balances based Decentralized Governance
Session 2 of Storecoin’s public peer review of its p2p governance.
November 13, 2018
1. Announcing the Storecoin Governance Peer Review Process & Working Group
Storecoin is pleased to announce our first peer review and working group, focused on governance. Through this, we will bring our community together to learn about and provide input on a full spectrum of governance issues. This process will take place through public comments on prepared documents and via a public email group, a final spec generated from the working group, and ultimately culminate in the third Storecoin GovCon in 2021.
November 13, 2018
0. Join public peer review of Storecoin's proposed, decentralized governance of checks and balances
Storecoin intends to launch a decentralized governance of checks and balances. We are currently in the midst of a Public Peer Review process, inviting members of the blockchain community to review, discuss and refine our proposed governance system.

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DISCLAIMER

Nothing herein is intended to be an offer to sell or solicitation of offer to buy, Storecoin tokens or rights to receive Storecoin tokens in the future. In the event that Storecoin conducts an offering of Storecoin tokens (or rights to receive Storecoin tokens in the future), Storecoin will do so in compliance with all applicable laws which may include the Securities Act of 1933 and the rules and regulations promulgated thereunder, as well as applicable state and foreign law. Any offering for sale to US Persons in a regulated transaction will be pursuant to a registration statement qualified by the Securities and Exchange Commission, or an applicable exemption from the registration requirements.

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