TechCrunch founder Michael Arrington’s Ripple Hedge Fund, Arrington XRP Capital, have invested in Storecoin, a public blockchain powering free transactions using Dynamic Proof of Stake (DyPoS). The project is here to solve the transaction fee problem for mobile and web app developers all around the world. Unlike smart contract-powered public blockchains that require developers to rebuild their applications as decentralized apps (called “dApps”), Storecoin brings its digital asset – the storecoin token – directly into mobile and web apps as a new crypto-powered payment and incentivization platform, namely crypto-powered apps or “cApps.”
This serves their mission to build and deliver a new payment and incentivization infrastructure for the global Internet. Storecoin intends to become the best digital asset for permanently free, fast, and scalable payments. Key features that the proposition brings with it, include (see picture below):
The company’s long-term vision is to bring free, crypto-powered transactions to millions of apps, to trillions of API calls, and to thousands of mobile and web developers by 2020. And, this is how Storecoin compares to its competitors:
Backed by Arrington XRP Capital, BlockTower Capital, Neural Capital
The project has already received funding from Michael Arrington’s Arrington XRP Capital in its first private token sale, as announced via their tweet:
We're excited to work with @arringtonXRPcap and honored to be one of your early projects.
— Storecoin (@StorecoinTeam) January 12, 2018
Current Status of the Offering
In August 2017, the company completed its first token sale that comprised 7% of the total sale. December 2017 saw the company’s invite-only (3% of all tokens) $ 1 million second token sale being completed, with $2.61 million committed; that is 2.6x oversubscribed. 2018 should see the company’s third (4% of all tokens) and 2019 should see the company’s fourth (5% of all tokens) token sale, along with the release of various papers on the concept and development of the project. The offering’s whitepaper is also scheduled to release some time this year. The orange paper for the offering can be downloaded here.
- CEO: The Storecoin team is led by Chris McCoy as CEO, who has spent 15 years building Internet technologies, and 4 years innovating in the blockchain space. McCoy is also a member of the Blockchain Initiative at the World Economic Forum.
- CTO: Rag Kidiyoor, who comes with over 30 years of experience in building distributed messaging, social networking, and database technologies, has been brought in as CTO. Kidiyoor previously worked as the Cloud Infrastructure Engineer at Apple (AAPL) (2011-2012), and on Frontend Architecture at Cisco WebEx (2006-2011).
- Strategic Advisor: Ari Paul, Co-Founder of BlockTower Capital, is a Strategic Advisor to the project, along with Mark Ramberg who comes with Amazon Web Services experience.
- Marketing and Communications Advisor: Nate Lubin, who served as the Digital Director in the President Obama White House, is the marketing and communications advisor.
For now, those interested should keep a tab on the Crypto Finance Conference in Switzerland, January 17-19th, where Chris McCoy, Storecoin’s Creator, will be speaking publicly for the first time about Storecoin.
You may also be interested in the World Crypto Economic Forum (WCEF) which is 2018’s first blockchain event. It is being hosted in San Francisco on January 15th-16th. The event will see a host of founders, investors, developers and blockchain enthusiasts including Michael Arrington, the founder of TechCrunch and XRP Capital, and Bitrazzi (also Webrazzi, the leading Turkish tech media company) founder Arda Kutsal.