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August 30, 2018 . 5 min read

The History of Storecoin

By Storecoin Creator Chris McCoy

I started out with a plan to create a chat network for franchise and chain stores. It has grown into an ambitious project to create a fee-free, decentralized, high-throughput p2p payments infrastructure for the internet.

Here’s how it evolved:

Skeptical about how you could “print new money” on top of new, speculative money, I was a contrarian on the issue. Most of my SV “platform” friends loved it.

Instead of building on Ethereum, I took a bet and put some BTC into the pre-sale, then left the crypto space (out of frustration with Bitcoin). But I jumped back in when I realized zero-fee, in-app, API-based, and censorship-resistant payments still was a problem needing a solution.

At the time, was building a new company: headquarter-to-location chat for franchise and chain stores. I saw two things:

  1. Stores hated the 2.5%-3.5% transaction fee from traditional payment rails
  2. The 4% fee that locations pay HQ as part of the franchise agreement could be a smart contract (that’s 4% of every single transaction at the cash register)

I studied the Ethereum dApp ecosystem, but realized that “gas” was an economic primitive for gamified banks — not a world computer. Bitcoin was on its way to becoming joule-backed digital gold.

As I went deeper into research, it was clear “the smart contract wars” were about to start. I still didn’t buy into new money being created on top of new, speculative money. And there were no plausible zero-fee models for the merchant (or app developer).

After coming out of a 3-month research cave, I realized that inflationary rewards could incentivize a p2p consensus to not only validate transactions but to secure, govern, and scale them as well. Along the way, we spun out @storecoin as a new blockchain for franchise and chain stores.

But as our research evolved, my business partner Rag Bhagavatha and I realized that we were solving a much larger problem than zero-fee payments for the franchise and chain store vertical. We were building zero-fee, p2p, highly programmable payments infrastructure for the centralized internet (apps not dApps).

We’re making progress 24/7 with a team spread around the world. It’s still early but we’re shipping on the technology, security, community, treasury management, legal, and ecosystem fronts daily.

KYC/AML checks are required for securities law compliance. This will be a Reg D and Reg S global offering.

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.