December 1, 2018 . 5 min read
In 2013–’14, I was convinced BTC would be used as an in-app, censorship-resistant, API-driven new currency.
I even tried to build a complex, API-based payment network for it. It didn’t work. Finally, I accepted Bitcoin’s limitations as “p2p e-cash.”
Then I met Vitalik Buterin, Anthony Di Orio and the Ethereum Foundation.
Didn't quite understand how you could "print new money" on top of new, speculative money. I was a contrarian here as my SV "platform" friends ❤️'d it.— Chris McCoy (@chrisamccoy) August 27, 2018
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).— Chris McCoy (@chrisamccoy) August 27, 2018
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 newco:— Chris McCoy (@chrisamccoy) August 27, 2018
HQ-to-Location chat for franchise and chain stores.
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.— Chris McCoy (@chrisamccoy) August 27, 2018
Studied the Ethereum dApp ecosystem. 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.— Chris McCoy (@chrisamccoy) August 27, 2018
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, realized that Inflationary rewards could incentivize a p2p consensus to not only validate transactions but secure, govern, and scale them as well.— Chris McCoy (@chrisamccoy) August 27, 2018
Along the way, we spun out @storecoin as a new blockchain for franchise _ chain stores.
As our research evolved, we realized that we were solving a much larger problem than zero-fee payments for the franchise and chain store vertical.— Chris McCoy (@chrisamccoy) August 27, 2018
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. Still early but we're shipping on the technology, security, community, treasury management, legal, and ecosystem fronts daily. https://t.co/8lB4cG21Bl— Chris McCoy (@chrisamccoy) August 27, 2018
More on WebC -- or the zero-fee crypto-powered web https://t.co/IRfevUBBKC— Chris McCoy (@chrisamccoy) August 27, 2018
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.