From its inception, Bit.Store focused on building a community when it entered a market entirely dominated by platforms that kept their users isolated from one another. The obvious question at the time was, “what if all these users had the opportunity to collaborate?” If millions of users could signal their sentiments and decisions, a public aggregate of that would be an extremely powerful tool for small investors.
Bit.Store began by designing social functions to allow investors to support one another and share knowledge, while safely and easily participating in the crypto investment market.
This is how Bit.Store became the first investment DAO social-fi model, connecting investors from all over the world so that users can share trading information and trading strategies, learning from each other to make trading more efficient and tapping into the wisdom of the crowd. Individual decision-making is enhanced by insight into the sentiments and decision making of the entire community.
In this latest development, each member of the DAO can create their own portfolio as well as join an aggregate portfolio DAO for collaborative investing. DAO members make investment proposals through the DAO, and investment decisions are based on DAO voting results through the STORE utility token. Members of the DAO may have the right to exit positions or terminate their participation in the aggregate portfolio at any point in time.
Trading information shared by each member of the DAO is public and stored in the blockchain. Anyone can access the information to ensure the platform is open and transparent.
STORE utility functions include voting, sharing, documentation, discussion, governance, and more. It was first created to quantify user stake in the community through cryptocurrency and start a flow of value back to users for their participation, plus incentivise contributions that are higher in quality overall. A real economy has always existed in pre-Web3.0 community models, but it was always hidden from the users. The point systems of many community platforms have hinted at the potential, in fact, and Bit.Store communities realize the value in crypto.
Bit.Store distributes STORE Coins to users from an “incentive pool,” and these crypto assets can be traded and freely given and received. In the community, votes, kudos, likes, shares, etc., have value in STORE Coins, thereby incentivising users to earn them through the quality of their contributions.
Since its launch this February, STORE has hovered around the 0.05 USD range, but began to rise in May, now up to around the 0.13 USD mark even as the overall crypto market led by BTC has declined over the same period.