We would like to give you an extensive update on the plans we are working on. More details will follow in our updated whitepaper and a pitch deck, that we want to release next month. But I want to give you a heads-up on the most important topics.
When KnoxFS’ predecessor Aegeus was founded in 2018, it aimed to develop a decentralized storage network, similar to Filecoin. As you know, the founders failed to accomplish and abandoned the project. The remaining team members decided it would be more realistic to develop a file storage solution that utilizes existing backends, such as Sia, Storj and Filecoin. A basic proof-of-concept was successfully deployed, but to fully develop the complete product, we require funding. The past months I thought a lot about what KnoxFS should stand for, and what the end goal needs to be. Our ambitions reach further than a single storage solution. In our current whitepaper we speak of additional applications once the storage app is released. We also said that KnoxFS should aim to be commercially viable, have a solid use case and the KFX coin/token should have utility. This is easier said than done, but that is why it’s important to define our mission. Since the last two letters (FS) stand for File Secure, KnoxFS should not only focus on decentralized storage. In my opinion KnoxFS should focus on these four pillars;
Decentralized storage, data security, privacy and backup.
Our mission will be to create and develop an ecosystem that is based on these four pillars and to provide users a software suite that enables them to store and secure their data and protect their privacy. In addition, KnoxFS will promote and incentivize use of it’s own crypto currency (KFX+wKFX). (bewerkt)
Organizational structure In it’s current form, KnoxFS is best described as a Decentralized Autonomous Organization (DAO). There is no corporate entity, governance is not in place, there are no managers, no employees and no customers. In other words, no one owns KnoxFS and no one is really responsible or accountable. We are a group of people (investors and volunteers mainly) that gather around online and have a mutual interest in the wellbeing of KnoxFS. This goes for most crypto projects, but there are downsides to a DAO. In most countries and states a DAO is not legally recognized and liability is unclear. This can make it difficult for a DAO to do business with traditional corps. KnoxFS had to find a solution for this issue to be able to move on. We are about to raise funding, hire professionals and develop intellectual property. This requires a corporate structure to prevent potential legal and tax issues.
By acknowledging the fact that KnoxFS is a DAO, with the limitations described above, there is no need to change this. The community and the team can continue to be as is. The DAO is free to finance it’s mission by creating and selling it’s tokens and to promote the project online.
Software development company
We will found a company, yet to be named, that will be similar to a Limited or an LLC. This company will buy and build software solutions that match the DAO’s four pillars; decentralized storage, data security, privacy and backup. The KnoxFS DAO will be pay this company to develop the storage solution as described in our whitepaper. The company will have a CEO and CTO that will be responsible for delivering the software solution as ‘ordered’ by the DAO. The company can choose to oursource development, hire developers, sign agreements and will own the intellectual property and the responsibilities that come with it. Since the company will have a Buy & Build strategy they can also acquire existing software solutions. We have already begun shortlisting SaaS applications that fit the KnoxFS profile, and could move rapidly once funding is available. All the portfolio apps will be ‘Powered by KnoxFS’ and will have the KFX token for users to pay with, or to be rewarded with. By building a diverse software portfolio, we could easily cross-sell various solutions, build a significant userbase and develop a KFX ecosystem. (bewerkt)
The company will have governance settled on shareholders level, but for the KnoxFS DAO we have something else in mind. We intend to give KFX masternode holders the ability to cast a vote and influence the DAO’s decisions. Voting can be enabled in the KFX wallet. This will give the KFX coin extra utility compared to the new wKFX token. KFX investors will be directly involved in the DAO’s strategy and decision making. All that is required, is to have at least 1000 KFX in a masternode and custody over the wallet (ie. Being able to access the wallet and cast vote). In addition, we intend to setup a board, which primary task it will be to execute the DAO’s mission, safeguard it’s strategy, and put decisions to the vote. Who will be eligible to the board is to be decided, but again we want to give an important role to masternode holders. For example: holding X number of nodes will make a user elible for a seat on the board. This will also clear distinction between the current KFX coin, and the new wKFX token. The KFX coin will be our governance coin, with limited supply, and the wKFX token will the our utility token, with a much greater total supply. Coin and token will be equally important in the KFX ecosystem, that is why we intend to peg their prices and make it possible to swap back and forth between them.
To wrap up this update, I like to summarize what you can expect from us in the comings months. We are currently working on an updated whitepaper, and an investors pitch deck for our funding campaign. We expect these to be ready second half of August. We are also creating a portal that enables us to airdrop tokens to our loyal masternode holders. Secondly, we will create a portal for the private pre-sale of our token. All KFX holders will be whitelisted for the pre-sale, which will start in September. The sale will last at least 4 weeks and will give our investors the possibility to purchase wKFX with a great discount. Once the pre-sale is completed, we will continue with a public sale of the token. Most likely we will do this via multiple decentralized launchpads. The ultimate goal of the public token sale is to raise the required funding to execute the DAO’s mission and start with developing and acquiring the first software solutions. The public sales will last throughout Q4. Prior and during the sale we will start a promotion campaign to target new investors and create awareness. More partnerships may be expected, one of them being a listing on NULS SCO platform. Application has already been filed and announcement will follow in September.
Almost forgot to mention: starting next month, i will be hosting AMA’s on Discord frequently. I try-out is scheduled for August 9, and the on September 1st. You can check the scheduled events on our Discord channel.