August 1, 2018
Hello Scroll Community and to those who may be reading,
Welcome to our second update of Scroll. Our prior update was extremely development centric. Due to recent developments, we wanted to focus on the now and what ideas have been floating around Scroll for the past month. In this update, we hope to address the concerns of anyone looking to read more into Scroll and to add an extra layer of transparency where it is needed. This update may be a pleasant surprise to some, as we are taking a lot of first steps forward that others in Blockchain may be too pensive to take. We believe this is a necessity for the evolution of this space, thus, we want to help set the standards for others to follow.
If you have further questions about the topics covered in this update, feel free to join our Telegram channel. Please be constructive in the questions you ask and we will do our best to clarify.
-The Scroll Team
Our leap into what we want Blockchain to become
Since the creation of Scroll, we as a team decided that one of our main priorities in the crypto and blockchain space is to lead with transparency. While we are content with the transparency we have delivered to our community, we feel updating those engaged in our dream is not enough and that we should deliver another layer of transparency in hopes that the same practice will be adopted by other Blockchain Companies. In short, we will be releasing guidelines that the Scroll Team are adopting to set the bar for what should be expected of all Blockchain Projects and Companies.
The Community we want to build
We are incredibly excited for the enthusiasm that our community has expressed about the dream we are building. Thanks to everyone, the team can go in to work everyday living the dream of the project that they had always wanted to build. We cannot thank everyone enough for making that dream a reality for us.
The Community we want to build is one of educators. As a statement to our community on social media and beyond, we would greatly prefer the conversation about the technology we are building and the products we are releasing over any speculative prediction. As stated, we will NEVER speak about price movements, team members are strictly told to not mention nor give a prediction on such movements. We are a young startup, and as a result we would prefer that our community grows with our technology. Simple as that.
"If you keep your eye on the profit, you're going to skimp on the product. But if you focus on making really great products, then the profits will follow." - Steve Jobs
Community Admins, and what is expected of them
Within the coming weeks, we will begin to promote community admins (We are calling them Heralds! ). These are individuals passionate about the technology we are building at Scroll and would like to share with you their passion to help spread the word. They are required to disclose that they are community admins and are to never discuss any sort of price prediction regardless of the longevity. We intend on these admins showcasing new products in the form of videos in the future before they are released to the public. Again, Heralds are meant to be Scroll educators for our community. All community admins will be listed on our website under a new section to confirm their validity.
As our company grows, we intend on giving SCRL much more of a backbone. To do this, we must protect SCRL as much as we can. This is a hallmark for us as our business is heavily encompassing data security, whenever an issue arises that could potentially irregularly harm the maintenance of SCRL, we are (and will continue to be) first responders.
As a notice to the community, SCRL is monitored 24/7 to ensure the best experience we can currently provide given the stage of our company. To continue the effort of eliminating irregularities correlated to SCRL by an unwanted third party, we have hired and established a team. Significant issues will further lead into investigation if necessary, to assure the legitimacy of SCRL. Due to the prior events involving SCRL, we recommend the use of IDAX.mn or LAToken as a primary go-to as they have proper security in place to combat any type of manipulation. We had chosen IDAX as they require a KYC to be able to trade on their platform and in doing so this is one of our preliminary steps in creating a manipulation-free hemisphere around SCRL.
In response to the prior situation on Hotbit.io, we had reached out to Hotbit in an effort to combat recent manipulation and we were told that there "was not enough evidence of manipulation". We are continuing to reach out to see if we can get to the bottom of the issue, but we believe the case has been properly solved internally and are looking toward the future with new protocols in place to combat these issues swiftly.
As a quick note, our involvement with any organization requires a lengthy process. We take the extra steps when pursuing business relationships to protect ourselves and SCRL. For those concerned as to why we do not post updates on things pertaining to new involvements prior to them happening is primarily because nothing is final until an official agreement is made. We would prefer to only deliver factual information at the time it is relevant to our community. We can assure our community, though, that your requests are being heard and we actively pursue highly requested options.
Combating Manipulation, to best of our ability
Manipulation is a sad reality of Blockchain and Cryptocurrency. The lack of strict guidelines leaves a lot of projects with good intentions asking, how do we fix these problems?
The Scroll Team will always be actively monitoring our systems and SCRL for any type of threat, manipulation or security risk. More than likely, if you notice a problem, it is being handled by a representative internally and we do not hesitate to contact the proper means to fix any issues that arise.
We do this to protect our community to the best of our ability, while some problems might be far out of reach we will always put our best foot forward in helping our community in every way we can. Significant situations will always be announced on our official Social Media channels to keep our community updated on situations that arise.
Finding our Footing
The initial design of SCRL was to make sure we can create an asset that powers our network, driven on real value. SCRL is the nucleus in which we operate our network and we intend to give it more utility as we build more products. We, as a team, would like to iterate the utility function of SCRL and why it is so important to our existing network.
SCRL Utility Functions Confirmed
- Low Gas Cost Compensation for Enterprise AND Consumer Platforms
- Platform Subscription Fee Payments
- One Time Fee Payments
- Pay-as-you go Data Storage Payments
- Product Pre-Orders
- Node-Hosting Compensation (We will touch on that later!)
- Data Recovery Requests (Seed words required)
- Dev Tools Payments
- Payments for Community Scroll DApps
- Low Gas Cost Compensation for Community Scroll DApps
Any other utility mentioned that has not been listed above is not a confirmed utility use case for SCRL. We will continue to announce utility functions in the future, but as for now the only use cases for SCRL are those stated above.
Defining real value through proper incentive and adoption
We define real value as being able to use SCRL as a form to pay someone for their efforts and have them accept SCRL against something like a Fiat Currency. To bring mass adoption to SCRL, we must create confidence in the Digital Currency. As a result, we are confirming the introduction of a SCRL Token Burn to create confidence in holding SCRL. We are going to start this burning process at 2 Token Burns per year (1 later this year) and they will be adjusted in accordance with demand and supply, afterward we will release results on our Social Media channels.
For those concerned about us having enough SCRL in reserve for Utility, we have more than enough to ensure that the use cases previously listed will be able to work for all of our users whether its an Enterprise Client or a consumer using SlideDrive.
Making your money, safer
It is sometimes difficult to tell whether the currency you own has a safe value. Cryptocurrency is volatile, and this is a huge factor in why mass adoption is tough. We are continuing to implement new security protocols everyday to help secure SCRL and to protect its value. As we continue to grow, we will solidify value through a definitive means: The Product.
Concluding Statement and Thank you
We are going to be producing more updates for our community once TechCrunch Disrupt has concluded. Our primary focus for the month of August is to prepare our technology for being showcased at TechCrunch Disrupt. We plan on doing a lot of community involvement around the event and we hope that everyone is just as excited as we are!
We would like to thank everyone once again for all the love and support through the past few months and we look forward to showing everyone more of the cool stuff we are building overtime!
-The Scroll Team
June 6, 2018
Hello Scroll Community!
While there is a formal thank you at the end of our first community update, we want to say up front how extremely grateful we are for all the support that the community has provided. From Scroll Boy tweets to random questions on Telegram, we enjoy all of it.
We intend to put out a bi-monthly update on our current projects and the progress as a company. This allows for transparency on our end for token holders and gives us the ability to announce the awesome things we are building. We would update the community monthly, however, we usually see objectives to completion. All and all, we want our updates to be significant, not something that you may expect nothing from. We hope that the updates included in this document are received well and, as always, feel free to join Telegram to ask any questions you may have. We are usually very responsive!
Our objective was to raise a minimum of $1MM as our seed round of capital and we have exceeded that. In reaching the soft cap, we realized that our resources were starting to pull away from development and that the team was focusing more on the raise than the longer-term objective. Since the conclusion of our ICO, we have reached multiple development milestones and are starting to scale extremely well with the funds we raised. It is important to note, that we currently have a separate institutional sale taking place. Upon the conclusion of the institutional sale, tokens will be moveable to another storage medium (IE: Ledger/Cold Storage). For future funding, we are beginning to work with our connections in venture capital in anticipation for our Series A Round of capital. For those of you who are not well versed with startup funding rounds, they typically go as follows:
Pre-Seed --> Seed --> Series A --> Series B --> Series C (Onward until IPO)
Since the ICO has been our Seed round of capital, we will continue to raise additional working capital as we begin to generate sales revenues and launch our projects for the world to see. We are also evaluating the merits of other funding mechanisms for the future, but we will always be working with our advisory team and connections to scale efficiently.
On top of the ICO, to conclude this round, we are also going to be raising another round of capital from Angel Investors in our network. This round, however, will not affect the token sale as it will be for equity. If you are an accredited investor interested in purchasing Equity in SoluTech, Inc. / Scroll Network, we will be opening more angel rounds in the future. Do not worry! You will have ample opportunity to invest for equity in the future.
We are happy to announce that Scroll is fully operational in a full-service facility. Yes, we have office space! We are beginning to scale properly and will start the hiring process for new development talent in the coming weeks. There will be plenty more office related pictures coming to our social media channels in the future.
SlideDrive is well on its way into the first round of BETA testing. As for the first round of signups, we will be primarily selecting industry professionals to test it. If you do not hear back from your application, you have NOT been declined, we are simply holding onto your application until you can be opted in. If you are declined for beta access, you will receive an email stating such. Expect responses to applications within the next coming month, and then the opt in round later. In a percentage scale, we are about 70% of the way to our first round of closed BETA testing. The percentage is not a direct correlation to a time scale. Since our raise has progressed smoothly, we anticipate community interaction with the platform will progress quickly. In short, SlideDrive will be here soon and we will keep everyone posted.
SlideDrive's first round of testing will be Desktop to Desktop (that includes laptops). We are currently working on bringing in mobile development talent to have SlideDrive available on those additional platforms as soon as possible. SlideDrive's complete launch will feature a mobile and desktop client, but we will be testing them in two different phases to ensure robust security.
There have been a decent number of requests for something like this, so we have listened. We intend on launching a public API for SlideDrive in the future. While we are still piecing together what it will include in totality, we will keep everyone updated regularly on changes regarding the API and future releases.
4.) Scroll Development
Scroll's MainNet will be released in the coming months. Currently we are operating on a private TestNet and doing everything from stress testing to adding new features into Scroll prior to its launch. Due to intellectual property finalization, we cannot make this update very “techesque”, however, expect more of that in the next update. We are releasing a supply chain product for Scroll. This will make our MainNet multi-variable as we will be able to service diverse companies in both their supply chain and data management, transfer, and storage needs.
ERC20 vs. SCRL Standard
Important update on this front. We want the community to know that we will continue our ERC20 support post MainNet launch in conjunction with our SCRL Standard for the following reasons:
1.) Most exchanges only provide ERC20 support.
2.) ERC20 works well in conjunction with a lot of existing systems
We do not want to alienate our existing supporters while at the same time, we want to provide our own standard of technology for the world to see and interact with. In short, we are still going to be providing SCRL standard support for Scroll Tokens but we are not abandoning ERC20 support either. They will coexist.
Transparency is important, and as such we want everyone to be able to experience the Scroll MainNet first hand. That being said, we are looking into releasing an interactive client interface for the Scroll MainNet. From the client dashboard, you would be able to access existing DApps that run on the Hypernode Protocol. Community DApps created on the Hypernode Protocol would need to apply to be listed under our community DApps criteria (to be announced) but DApps created by SoluTech, Inc. would be listed as standard products in the client.
The Scroll client would be used for much more than interacting with Dapps and the Scroll MainNet. From the Scroll client, you would be able to use it as a cold storage medium like MetaMask, and you will be able to move your SCRL to and from exchanges as needed. To create an easy way to access Scroll Tokens from anywhere, users can define their wallet private keys to their client account (SoluTech account) to be able to easily access their SCRL wallet by just logging in. This is just an OPTION that we are providing to help Blockchain/cryptocurrency adoption. You do not have to bind your private key to your account, and doing so is for quality of life. More information to be announced!
Scroll Dev Tools
We feel like it is important that developers have easy access to our Hypernode Protocol. After the release of the Scroll client, we want to release a dev tools client to be able to create your own DApps on top of our Hypernode Protocol. This would also allow verified individuals to apply to have custom smart contracts generated for an existing project to eventually launch a related token on the Scroll MainNet. We are requiring that any existing DApps MUST be in BETA stages of development to have a smart contract issued in anticipation for a token sale. This allows us to host legitimate projects on our MainNet and eliminate questionable projects in our Blockchain space altogether.
As a developer, you would have the following resources at your fingertips:
1.) Access to the Hypernode Protocol
2.) Scroll DApp Builder
3.) SCRL Standard Token Launch Option (ERC20 standard option as well)
4.) All existing APIs created by SoluTech, Inc.
We will be releasing more dev tools as well, so stay tuned!
Scroll Supply Chain / Shipping / Freight
As some of you already know, we have joined the Blockchain in Transport Alliance (BiTA). In examining further options for our technology, the development team was able to bring the power of the Scroll Network to the supply chain industry. We are now actively looking to support supply chain systems in conjunction with our standard storage/scaling options to expand our data management technology. In creating a supply chain option, we look forward to servicing many companies looking to make the switch to blockchain as we grow.
We want to make the Scroll Network a one stop shop for all things data from supply chain to storage. So far, we believe we are on the right track to doing so!
This is a frequent question asked. What we can definitely say is that we are working toward Scroll being listed on exchanges soon. We are also looking to list on future exchanges that will offer listings with the same compliance requirements that we adhered to during our ICO. Once the institutional sale has concluded, we will be regularly updating our Twitter about specific exchanges and WHEN we list.
We apologize if there are those of you in the community that feel like there is a lack of transparency on this front. We understand that exchange listing is integral to our ecosystem and we are working diligently to ensure that we list properly in accordance to standard rules and regulation. We will consistently update our community through our media channels, but it is important to note that we are close to the result that our community is expecting.
Our UI/UX and design team is currently working on a brand-new website. This website will be our definitive hub for downloads, updates and purchases. Like existing data storage platforms, we will be integrating enterprise purchase options into the new website. You will then be able to purchase Scroll storage options (per package) directly from the site or from the Scroll client. Upon release, the Scroll client will be available for download on the site and features of it will be released in waves.
As you can see we have been very busy! But, our success would not be possible if it was not for our supporters. For everyone that purchased tokens, thank you for believing in the project. For those that believe in the project, but were not able to purchase tokens at this time, thank you for your interest! When supporters send us messages saying how much they love the project and the team behind Scroll, we appreciate the feedback. We let the entire team know when someone sends us a message telling us that they applaud our project. We would not be where we are today without your encouragement! A few years ago, we were working hard to advance to the point where we could have an inspiring office and increase work efficiency and productivity. Today, we are at that point! You helped us get there. We hope for your continued support in our project and, as always, we will continue to update you.
Thank you again,
-The Scroll Team