Dear Friends, time for an update.
ThreeFold has gone through a rough time, we have been struggling for money for the last 6 months. Since June 2022 we are self-financed and our team has made huge efforts to work for minimum salary. We are also incredibly grateful for all the support we got from friends and community, many are helping for free.
We tried to find money in the blockchain ecosystem which didn’t work. We downsized a little and had to cut costs around topics like marketing, token promotion, … We took the decision in July to focus on our best 10 projects / projects with a focus planet & people first as well as benefits for what a community needs. This strategy has been working. We are close to enabling some serious communities and even countries. Funding also seems to be closer now. We believe we will close at least one of those projects in the near future and we also signed a head of terms for a project with a country (name cannot be disclosed yet). We need fuel before we can realize our joint vision and mission.
Right now, we are in a scary period though and can use any financial help possible.
Thanks to the support of our investors and community we were able to realize the following over the last 5 years:
- Lots of technology has been developed see https://github.com/threefoldtech
- Lots of capabilities see
- The grid in generation 3 (now 3.8 is coming out).
67000 cores life and +30,000,000 GB of storage see https://dashboard.grid.tf/explorer/statistics
- Use cases have been developed and working full P2P mode e.g. https://www.freeflow.life (alpha)
- 14+ solutions are super easy to deploy on top of the grid https://play.grid.tf/
- A fantastic vocal community growing and developing the grid, thank you.
- A set of amazing incubated startups (TF Ventures) ready to grow once funding comes in.
There are of course things which didn’t work out:
- Because of not finding enough funding we were unable to do promotion and also further develop some of our planned use cases. We also could not support our token in a meaningful way.
- We haven’t been very good in communication, we could have done better.
- We have a serious delay with our network of validators, we tried to find funding through blockchain partners and as such leave our technology choice open, this did not work.
- Our token market cap is very low, less than 15m USD right now, we believe this is not in line with the size and potential of the project. This leads to pain for our farmers and this needs to be resolved soon. Many special thanks to our farming community to keep on supporting the project despite this fact and the huge power bills.
Some key things happened which are fantastic and we are very happy about:
- Many people are waking up and want to create a new world, a world based on values, where everyone has to be authentic and we all have respect for people and our planet. They realize digital is the way to go and make this happen. People start writing about concepts like: https://thenetworkstate.com, this is 100% aligned with our vision and we have the system to help.
- We are working with some countries and also two very large communities to deliver a sovereign new internet with applications and a true decentralized yet regulated financial system which has the ability to empower hundreds of millions of people.
- We are developing our own financial backbone system and we have been able to achieve some serious breakthroughs. This system was needed for our projects and we didn’t find what we were looking for in existing blockchain based systems (we need millions of transactions per sec and ability to do payments even when the Internet is down). We also resolved how digital currencies and goods can be exchanged without a central order book, not even a blockchain. This system will be the base of our Internet of Internets financial system including the validators.
ThreeFold as a Venture Creator
ThreeFold SA (Luxembourg) is operating as a venture creator with the purpose to do good for people and our planet. Our technology capabilities can be used for hundreds of use cases and different types of communities. We believe this makes a lot of sense since our team was running a successful incubator before see https://www.incubaid.com/ where we had more than 7 good exits. Of course all these use-cases expand our grid and use our technology.
Some of our first projects (ventures):
- A GPU commercial platform for AI on top of the ThreeFold Grid. The purpose is to democratize AI for everyone, so it’s much more cost effective and neutral, not owned by some large companies.
- 2 Digital Nation projects. We use our new digital finance platform, digital twin and tf grid technology to enable millions of people to get access to a sovereign digital future. The business model is a recurring freemium model.
- A freemium model around decentralized apps (based on Fediverse) on top of TFGrid.
- Multiple countries to deploy a local sovereign internet. The main benefit for the country is more equality (education, internet access, healthcare), safety and security, lower internet cost, sovereignty, climate friendly and GDP positive contribution.
- A secure phone see https://ourphone.ourworld.tf (draft) using embedded apps on the grid.
- A first implementation of our twin see https://www.freeflow.life (freemium business case).
- We are working on a digital freezone project (with a country)
- We are working on a digital library project where an alternative decentralized solution to chat GPT will be created.
There is more cooking (-: The venture creator helps with funding, business development, technology, legal and admin support, startup mentoring, … The above mentioned projects will start as funding comes in.
We believe we have the potential to create an ecosystem which has the ability to do good for everyone involved going from the investor to the people and our planet. Our focus of course is decentralization and sovereignty and as such help with climate change, providing equality (farming, healthcare, education) and sustainable growth opportunities for emerging markets.
ThreeFold as a community based Grid
- Version 3.8 is almost ready with a lot of nice updates. One of the features I personally like most is the ability for solution providers to build solutions on top of us and be rewarded for it.
- A farmer bot will allow farmers to manage their power and not have to pay for electricity if there is no income. (We aim to demo this either at the end of next week or at the start of following week.)
- The introduction of a preferred TFT which is given to farmers to compensate for their monthly costs. This preferred TFT is being bought back at minimal 0.1 USD per TFT by a commercial organization which will sell commercial capacity on top of the grid (different set of solutions e.g. Mastodon, Discourse, GPU based AI, …) . Weynand and team are working on this.
- Many new monitoring features provide better visibility on what’s happening on the 3nodes.
LONGER TERM OUR INTERNET OF INTERNETS CONCEPT
We are waiting for some more money to be able to conclude and deliver on our Internet of Internets concept (as announced 6 months ago). Which is the ability for every community to decentralize and deliver their own instance of an Internet with an integrated digital financial system.
NEW for v 4.0:
- The long waited Validator concept (registration might already happen in Q1 2023)
- Our own financial digital platform with integrated blockchain, micropayments, reputation system, decentralized exchange, …
- Our tiered Internet concept with regional internets, neighborhood clouds, …
- More decentralization features (monitoring, …)
- Reintroduction of 3bot (we had it in v2.0, now back in 4.0) this time based on vlang (our sponsored language see: https://vlang.io/) and our digital twin technology.
- Integrated search and web publishing framework.
- Updates in the farming model for making sure farmers are rewarded more quickly and fairly taking into consideration their effort, power usage, quality of hardware and network.
We are planning a community call, or maybe a series of calls, in the next couple of weeks to speak more on these topics. Please feel free to respond on the forum for now.
CEO ThreeFold SA (our venture creator in Luxembourg)
Some funny things from the past
These slides are from exactly 3 years ago:
In that presentation we had above, just to show that we know tactics will change but the vision needs to stay the same:
Of course many mistakes have been made which I believe is unavoidable for any startup.