Whenever a new industry emerges, it faces unique challenges. The same is the case in the crypto application industry. Its rapid growth and innovation are unintentionally creating a chaotic and cumbersome experience for both users and content creators.
What is Magic Square?
Magic Square is a project that aims to bring order, convenience and trust to the crypto application area. It is a unified, integrated, interoperable space for users to discover and experience community-approved crypto applications and for crypto application developers to market and monetize their best applications.
Magic Square is a versatile system and includes three main components: Magic Store, Magic Spaces and Magic Connect. Each of these serves a different function for the three groups using the platform. These are;
Magic Store, it is a real App Store for community-managed crypto applications designed for users.
Magic Spaces, With in-store is a personalized dashboard where users can access all crypto applications and track application activities in one place.
Magic Connect It allows users to connect with all their applications through a single Self-Sovereign Identity (SSI) secure login.
Overview
Since the App Store and Google Play became available in 2008, we have been living in a world governed by these apps. As of 2021, the average smartphone owner uses 10 apps a day and 30 apps a month.
From social media to messaging, from gaming to productivity, from news to entertainment, from health to leisure, and in between, there is an app for almost everything you can think of. But that isn’t all.
Thanks to the emergence of blockchain technology, a completely new application industry is being developed for the cryptocurrency market. Cryptocurrency-based applications that we will call”crypto applications”.
Although they are not yet as popular as messaging applications such as WhatsApp or social media applications such as TikTok, it is predicted that crypto applications will become as widespread as retail banking applications.
If we are going to make a quick overview of the crypto market, we will:
- The crypto user base reached 100 million in January 2021. The turning point that enabled the rapid development and adoption of crypto applications.
- As of February 2021, there are about 70 million blockchain wallets
more than 80 different types of wallets. Wallets are just one type of crypto app.
- As of August 2021, there are approximately 4,000 active cryptocurrency-based decentralized applications running on more than a dozen blockchain platforms, including Ethereum, Solana, BSC, and more. (This number does not account for all centralized crypto apps in the market, such as Binance, Coinbase, and Kraken.)
So if there are already so many crypto apps on the market, where are they hosted?
Where can people easily discover, manage and access them?
As for the creators side, who helps them develop, monetize, verify, distribute and market their crypto apps?
The answer to this question is not the App Store or Google Play because they only host some of the centralized crypto apps.
This is a current problem in the crypto app industry:
- There is no single platform that is easy to use for users.
- For creators, there is no true multi-chain crypto App Store and no directory with links that allow them to efficiently and economically monetize crypto apps and market them to users.
Here Magic Square this is a project that produces a solution to the problem. It is the first DAO marketplace for crypto apps that relies on a community of users and developers for app quality control to filter out inappropriate apps and scams.
Magic Store is the first DAO marketplace for crypto apps, based on a community of users and developers for app quality control to filter out inappropriate apps and scams.
Think of it like Apple’s App Store for crypto developers and users.Within the Magic Store, users have a personalized control panel.
Magic Spaces where they can access all crypto applications in a single space seamlessly and securely. In addition to that, users can centrally monitor all activities on crypto apps and interact with the Magic Square Community. In addition, the developers of the project developed the first multi-chain Software Development Kit, which empowers creators to develop, verify, distribute, market and monetize crypto applications.
Magic Square’s vision is to develop the infrastructure that powers the growth and success of the crypto app ecosystem.
Magic Store
Magic Store allows Users to discover all crypto apps and NFT collections in one place and access them with the click of a button. With the launch of the first community moderated crypto app store in the market, the crypto community can find crypto apps created by leading creators in one place.
Magic Store allows users to manage all crypto apps in the same way as Apple App Store or Google Play Store: users can download their apps, use them across devices and access them with one click without lengthy registration processes.
Types of applications to be found in the Magic Store:
- DeFi (trading, wallet, lending/borrowing, insurance/reinsurance, custody and more)
- NFTs
- GameFi
Use2Earn
This model is a system that we know from GAMEFI’s play2win system. Magic Square developers are now integrating it into the App Store vertical. Within the Magic Store, users can earn rewards simply by downloading and using apps.
Refferals
Additionally, Users will be rewarded for the number of active members they refer to Magic Square. Each user can receive a larger share of the prize pool depending on the number of recommendations.
Managed By The Community
While the App and Play stores are managed by the Apple and Google teams, Magic Square will use the power of the community to control the quality of crypto apps to be listed on the Magic Store.
Each community member stakes 5000 SQR tokens and can become a qualified verifier (jury) by passing a confirmatory proficiency test.
Verifiers check each application that applies for whitelisting against the following criteria:
- Benefit – How useful is the application?
- Speed – How satisfied are you with the loading speed of the application?
- Simple – How satisfied are you with the interface of the application?
- Design – How would you evaluate the appearance of the application?
- Experience – How would you rate the overall user experience of the application?
In addition, each application is automatically subjected to statistical and benchmarking analysis to support the validators’ decision.
Magic Spaces
After users discover an app on the Magic Store, they add the app to their customized crypto apps and widgets known as “Magic Spaces”. Magic Spaces allows Users to store, open and use all their apps in one location via a single Magic Connect login. There are unlimited Spaces for the user to organize their apps and widgets and Magic Spaces can be used and accessed across devices(PC,Mobile Device etc.).
Interoperability
Magic Square provides users with a unique ability to work across blockchains and protocols. This opens the crypto application world to users: they no longer need to limit themselves to applications running under certain protocols. It provides an interoperable user experience with cross-chain bridges, integrated DeFi services, and Self-Sovereign Identity (SSI) technology.
Cross-Chain Bridges
Magic Square has implemented Bridges using deBridge technology to give users freedom of movement between blockchains and protocols.
Bridges allow the transfer of data and liquidity between blockchains and provide a single decentralized standard for bridging assets. With Bridges, users can maximize their overall crypto experience without limiting themselves to a single chain or protocol.
Integrated DeFi Services
Popular and community-controlled DeFi Services: AMMS, staking, loans, insurance, etc. It is placed on the application pages in the Magic Store. Thus, users maximize their experience by accessing these services directly from within the application pages without the need to navigate to external websites. Services offered on an app page are directly related to the specific app and support the app’s native currency and protocol.
SSI
Self Sovereign Identity (SSI) technology provides users with the ability to control who can access their credentials. SSI works in all applications. Each app must request permission to access a user’s information, and users can revoke or grant permissions with a swipe of their finger.
Magic Connect
To access their Magic Space and use their apps, Users must log into the Magic Square system via Magic Connect. Magic Connect allows Users to connect with all their applications via a single Self-Sovereign Identity (SSI) secure login.
Magic Connect is an HTTP-based service with smart contracts on the blockchain. It serves as the owner of the Verifiable Data Record, which stores Decentralized Identifiers (DIDs) and maintains an interaction between all participants. The Magic Connect system includes the Users, Verifiable Data Record, Publishers and Verifiers components. Issuers are defined as entities that issue Verifiable Credentials (VCs). Validators are institutions that claim the User’s VCs.
Magic Community
With Magic Store and Magic Spaces, almost all processes are managed by the community. For this reason, the developers of the project decided to develop a special place for all community communications.
Magic Community is a well-designed, easy-to-use internal communication platform of the Magic Square community.
Special internal communication channel has been developed as all verification processes are carried out on-chain and within Magic Square and all communication on related topics is not forwarded to 3rd party chats such as Telegram or Whatsapp. Community can vote, interact with app developers, create new groups and chat with each other here on all topics related to Magic Store, Apps and Spaces
Along with communication, Magic Community allows users to participate in challenges created by the creators of the apps or the Magic Square Team. These challenges increase interaction with applications and provide greater value to content creators.
Tokenomics
There are three types of members of the Magic Square Ecosystem:
- Users
- Creators
- Validators
The Magic Square (SQR) token, based on the Solana Blockchain, is the primary unit that powers the Magic Square Ecosystem.
Users
use2win:
- Users earn SQR tokens for in-store activities
- Activity includes: Downloads, Comments, Ratings, Follows and Shares
- Activity is summarized and measured daily in the Magic Karma Score
- Users must stake SQR to unlock Redeem to Earn Rewards
Reviews
- In addition to standard reviews, users can provide in-depth reviews and receive a bonus in their daily Karma Points.
- Individual apps can also reward users for reviews with native app tokens, giving users double earnings.
Daily Prize Pool
- The Daily Prize Pool will start with 25,000 SQR coins and will gradually decrease in the first two years.
- 10% of all Revenue Sharing programs provided by DeFiservices will be added to this pool.
- Users earn tokens from evaluation tier based on daily prize pool
Staking Stages:
1 – Basic Package
- Users can have up to three applications in their Space.
- To unlock unlimited app downloads to Spaces, users need to get 150 SQR.
- The first 20,000 registered users get unlimited lifetime downloads to Spaces without depositing any coins.
2 – Professional Package
Users deposit 500 SQR to unlock:
Redeem2Earn – daily rewards based on in-store activity
Referral Rewards – users earn based on active referrals
Karma Score – accumulate Karma for all chain activities to get higher daily rewards
3 – Effective Pack
- In addition to the tier benefits, users with over 5000 Karma can stake 1000 SQR coins and get a 25% increase in their daily score, which means higher rewards.
- Influencers participate in all events, special contests, etc. provides early access
Creators
Application List
- Creators must submit 10,000 SQRs via smart contract to apply for a crypto app to be listed on the Magic Store.
Validators are paid 35%
15% is paid to Magic Square
A 50% stake is made for the time the application will be listed in the Magic Store
- If an app does not meet the minimum score for listing, 85% of the tokens will be returned to the Creator’s wallet (15% will be paid to the validators for their work)
DeFi Packages
- Creators can choose from a list of pre-integrated Magic Square DeFi services that support the app’s native token or NFT
- These services are added to the application page as shortcut buttons.
- Revenue sharing based on commercial terms provided by each DeFi
70/30 ratio for Magic Square and app Creator respectively
- DeFi developers get up to 20% off when they pay for Magic Square with SQR tokens
Magic Grant Program
- To increase the adoption of an app by the Magic Square community, creators can apply for grants in SQR tokens.
- To earn Magic Square recognition, we want our creators to bring their traffic using SQR tokens. Our grant allocation model is therefore inclusive and generous.
- Creators can receive grant funding of up to 200,000 SQR to attract new users. Grant eligibility is determined by Magic Square community validators.
- Creators who want to receive grants must first stake the number of SQR tokens to match the amount they requested over a 12-month period. For example, if a creator wants to get 50,000 SQR, they must bet 50,000 SQR for 12 months to qualify.
Validators
All community members can be qualified or standard validators
Qualified Validators
- To become a qualified verifier, the following are required:
- Passing a qualification test to demonstrate that their knowledge level is sufficient to fulfill this role.
- 2. Stake 5,000 SQR
Token Sale
Distribution of the SQR Token
Roadmap
2021 – Q2
- “Project Kickof (Self-funded)
* Team Expansion
* Improvement of Litepaper (Version 1)”
2021 – Q3,Q4
- “Magic DAO Mechanics Development – Validation process for application listing
* Magic Store UX/UI Development
* Magic Store Architecture Design and Implementation
* White Paper
* Creation of a Legal Structure
- Legal Advisory for Magic Square’s Token Launch (SQR as User Token)”
2022 – Q1,Q2
- Magic Store’s MVP Development: Onchain Application Validation, MagicID,
Mixed Reward System
- Magic Square Community Building on Twitter, Telegram and Discord
- In-Depth Marketing Research on Worldwide Marketing Costs: PPC, CPA
2022 – Q3
- Official Release of Magic Square’s Closed Beta with up to 50,000 invited users
- Fundraising – Private Tour – 1. Step
- Official Release of Magic Afliates and Customer Engagement
* Magic Afliates Program Boost with the goal of creating the largest affiliate marketing community in crypto
2022 – Q4
- Official Release of General MVP with Trading Function
- Launch of Magic-athons where developers can create Trading /DeFi and Bug competitions
- Fundraising – KOL Round
* Magic Statistics – Advanced Onchain Statistics
* Transition from Solana to BNB Chain
2023 – Q1
* TGE – SQR Token Launch
* Magic Afliates – Advanced Program
* Official Release of the Magic PPC Platform For Advertising
* Magic Finance – DeFi Collection Solution
* Activation of the Subscription Model
2023 – Q2, Q3
* Magic NFT – Merging and Verification of NFT Marketplaces
- Magic Moderators – Users can take a moderator role and receive a reward for managing the Store.
- Magic Community – Internal Communication Solution where users and developers can communicate without leaving the platform.
- Cash Onramp – Users can purchase any token using their credit card
2023 – Q4
- Magic Governance – Users can Stake SQR Tokens and Bid / Vote for changes to the Magic Store functionality
- Magic Store by Business – Crypto B2B marketplace
* Multilingual Support
- Game Streaming via Magic Spaces
Team
Andrey Nayman – CEO
Entrepreneur, Mathematician, Quant & Professional Investor, early adopter of Crypto (2013), successfully led multiple tech startups, former MD of Radical Ventures. Adamant Product Lawyer
Benjamin Vodovozov – CMO
Performance Marketing Guru, Mathematician and Experienced Entrepreneur. Managed and led the acquisitions of a number of Marketing Companies, a true believer and advocate in Metaverse
Viktor Fish – VP R&D
Experienced technical leader, Computer scientist and Platform developer. Deep knowledge and proven experience in the management of complex Crypto Projects.
Matan Kelly – Chief Financial Officer
Treasury Management Specialist for Crypto & Fintech companies. Years of experience in managing International enterprise accounting with CPA. Deep specialization in the security of financial ecosystems.
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