An exciting opportunity has landed itself in the US for cryptocurrency investors. In what is typically deemed as rare, an American based Initial Coin Offering (ICO) has been approved for US citizens, giving us an opportunity that is normally only offered to people outside of the country. Along with the effort put forth by the team to be one of the few approved here in the US, you’ll read more about what SoluTech has done to distance itself from being labeled as just another ICO.
SoluTech was co-founded in 2016 by CEO Nathan Pitruzzello, a member of the Forbes Technology Council. For those unaware of the Forbes Technology Council, it is an invitation-only organization for senior-level technology executives. When writing about an ICO, I always reach out to them to make sure I have all of the information needed, and so far they’ve all been good at communication via email or messages. Nathan, on the other hand, went above and beyond the norm, asking if I was free for a phone call so that he could address any questions I had in depth. In reaching out to companies to request information, this is the first time I have been given this offer. Nathan’s willingness to reach out has afforded me a level of transparency that research via a website or social media platform can’t provide, and speaks to his commitment to the project.
The rest of the SoluTech team is made up of some younger developers, designers, and marketers, age is irrelevant in the tech world, as we have seen some of the biggest tech companies founded by a younger generation of entrepreneurs. Unlike some ICOs, it was very easy to find out everything about their team, as every member has their profile on the site with a link to their LinkedIn profile. To take a look at the team, visit their link below:
So, what is the Scroll Network? “Scroll is a micro-license that allows users to interact with the Scroll Network. It pays for transaction fees that are rapidly processed throughout the network, and it can cover payments for Scroll-based subscription fees.” So let’s break this down into simpler terms. Scroll Network is a cloudless data storage network for both businesses and personal use. When it comes to data storage, businesses and people like you and me are currently reliant on cloud storage services, a centralized server that hosts our information. The security of these servers and our information is trusted to third parties, and with costs of hosting our information growing rapidly, we expect better security over our data. Yet, if you do a quick Google search, you will see countless stories of cloud hacks and information being leaked from these networks. Scroll Network looks to remove these vulnerabilities associated with centralized data storage by moving them to the blockchain. Data in the blocks are encrypted, both in transit and at rest, to ensure information is stored safely.
Scroll offers data storage solutions for both large companies and for personal use. Think of Scroll as a blockchain version of Dropbox. You can store your pictures, documents, and data via SlideDrive, the Scroll Networks mobile application. SlideDrive makes it easy to store, transfer, and access this data on the go. Demo of the application below:
SlideDrive is already in beta (unlike a lot of ICOs that only have a whitepaper), and users can sign up to test the product by going to the link below:
One of the more exciting things I found out on my phone call with Nathan was their goal to move to their own mainnet in the very near future (they are currently in the late stage of development of their mainnet). The goal for Scroll is to do more than data storage; being able to host Dapps for other blockchain companies on their own platform is just some of the bigger goals Scroll has for 2018.
Nathan discussed the importance of having a US based ICO, one that was allowed to offer an ICO to US citizens. While the vast majority of ICOs are not allowed to be offered here in the United States, Scroll went through a ton of steps to ensure they would be able to offer a fully legal US ICO, thus making them one of the first US token sales that is totally compliant without using a common stock platform. The process Scroll went through to make this happen explains why a lot of blockchain companies just forgo the undertaking and offer it everywhere else (and why so many of them turn out to be scams), but it also puts a ton of confidence in the seriousness that Nathan and Scroll have about their success in this industry.
Scroll’s ICO date is scheduled for April 17th, with information to come regarding registration. To keep up with ICO registration news, token bonus and giveaways, be sure to check out the resources linked at the bottom of this page.
After reviewing so many ICOs it was a breath of fresh air to look into Scroll. Having the ability to talk to the CEO and ask any questions that came to mind was a unique opportunity for me. The amount of work they have already put in, from having an ICO that is actually offered to US citizens to a working beta product, is rare for many ICOs, and honestly, I have seen some companies post ICOs that have had less to offer. The team is passionate about both the company’s success and the innovation of blockchain technology. This isn’t a company that creates a single working product and then looks to profit. Removing Scroll from an ERC-20 standard to their own, (especially in such a quick time frame), along with ensuring that their platform would be quantum proof, and a recent partnership with the Microsoft Partner Network, are things that you rarely see from startups, and should be one of many reasons to keep an eye on Scroll in 2018.