Bering Waters Tech joins the Solstarter Alliance as a Technology Advisor
Bering Waters Tech is delighted to announce that it has joined Solstarter Alliance, a partnership of leading technologies and service providers supporting Solstarter, the decentralized launchpad for projects building on the Solana blockchain.
Solstarter will offer investors a decentralized, fair, and equitable means to invest in projects building on the Solana blockchain. Solana is a next-generation blockchain that scales transaction throughput without the need for sharding by separating consensus from block production.
Over the past three years, Bering Waters has provided services, solutions, and formulated partnerships across the three arms of Bering Waters Group in support of its portfolio companies to help them reach important milestones. Bering Waters’ collaboration with Solstarter is one such example.
Through the partnership, Solstarter will benefit from technical assistance provided by Bering Waters’ technology arm which has deep experience in building integrations in the Solana ecosystem.
Launchpads, like Solstarter, are vehicles for blockchain projects to distribute their tokens to the public. They represent an evolution of how projects have sought to source liquidity by distributing tokens to investors over the last few years.
Initial Coin Offerings were an early mechanism for protocol developers to distribute tokens to investors. This evolved into a model whereby centralized exchanges took on the distribution role through what became known as Initial Exchange Offerings (IEOs).
Pioneered by Binance as a service named “Binance Launchpad”, the IEO model moves the administrative burden associated with token distribution to exchanges which can do it more cost-effectively. The term launchpad has now become a byword for the IEO model.
Most launchpads have significant limitations; the launchpad model where a centralized exchange performs the issuance places a lot of power in a single entity and goes against the core ethos of public networks. Launchpads also have a chequered reputation for providing equitable mechanisms to distribute tokens to their investors, with some providing preferential access.
Furthermore, when exchanges do provide access to tokens — which they do via investment pools — access to these pools tends to be on a first-come-first-serve basis. This is problematic as sophisticated investors use automated bots to bid on these pools before smaller investors have the opportunity to do so.
Solstarter solves these challenges in three ways:
- Solstarter is a decentralized platform and therefore is not reliant on a single actor
- Allocations are fair and based on the quantity of Solstarer’s tokens (SOS) that users hold
- Guaranteed allocations to investors are based on a two-tiered auction system as opposed to being based on how quickly users (or bots) can select a pool.
Solstarter’s unique potential has attracted a group of strategic partners who joined the Solstarter Alliance, including Alameda Research, Mechanism Capital, DeFiance Capital, Hashed, and The Spartan Group.
Bering Waters’ Commitment To The Solana Ecosystem
Through the alliance, Bering Waters’ technology arm will provide technical support and assistance to Solstarter. Bering Waters Group across its three arms is already involved in the overall Solana ecosystem. Its Venture arm is an investor of Solana itself, while its OTC Desk launched in early 2020 an active OTC market for locked SOL tokens, and its technology company has already built infrastructure for the Solana ecosystem.
In December 2020, Bering Waters Tech launched the SOLAR bridge, a first-of-its-kind technology that solves a key challenge existing with high-performance blockchains. Namely that they produce an unprecedented amount of data; blockchains naturally require permanent storage for their immutable transaction chain, and the faster they get, the greater the capacity they consume. Arweave’s permanent and cost-effective storage is the perfect storage solution to this problem, and through the SOLAR bridge, Solana was the first blockchain to benefit from Arweave’s industry leadership. With the implementation of the SOLAR bridge, no blockchain ever needs to solve this problem again.
The SOLAR bridge is just one of numerous examples of how the Solana ecosystem is expanding through projects building new infrastructure components and applications on top of Solana’s foundations. Solstarter is yet another example and Bering Waters sees Solstarter as a key catalyst for the growth of the Solana ecosystem.
Bering Waters’ partnership with Solstarter is another milestone in Bering Waters’ effort to contribute to its portfolio companies and to the growth of its ecosystems. These efforts are synergistic so that the cumulative experience it learns from its projects can then be applied to new ones in this space, just as its efforts with the SOLAR bridge will be beneficial to Solstarter.
Bering Waters’ technology unit is led by Yuriy Kashnikov who holds a Ph.D. in Computer Science and has expertise in blockchain development, machine learning, and performance optimization. Yuriy will be acting in the capacity of a technology advisor to Solstarter. Yuriy will participate in developer calls both from an advisory perspective as well as challenge the team by scrutinizing the solution to identify potential areas of weakness requiring the technical team’s attention.
About Bering Waters Tech
Bering Waters Tech builds simple and scalable solutions to make blockchain technology practical and accessible across industries such as finance, technology, and manufacturing, among others. Deploying the best talent in distributed ledger technology, Bering Waters Tech delivers cutting-edge technology to provide unified solutions to accelerate mass adoption. The team leverages its expertise in tokenization, digital identity, data sovereignty, privacy, decentralized finance, AI, logistics, security, and distributed networks to meet the needs of global organizations like the UN, US big tech companies, financial institutions, and chain foundations. Bering Waters Tech is part of the trio of companies that form the Bering Waters Group.