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Evan Luthra
Aug 17, 2022
by Evan Luthra

Create Your Magic With Community-Driven Crypto App Store, Magic Square

Magic Square

Table of contents

  1. What is Magic Square?
  2. Seed Funding for Magic Square
  3. Magic Square Utility Token (SQR)
  4. Token Allocation and Vesting Schedule 
  5. Roadmap 
The number of projects and tokens that we have in existence pose a major problem in crypto today. According to CoinMarketCap, as of today, there are a total of 20,575 cryptocurrencies in existence. This culminates in the current market cap of $1.147 trillion and a trading volume of $77 billion in the last 24 hours.

All these figures show you how big of an industry the crypto market is. And because of this, there are many guidelines and steps users need to always follow. Plenty of ins and outs to navigate and log out of and many efforts required to keep track of wallets, credentials and keys.

Apart from cryptocurrencies and tokens, there are thousands of softwares and applications on the internet. Brilliant creations like these by developers have unintentionally created a chaotic experience for both users and developers. As a result of this, there's not so much order, ease and trust going around in the crypto app space. This is fast becoming a problem, especially for newbies to the space.

As a newbie will come to realise, blockchain technology and most crypto projects (especially the earlier ones) are built without taking the user experience into cognition. The average user who isn't familiar with the technical know-how behind how the space works gets frustrated quickly and no longer wants to be a part of the system. There are also no multi-chain real crypto app stores for developers, which allows them to monetise and market their crypto apps efficiently and cost-effectively.

All these are quite unfortunate because of the huge potential of blockchain technology to revolutionise the financial sector. And until the crypto industry becomes more user-friendly, the widespread adoption of blockchain technology would take a longer time to achieve. It is this problem (simplifying access to crypto products) that Magic Square is aiming to solve.

What is Magic Square?

Magic Square is a consolidated, unified, interoperable user-friendly crypto app store designed for users to experience the best of crypto. The platform allows users access to community-vetted crypto apps and allows developers to market and monetise their applications. Users can discover and use various dApps, NFTs, DeFi and CeFi, Blockchain Games, and much more in one place on Magic Square. The Magic Square ecosystem has three main components embedded in it:

  • Magic Store — This is where users can discover and access with one click, all of the crypto applications (with built-in integrated DeFi) and NFTs they want in one place. Users sign into their apps with a single, secure Magic Connect login. The store holds complete transparency as one of its tenets. This is why it lists the validator voting results, user reviews and other app statistics on every app page on the store.

  • Magic Spaces — After a user finds an app they like on the Magic Store, they can add the app to their customised dashboard of crypto apps known as Magic Spaces. This feature allows the user to store, open and use all their apps in one location via their secure Magic Connect login.

  • Magic Connect — Magic Connect is designed to bring more trust and simplicity to the Magic Square ecosystem as users will be able to connect all their crypto apps with the click of a button.

    • Seed Funding for Magic Square

    In July, Binance Labs, the venture capital arm and accelerator of crypto Exchange giant Binance, together with Republic co-led a $3 million seed round for Magic Square. Commenting on the seed round, Mia Mai, Investment Director at Binance Labs, said: "We believe that the product suites that Magic Square supports, such as Magic ID, Magic Store, Magic Community, and Magic Affiliates can potentially be driving forces of Web3 ecosystem mass adoption and implementation."

    Other strategic partners in the round included KuCoin Labs, GSR, IQ Protocol, Gravity Ventures, Alpha Grep, and angel investors.

    Magic Square Utility Token (SQR)

    $SQR is the native utility token and the primary unit that powers the Magic Square ecosystem. It is built and hosted on the Solana Blockchain. A total of 1,000,000,000 $SQR tokens are in circulation and they will be used by the community, especially in governance. Developers will also pay $SQR tokens to the Validators who assess their dApps.

    Token Allocation and Vesting Schedule 

    • Team (20%) — Lockup for 12 Months and a 30 Months vesting period.

    • Advisors (5%) — Lockup for 12 Months and a 30 Months vesting period.

    • Private Round - Phase 1 (10%) — Lockup for 6 Months and a 24Months vesting period. 5% will be distributed 1 month after the DEX/CEX listing.

    • Private Round - Phase 2 (5%) — Lockup for 6 Months and a 20 Months vesting period. 5% will be distributed 1 month after the DEX/CEX listing. This phase will be opened after the Magic Store achieves 100k+ Daily Active Users. It is estimated to happen by the end of Q3 2022.

    • Public Sale (0.5%) — This round isn't certain to be available but if it is, 10% will be unlocked 1 month after DEX/CEX listing. A 3-month cliff period while being vested for 9 months.

    • Activity Rewards and Grants (15%) — 1-month cliff period and a 36 Month vesting period.

    • Market Makers (3%) — Unlocked

    • DEXs Liquidity (5%) — 2 weeks cliff and a 6-month vesting period.

    • Staking Rewards (15%) — 1-month cliff and a 36 Month vesting period.

    • Reserves (21.5%) — Lockup for 12 months and a 36-month vesting period.

      • Roadmap 

      • Q1 2021 — Project Kickoff (Self-Funded)

      • Q2 2021 — Completion of UI/UX and beginning of development

      • Q3 2021 — Comprehensive marketing research and work with Solana Testnet

      • Q1 2022 — Execute performance marketing plan, and build the Magic Square Community

      • Q2/Q3 2022 — Release of the closed Beta including Magic Connect. Onboarding Validators, and preparation for Seed Fundraising

      • Q4 2022 — Release of public MVP and staking functionality

      • Q1 2023 — Global expansion with the release of localised versions of the Magic Store in Turkey and Brazil

      • Q2 2023 — Release of Magic Community and geolocation-based dApp discovery

        • Q4 2023 — Release of Magic SDK and

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        Create Your Magic With Community-Driven Crypto App Store, Magic Square
        Evan Luthra
        Evan is a tech-obsessed thought-leader who has spoken at 100s of conferences around the world. He has extensive knowledge and experience in mobile apps and his company, EL Group International, has developed and delivered mobile apps for major Fortune 500 companies. He has also received an honorary Ph.D in Blockchain for the impact he has made in the industry from launching Blockchain Schools to Blockchain Coworking spaces and having spoken at 50+ Blockchain events. As a highly accredited Angel Investor, Evan believes in stepping out of his comfort zone and exploring the power of conceptualization, innovation and execution.

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