CSP DAO Project Review: Magic Square
Magic square is the first community driven crypto app store for all crypto activities. It is the world’s first Web3 solution to simplify crypto, with a built-in DAO mechanism that creates a highly secure and accessible environment for all dApps, CeDeFi, NFTs, Games, and more, in one single place.
The team behind Magic Square are blockchain veterans, experienced software developers, and seasoned crypto enthusiasts. Since its inception, Magic square has held onto their ultimate goal which is to gradually influence a widespread adoption of decentralized applications, cryptocurrencies, and Web3.0. The project aims to improve the quality, security, and integration of crypto apps globally, and introduce a new level of user experience to the industry.
To achieve this, Magic Square is focused on providing a user-friendly, holistic interface for people to discover, use, and connect to community-vetted crypto applications as well as communicate with app-centered communities.
Magic Square has released the first-ever DAO marketplace for crypto apps that relies on a community of users and developers for app quality control in order to eliminate inappropriate apps and scams. Within the Magic Store, users have a personalized dashboard called Magic Spaces where they can effortlessly access all of their crypto apps in one space, easily and securely. Users can also track every activity across their crypto apps and engage with the Magic Square Community.
Magic Square is also building the first multi-chain Software Development Kit (SDK) that enables creators to develop, validate, deploy, market and monetize their crypto apps.
MAGIC SQUARE PRODUCTS
Through this product, users can manage all of their crypto apps in the same way as the Apple App Store or Google Play Store; users can download their apps, use them across devices, and access them in one click of a button. The Magic Store will feature all kinds of apps including DeFi (trading, wallets, lending\borrowing, insurance/reinsurance, custody, and more), NFTs and GameFi.
Within the magic store, users can earn rewards just for downloading and using apps. Each day, Magic Square will allocate rewards based on the personal ranking of the user, their “Karma Score”. This unique model allows users to earn SQR tokens without investing their money, just their time. In addition, users with the highest monthly scores will receive extra rewards as special NFTs.
In a bid to improve the user interface with blockchain technology by creating a single, integrated, interoperable experience, and make the platform extremely easy to use and accessible, Magic Square invented Magic Spaces.
By adding crypto apps or widgets to well-customized personalized spaces, community members will have an improved way of interacting with all of their favorite crypto apps. Users do not need to switch between websites or crypto apps on your phone, they can just navigate within your Spaces and select what crypto apps they want to use with one click.
Magic Spaces is available and fully synchronized across all your devices such as desktops, web browsers, and mobile devices.
The Magic Square identity system gives, members the ability to use their digital wallet and authenticate their own identity using the credentials they have been issued. This way, their identity stays private with SSI (Self-Sovereign Identity). Now they can log into their apps and access new goods and services while maintaining complete control of your identity. This helps to protect the personal information of users from hackers.
Magic Affiliates uses a service-oriented method and proprietary infrastructure to achieve best results. With Magic Affiliates, the first network dedicated to Blockchain & Web3 projects, users will enjoy instant payouts, 24/7 support team, real time tracking, and full two-way API support.
Magic Community is a well-designed, easy-to-use internal communication platform of the Magic Square community. Through the internal communication channels that is dedicated to all the topics related to Magic Store, Apps, and Spaces, community members can vote, interact with the app developers, create new groups and chat with each other.
In addition, Magic Community allows users to participate in challenges formed by creators of the apps or by the Magic Square Team. These challenges help to increase engagement with the apps and bring more value to creators.
Magic Square is developing a comprehensive and user-friendly SDK (Software Development Kit) that allows creators to easily enhance their apps and provide more valuable services to their client base. This product supports the most common programming languages such as
Java/Node JS/C++. This helps to eliminate the need for developers to learn obscure languages like RUST.
Since the SDK is an open source, developers can add
more tools that will be used by the community of developers. These tools will be vetted by certified partners and added to the public list of available tools. Creators can use an increasing amount of SDK tools to improve their development process in the best way. The set will include but not be
limited to the following list of essential tools:
- Payment system with subscription model
- Trading data aggregation
- On-Chain data
- SSI (Self Sovereign Identity)
- Staking of tokens and NFTs
- Community management tools
SQR tokem is the utility token that powers the Magic Square ecosystem and allows for the seamless integration of users, developers, and validators. The token can be for various activities within the ecosystem including governance, user access packages, app advertisement, and app referral rewards. SQR token can also be traded on DEX and CEX for other currencies or fiat.
Total supply: 1,000,000,000
Team (20%) — Lockup 12 months vesting 30 months
Advisors (5%) — Lockup 12 months vesting 30 months
Private Round — Phase 1 (10%) — 3,000,000 funds raised. 5% Distributed 1 month after DEX / CEX Listing. Lockup 6 months vesting 24 months
KOL Round (1.3%) — 1,000,000 funds raised. 5% Distributed 1 month after DEX / CEX Listing. Lockup 6 months vesting 20 months
Private Round — Phase 2 (3.7%) — 4,400,000 funds raised. Lockup 6 months after the TGE. Vesting 20 months
Public Sale (0.5%) — TBD — based on the market conditions. 10% unlocked 1 month after
DEX / CEX Listing. 3 month cliff vesting 9 months
Activity Rewards and Grants (15%) — 1 month cliff vesting 36 months
Market Makers (3%) — Unlocked
Dexs Liquidity (5%) — 2 Weeks cliff vesting 6 months
Staking Rewards (15%) — 1 month cliff vesting 36 months
Reserves (21.5%) — Marketing and development lockup 12 months vesting 36 months
- Project Kickoff (Self-Funded)
- Team Expansion
- Refinement of Lite paper (Version 1)
2021 (Q3 — Q4)
- Magic DAO Mechanics Development — Validation process for app listing
- Magic Store UX/UI Development
- Magic Store Architecture Design & Deployment
- Legal Structure Building
- Legal Consulting for Magic Square’s Token Launch (SQR as Utility Token)
2022 (Q1 — Q2)
- MVP Development of Magic Store: Onchain Application Validation, MagicID, Karma Reward System
- Magic Square Community Building on Twitter, Telegram, and Discord
- In-Depth Marketing Research on Worldwide Marketing Costs: PPC, CPA
- Official Release of Magic Square’s Closed Beta with up to 50,000 invited users
- Fundraising — Private Round — Phase 1
- Official Release of Magic Affiliates & Client Onboarding
- Magic Affiliates Program Boosting with a goal to create the biggest affiliate marketing community in crypto
- Official Release of Public MVP with Swap Functionality
- Launch of Magic-athons where developers can create Trading / DeFi and Bug competitions
- Fundraising — KOL Round
- Magic Statistics — Advance Onchain Statistics
- Migration from Solana to BNB Chain
- TGE — SQR Token Launch
- Magic Affiliates — Advanced Program
- Official Release of Magic PPC Platform for Advertisement
- Magic Finance — DeFi Aggregation Solution
- Activation of Subscription Model
2023 (Q2 — Q3)
- Magic NFT — Aggregation and Verification of NFT Marketplaces
- Magic Moderators — Users can get a moderator role and get a reward for moderating the Store
- Magic Community — Internal Communication Solution where users and developers can communicate without the need to leave the platform
- Cash Onramp — Users can buy any token using their credit card
- Magic Governance — Users can Stake SQR Tokens and Propose / Vote for changes to Magic Store functionality
- Magic Store from Business — Crypto B2B marketplace
- Multi-Lingual Support
- Games Streaming via Magic Spaces
Official Website: https://magicsquare.io/