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SWRM Labs was founded in 2016 as Split Media LLC by Robert Binning and James Baggett. The company patented a secure method of maintaining and accessing files in a decentralized network using blockchain as the backbone for micropayments. After observing successful initial coin offerings (ICO) from early blockchain storage projects Storj and Sia, and content distribution projects from SingularDTV (a ConsenSys project), Decent, and others, Robert and James ultimately decided to create a blockchain project for video content distribution called StreamSpace. Video streaming represents the majority of all content distributed across the Internet, and new formats such as 8K and VR, as well as game streams, are only helping to accelerate the amount of content consumers desire to watch or interact with.
In January-March 2018, StreamSpace conducted its ICO, raising about $3 million from over 500 individuals; an airdrop campaign to stimulate awareness and interest resulted in an additional 5000+ token holders. The StreamShare tokens were quickly accepted for trading on WandX and Yobit exchanges. Between 2018 and 2019, StreamSpace demonstrated the ability to share content across a decentralized network of peer servers, and the company architected a decentralized content distribution network which could serve its initial target audience of independent filmmakers. This initial target market proved to be difficult to penetrate, though we attracted more than 25 filmmakers to join our "Ambassador Program." A strategic reset in 2019 expanded our initial focus on digital "films" to a broader target market for rich content distribution.
In July 2020, StreamSpace changed its name to SWRM Labs in recognition of the new market strategy, changed the token name to SWRM Coin, and introduced the Hive as a two-tier distribution network of backbone servers (which hold all served content) and peer edge nodes (with storage capacity typically under 500GB, adequate for 50-250 large files); the system architecture allows for a new intermediate tier of regional servers in the 1-10 TB storage range. SWRM Labs exited stealth mode and began publicly recruiting peer storage contributors adding bonus token payments for early Hivers in late September, 2020.