Kusama slot auction star storage project Crust Network

At 19:00 on June 22, 2021, the Big Share Forum of Liandaodao Live Room specially invited Crust Network market representative Youan to conduct a special live broadcast of "Kusama slot auction star storage project Crust Network: How to use your data to create value!" Sakura Xiaoying, the head of Liandaodao Media, will talk to Youan, and through the Mars video live Q&A method, the hottest content in the industry will be presented to you.

Crust Network is a decentralized storage application based on the IPFS network. They are also one of the projects in the Polkadot ecosystem. Crust Network has successively joined the Substrate Builders Program, Web3.0 Bootcamp, and obtained the Web3 Foundation Grant. Crust provides a decentralized storage network for the Web3 ecosystem, supports multiple storage layer protocols including IPFS, and provides interfaces for the application layer. Crust's technology stack can also support the decentralized computing layer, aiming to build a distributed cloud ecosystem that values ​​data privacy and ownership.

Mars Finance live video: https://www.huoxing24.com/live/24311780

The following is the interview transcript: (with some minor omissions without changing the original meaning)

Question 1: Can you briefly introduce what Crust does? When were you founded? What stage are you at now?

Youan: Crust Network is a decentralized storage application developed based on the Polkadot Substrate framework, which provides an incentive layer for IPFS storage nodes. Compared with many other blockchain applications, our functions are easier for everyone to understand. Everyone should have used various cloud products. Crust provides similar services to these cloud products. Users can use Crust to store their own files and transfer files with others through Crust. Our users can be individuals, enterprises, or organizations.

So what is the difference between us and traditional cloud vendors? Traditional cloud vendors have their own large centralized computer rooms to store data for users. Crust is more like a form of "sharing economy". We do not provide storage space. The storage space is provided by Crust nodes. The Crust public chain builds a bridge between nodes and users, responsible for dispatching users' storage orders to nodes, and then paying wages to nodes. Therefore, users' files are "distributed" on nodes all over the world, rather than being controlled centrally. In addition to security, distributed storage can also bring users lower prices.

Our team was established in 2018. After two years of development and testing, we officially deployed the node side on November 30 last year and launched the first phase of the test network. On February 4 this year, we launched the Maxwell preview network, which integrates almost all the functions of the future main network, including node mining and guarantor pledge. So far, the total capacity of Maxwell's full network nodes has reached 638PB. One of the work progress that makes us very proud is that on February 28, Crust officially opened the storage function, which means that all users can now use the Maxwell network to store and transfer their own files.

Our mainnet is expected to go online after the Polkadot slot is auctioned.

Question 2: You are a Polkadot ecosystem project. Can you briefly introduce Polkadot? The Kusama slot auction is in progress. What is your plan for the slot auction?

Youan: A very big problem with the current ecological public chain is that each chain is an information island. Friends who often play DeFi should feel that the cumbersomeness of cross-public chains affects many of our operations, and the increasingly high handling fees of mainstream Ethereum also give users a headache. Polkadot proposed an ecosystem that can "cross chains". Polkadot has a relay chain with many slots. Other public chains can access the relay chain through the slots to interact with other public chains. This slot needs to be obtained through auction. Kusama is Polkadot's first network, because such a large heterogeneous ecosystem requires a lot of testing to run stably.

Crust used Polkadot's substrate framework when building the chain, and it was a very early project sponsored by web3 grants. Gavin Wood also mentioned Crust as an application worthy of attention in his many speeches. We have already included the relevant expenses of the Polkadot slot auction in the economic white paper. Although the Crust public chain itself does not have the ecological boundaries of Ethereum, Polkadot, etc., users can use our storage regardless of whether they are connected to the Polkadot parallel chain, but Crust sees that the information interaction of Polkadot's heterogeneous ecology can give us more possibilities, including Substrate chain upgrades and chain governance. Therefore, we will try our best to win slots for Kusama and Polkadot and actively participate in the auction activities.

Question 3: What benefits can ordinary users get if they want to participate in your slot auction? What are the ways to participate?

Youan: Last week, Kusama officially announced the time for the first round of slot auctions. Crust has launched the Crowdloan module of Kusama apps, aiming to raise 1 million KSM. Crust uses the parallel network Crust Shadow to conduct Kusama slot auctions, and the native token is CSM. (https://coinmarketcap.com/currencies/crust-shadow/)

Crust has offered a total of 90,000 CRU + 18 million CSM rewards to KSM supporters. The rewards are divided into the crowdlending activity period + future leasing period. During the crowdlending activity period, we will give 1KSM: 0.07 CRU + 14 CSM (weekly) rewards, which will be issued once a week. Regardless of whether Crust can successfully bid, supporters can get rewards. If the auction fails, the supporter's KSM will be returned immediately after the crowdlending period ends.

If the slot is successfully bid, the supporter will receive a reward of 1KSM: 1.5 CRU + 300 CSM. 30% of the reward will be paid out at the end of the crowd-lending activity, and the remaining 10% will be paid out in each rental cycle.

Based on the current price, if you pledge KSM to Crust, you can get an annualized return of 25%.

I don’t know if there are any Polkadot enthusiasts in our community, but I suggest that when you stake KSM/DOT for a project, you should first understand what the project does? What has the project accomplished? Which of its promised functions are achievable? While the Polkadot ecosystem empowers this project, what value can this project bring to the Polkadot ecosystem?

Many people say that decentralized storage is the infrastructure of the blockchain world. In the storage track, Crust is one of the few projects that can already store and use data. We look forward to steady development, allowing more and more users to move towards decentralized storage through Crust, and also look forward to joining the Polkadot parachain and interacting with other applications to derive more novel, fun and practical functions for users. (https://mp.weixin.qq.com/s/_anGE22j0IGjYa4vRVzMbA)

Question 4: You just mentioned that your storage has been implemented. Are there any practical examples? How do you plan to promote the implementation of applications?

Youan: I guess some viewers may wonder, is Crust really as easy to use as I said? Is it really one of the few applications in the storage track that can store and use? We borrowed Filecoin's working model of providing incentives for IPFS storage nodes, but chose a more efficient TEE proof method. At the same time, we also borrowed Polkadot's NPOS economic model and added the role of guarantor. I won't go into the details here. If you are interested, please join our community and ask questions.

So what are some examples of Crust’s actual implementation? Now, well-known projects that you often visit, such as Uniswap, Sushiswap, Compound, MakerDAO, etc., have begun to use Crust to deploy their own Dapp applications; the NFT assets you purchased may also be stored on the Crust network; you can use Decoo (Decoo.io, a file transfer application based on Crust network) to easily upload and share your files; you can also browse your favorite videos on Socbay (Socbay.io, a video website based on Crust network).

We have also set up Crust Grants to encourage developers to develop more friendly and convenient to C applications based on the Crust storage layer. We will give developers a reward of up to 30,000 US dollars. In addition, we are about to launch the "Data Creates Value" event to allow more users to experience more efficient, secure, and privacy-focused decentralized storage. Because it is an application promotion event, we have set up a lot of benefits, hoping that users can feel that they can also create "value" with their own data.

In fact, Crust has only had open storage functions for three months, but many ecological applications have already been implemented. Of course, we still need a lot of polishing, and we have been working hard to preach decentralized storage.

Question 5: Can you tell us more about the "Data Creates Value" activity you mentioned? What benefits can I get by participating in your activity?

Youan: The "Data Creates Value" event will be officially launched at the end of June. Users only need to use Crust to store files, and the system will generate data computing power for the files. By staking CSM on data computing power, you can get CRU rewards. A maximum of 10,000 CSMs can be pledged for each TB of data computing power. In this event, we will issue a total of 54,000 CRUs to users, and the event will last for 180 days.

Similar to the GPOS economic model of the Maxwell network, CSM is pledged for data computing power. Users can pledge for themselves or pledge for others to share rewards. (https://mp.weixin.qq.com/s/ofxZl7J1zCvNaMMgeyRkEg)

To participate in this event, you first need to register a Crust Maxwell account to create a storage order. In addition, you also need to prepare about 0.1 CRU for the order fee. We provide a certain amount of free storage space. You only need to have a Github account registered for more than half a year and then apply through the link.

Question 6: Today's AMA event will reward 10 users with 9,000 CSM each. Are there other ways to get CSM? Are there any other opportunities for those who didn't get a spot in the event?

Youan: Today! Crust will airdrop 9 million CSMs to community users for free through Coin Market Cap. The total number is 1,000, each with 9,000 CSMs, and a random whitelist mechanism will be adopted. Friends who failed to get the whitelist in this AMA event can participate in the whitelist through CoinMarketCap.

https://coinmarketcap.com/currencies/crust-shadow/airdrop/

In addition, in the Kusama slot auction mentioned above, we issued a total of 18 million CSMs. Users can earn CSM by providing KSM support for Crust.

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Thanks to the community and media for their support (in no particular order):