Kusama slot auction star storage project Crust Network teaches you how to create value with your data!

AMA Topic: Kusama slot auction star storage project Crust Network - teach you how to create value with your data!

Guest: Crust Network’s marketing representative - Zhang Youan

Host: Honglian Finance @Dabao

Time: June 21, 15:00 pm

At 15:00 on June 21st, Crust Network, a star project in the storage track of the Polkadot ecosystem, was a guest in the Macrochain Finance live broadcast room to promote the "Data Creates Value" event! Crust Network is a decentralized storage application based on the IPFS network. They are also one of the projects in the Polkadot ecosystem. They have obtained web3 grants and joined the substrate builders' program. Crust will provide 90,000 CSM rewards for this AMA event, which will be awarded to friends who won the live quiz answering session. During the nearly one-hour live broadcast, the guests' wonderful sharing received a warm response from the group members. The following is the main content of this live broadcast:

Guest: Hello, everyone. I am Youan. I am honored to represent Crust to attend the AMA event co-organized with Honglian Finance. I hope everyone can have a better understanding of Crust through today's AMA!

Host: Hello, Youan. Can you briefly introduce what Crust does? When were you founded? What stage are you at now?

Guest: 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 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 progress we are very proud of 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 main network is expected to go online after the Polkadot slot is auctioned.

(https://wiki.crust.network/docs/en/storageUserGuide)

Host: First of all, congratulations on your success, and we look forward to the mainnet going live soon! You are a Polkadot ecosystem project, can you briefly introduce Polkadot? The Kusama slot auction is in progress, what are your plans for the slot auction?

Guest: 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.

Host: Youan, let me ask another question. What benefits can ordinary users get if they want to participate in your slot auction? What are the ways to participate?

Guest: 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 for Kusama slot auctions, and the native token is CSM. (https://coinmarketcap.com/currencies/crust-shadow/) Crust has released a total of 90,000 CRU + 18 million CSM rewards for KSM supporters. The rewards are divided into the crowdloan activity period + future leasing period. During the crowdloan 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 you fail to win the auction, the supporter's KSM will be returned immediately after the crowdloan 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. At 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 field, Crust is one of the few projects that can be used for storage. 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)

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

Guest: 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 specific details here. If you are interested, please join our community and ask questions. (Follow Crust's official WeChat account)

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 also established Crust Grants in April 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 US$30,000.

(https://mp.weixin.qq.com/s/eThvzTv3NLu1o5L_tvw1Fg)

In addition, we are about to grandly launch the "Data Creates Value" campaign to allow more users to experience more efficient, secure, and privacy-focused decentralized storage. Because it is an application promotion campaign, we have set up a large number 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.

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

Guest: The "Data Creates Value" event will be officially launched on June 22. Users only need to use Crust to store files, and the system will generate data computing power for the files. CRU rewards can be obtained by staking CSM on data computing power. Up to 10,000 CSM can be staked per TB of data computing power. In this event, we will issue a total of 54,000 CRU to users, and the event will last for 180 days. Similar to the GPOS economic model of the Maxwell network, users can stake CSM for data computing power, or stake for others and 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 this link.

Moderator: As far as I know, our AMA event today will reward 10 users with 9,000 CSM each. So what other ways are there to get CSM? Are there any other opportunities for those who didn't get a spot in the event?

Guest: On June 21, 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 draw 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.

After the Q&A session, guest Youan conducted a quiz session. The guest asked questions based on the previous Q&A content, and the group members responded fiercely. In the end, 10 lucky friends received a total of 90,000 CSM rewards. So far, this AMA has come to a successful conclusion.