Crust opens a new model for the storage market

When the first real-world functional parachain Statemine began processing permissionless transactions after an on-chain upgrade. After running smoothly, it has now entered the next stage: the slot auction. According to relevant data: There are currently 12 project parties participating in crowd lending, with a total of 6.5% of KSM locked. Many community members have some questions. What impact will this auction have on the project parties? How can ordinary participants participate? What strategic layout will Crust, a star project in the Polkadot ecological storage track, have?

Today we are honored to invite James Lu, the observer of District 51, and Wang Yu, the CMO of Nashcloud, to come to the Interstellar Vision [KUSAMA Parachain Auction] column to share and explain to our community members.

The following is the text information:

1

Interstellar Vision Gege: Could both guests please introduce their experiences in the blockchain field and what they are currently doing?

James Lu, Observer of Area 51: Hello everyone, my name is James, and I am an observer of Area 51. We at Area 51 have done a lot of research in the distributed storage track, laying out the entire ecosystem, and are fully involved in everything from applications to data, as well as early mining and investment. We are good at online and offline due diligence of the founding team, post-investment management, ecosystem construction, global infrastructure layout, and international promotion of storage data and applications.

Nashcloud CMO Wang Yu: Hello everyone, my name is Wang Yu, and I am Nashcloud CMO. As a technology company focusing on the construction of a distributed storage ecosystem, Nashcloud is deeply involved in storage, focused on data, and good at global layout. With the upcoming launch of the Crust mainnet as a new milestone, Nashcloud will continue to deepen its presence in the distributed storage industry.

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Interstellar Vision Gege: Could you please briefly introduce the rules and participation methods of the hottest Kusama card slot auction?

Nashcloud CMO Wang Yu: First of all, let me briefly introduce Polkadot and KSM: A very big problem with the current ecological public chain is that each chain is an information island. Friends who often play DeFi should be able to 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. Of course, Polkadot also has its resource limits, so Polkadot can only provide a limited number of parallel chain slots, which need to be obtained through auctions. Kusama is Polkadot's predecessor network.

The slot auction adopts the candle auction method, which is divided into two parts: the first part is the opening period, which is the period of time after the auction begins, allowing the project party to adjust the status, establish a preliminary strategy, make an initial bid, and see who the competitors are.

The second part is the random ending period, during which the auction may end at any time and the winner of the auction is determined.

The more exciting part is crowd lending.

Crowdlending is a fundraising system that allows parachains to win slot auctions. In simple terms, DOT/ksm holders can lend their tokens to parachain projects, and the projects can use these tokens to bid in parachain auctions. Usually, in order to encourage users to lend their tokens to them, projects will create some incentives, such as distributing tokens to crowdlending participants. We at Crust have also issued a series of incentives, and you can pay attention to the following content for details.

James Lu, Observer of District 51: How Crust's storage experience is now depends on who you compare it with. It is similar to the traditional centralized storage experience. There is no difference compared with Alibaba Cloud, Baidu Cloud, Huawei Cloud, and AWS. If there is a difference, ByteDance would not want to store hundreds of P of data on the Crust network. However, it is also possible that ByteDance thinks that Crust's storage experience is better and wants to store the data. After all, ByteDance is so rich, and it is not necessarily to save money to migrate the data, but I really don't think the storage experience is better than centralized storage, of course I don't think it is bad, I just can't feel the difference. Compared with other decentralized storage projects, the difference may be quite large. We are not talking about the Ponzi scheme here. Filecoin is a so-called decentralized storage, but it can't store, hot data can't be stored, and cold data can't be stored. It is a Ponzi scheme project similar to Chia. The project owner of Chia is actually quite open and aboveboard. They have never claimed to be a storage project. They call themselves green Bitcoin. As long as the hard disk capacity is proved, they will issue you coins. It is a very honest Ponzi scheme project, but many domestic miners classify it as a distributed storage project for the purpose of selling hard disks. Swarm is also a well-known distributed storage project. The mainnet will be launched tonight, and I will do a live broadcast of Swarm later. Swarm and Crust are the two most powerful, popular, and globally recognized projects in the distributed storage track. In fact, the storage experience of both is very good. The experience of Swarm is theoretically not inferior to that of Crust, but the current problem is that frequently uploaded files cannot be downloaded, so the official also recommends that you do not upload large files, and wait until the upgrade to upload large files.

Crust storage experience is not very good for everyone. Users in China have a very good experience using Crust. They can watch a movie directly after uploading it. It is very clear and smooth, and they don’t have to buy membership from Alibaba, Baidu, and Tencent. However, users outside China may not have a good experience using Crust. Movies are also stuck. Why? This is not because Crust discriminates against overseas users, but because there are many distributed storage servers in China, which are all placed in IDC computer rooms, providing very professional services and sufficient bandwidth. For example, our other guest, Mr. Wang of Nash Cloud, customized an industrial-grade Crust dedicated server for Crust, replacing the traditional i7 and i9 home-installed servers, ensuring the storage experience of domestic users. But overseas users are miserable. The distributed storage track is not popular overseas, especially the Filecoin wave, which has greatly hit the enthusiasm of overseas miners. Although the Crust project has been implemented in storage and application to form a closed loop, and overseas users are very enthusiastic about using it, there is no server node overseas without the participation of miners. Users need to find resources and download data on storage servers in China to use Crust. This is a very bad experience, and watching a movie will be stuck.

Therefore, as a supporter and builder of the Crust ecosystem, we at Area 51 have called on global miners to build nodes overseas. In the first phase, we hope to deploy 50P storage servers in the following 10 cities: Seattle, Vancouver, Seoul, Tokyo, Kuala Lumpur, Sao Paulo, Paris, Wellington, Sydney, and Brussels. If you have resources in this area, please contact me. Mr. Wang of Nash Cloud has already started deployment in Seattle, Vancouver, Kuala Lumpur, and Sydney. I remember that the server in the Seattle computer room has started running. I hope everyone can learn from Mr. Wang of Nash Cloud and make a contribution to the ecosystem.

Then the development of Crust ecological applications cannot be stopped, and it can be talked about for days and nights. Many people do not understand this. Why don't they understand? Because it does not bring benefits to everyone. I can only say that everyone is blinded by the capital plate. Don't always pay attention to Filecoin, Chia, which cannot be implemented, has no application value, and is a pure "blockchain" project that is hyped in the bull market and no one takes it in the bear market. In other words, it is a pure leek-cutting project. Everyone always hears stories about investing in Bitcoin and Ethereum and making tens or hundreds of times in a few years. In fact, these are all stories of fooling leeks to take over. But those who bought Tencent, Alibaba, Amazon, and Google stocks in the early days and made hundreds or thousands of times are real people around us. Distributed storage projects are first storage projects, and then blockchain projects. If storage is not done well, talking about blockchain is just cutting leeks. Crust's ecological development is all-round. Well-known projects such as Uniswap, Sushiswap, Compound, MakerDAO, etc. that we often visit all use Crust to deploy their own Dapp applications; the NFT assets we purchased are also stored on the Crust network. Imagine, NFT is such a valuable asset, if it does not exist on Crust, where else should it be stored? Should it be stored on Baidu Cloud? In two days, Baidu Cloud will delete it for you for various reasons. Where can you claim compensation? Wanke, the NFT project we cooperated with Area 51, may be the only platform in China that can legally and compliantly purchase digital assets with Alipay, WeChat and bank cards. It may also be the only digital asset trading platform left in China when the bear market comes and the NFT bubble bursts. In order to ensure that every user buys it, it is their own, and no other person or organization can delete or restrict your use, we can only store this NFT on Crust. Any NFT that does not exist on Crust is a fake NFT!

Nash Cloud has developed a very useful file transfer application based on Crust network, called Crato. You can use Crato to easily upload and share your files. So far, we have uploaded thousands of terabytes of files to the Crust network, and the user experience is very good. We recommend that you participate in Crust's storage mining through Crato, pledge CSM, and get income. Socbay is also a good application. It is a video website based on Crust network, similar to Youtube, and very useful. I suggest that Chinese developers can develop a better one to kill it.

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Interstellar Vision Gege: As an ordinary user, how can I participate in the Crust auction and introduce the activity rules?

Nashcloud CMO Wang Yu: 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.

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%.

5

Interstellar Vision Gege: Could you please introduce to our community friends what CSM is and what its function is?

Nashcloud CMO Wang Yu: Crust Shadow is designed as a parallel chain of Kusama, participating in the parallel chain slot auction of KSM, and its native token is CSM. The total initial issuance of CSM is 200 million, of which 50% is used for liquidity mining, 20% is used for KSM parallel chain auction, the team reserves 20%, and 10% is released to the community, such as our event today. CSM also has many functions: maintaining the Gpos consensus that Crust Shadow is about to achieve through staking; providing guarantees for Crust Shadow nodes; as transaction fees for using Crust Shadow; used to purchase resource services; as a deposit for providing resource services; used for elections and voting for on-chain governance, etc. Currently, you can buy CSM on Uniswap.

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Interstellar Vision Gege: Effective value data is crucial to the storage network. Can you please share with us the development of the effective data market in the Crust network?

James Lu, Observer of District 51: First of all, I would like to thank IPFSNEWS Interstellar Vision for raising this point: valid data is crucial for storage networks. In fact, this may sound like nonsense, but many people like to participate in such projects that claim to be storage networks without valid value data, whether they are retail investors, enterprises, funds, or even listed companies and state-owned enterprises. Isn't it illegal to use Ponzi schemes in China? Why do people like to invest in projects like Filecoin that store garbage data on hard drives? Fortunately, there are conscientious projects like Crust in the industry, otherwise the IPFS industry will be severely cracked down like Bitcoin Mining in a few days.

Due to the low storage cost and good experience of Crust network, many domestic and foreign cloud vendors have hoped to connect storage through various channels, including the well-known Internet companies I mentioned earlier, as well as government road traffic monitoring data, hospital medical data, enterprise AI data and other data, and even industry-renowned cloud disks, which have gradually migrated the back-end centralized storage to Crust's decentralized storage network. Crust's current available storage volume is not large, only 600P, and the storage that can be provided for commercial use is also gradually being released. It is expected that the launch of Crust mainnet can provide 3000-5000P of storage space to the storage industry, hoping to help governments, enterprises, and Internet companies achieve the goal of reducing costs and improving effects. Many foreign cloud vendors and data centers also hope to contact the Crust project through our Area 51, as well as Mr. Wang of Nash Cloud. We hope that Nash and Mr. Wang can deploy more nodes abroad, so that they can also store data on foreign Crust storage servers to reduce their storage costs. So the conclusion is that for projects that truly serve the storage industry and data services, everyone is chasing you with money. Unlike some projects, where we pay money and beg others to store data, but in the end no one stores the data.