Lian'an Interview 31st Issue丨ESC Mining Economic Model Enables the Implementation of Edge Cloud Storage Ecosystem!

The Turtle Community is a technical community that focuses on discovering good projects and potential projects. It has participated in the early investment of Polkadot and COSMOS, and has also bought a large amount of chinlink at around one yuan. It is a community that truly understands blockchain and projects.

Michelangelo

Dean of ESC Business School, Co-founder of Shengui Community

Host: Can you tell us about ESC and the background of its initiation?

Michelangelo: ESC is a distributed network distribution protocol, a typical protocol that relies on decentralized community autonomous operation; ESC is also a brand-new distributed autonomous economic organization. Its investment return model is not a company equity investment model, and investing in tokens is not buying company equity, but buying a universal digital currency and related distributed storage services. The ESC system uses decentralized storage technology to create a credible distributed storage service with a local token system called ESC.

With the rapid rise of computer technologies such as the Internet, 5G, and the Internet of Things, the data generated by human life has exploded. At present, traditional Internet giants alone spend hundreds of millions or even tens of billions of dollars on storage every year. In addition, with the advent of the era of the Internet of Everything, traditional data storage has encountered a bottleneck and is completely unable to meet the needs of future development.

On the other hand, traditional centralized storage also brings many problems to people. The most obvious one is the user data privacy issue. Centralized data storage cannot guarantee the privacy security of users, which puts users on the Internet at risk of data exposure.

ESC keeps up with the trend of the times, integrates IPFS technology, and uses distributed storage technology to solve the current dilemma of data explosion. At the same time, it uses blockchain encryption technology to solve problems such as user data privacy.

Host: What do you think of distributed storage and IPFS projects?

Michelangelo: Blockchain technology is constantly iterating and updating, and is developing towards a great integration direction. One of the core technologies is storage and distributed database. The development of distributed storage will rapidly strengthen the growth of the blockchain ecosystem. At the same time, distributed storage will also be used for storage solutions of traditional Internet and Internet of Things. Distributed storage has extremely broad prospects.

IPFS (InterPlanetary File System), also known as the InterPlanetary File System, is a content-addressable, versioned, p2p hypermedia distributed storage and transmission protocol. Its goal is to supplement or even replace the Hypertext Media Transfer Protocol (HTTP) used in the past 20 years, hoping to build a faster, safer, and freer Internet era. Everyone is familiar with HTTP. When you enter a website on a web page, the first few letters are usually http. These letters are actually a file transfer protocol. Similarly, IPFS is also a transmission protocol.

The birth of IPFS is not only a revolution in the blockchain field, but also a revolution in the Internet field. IPFS is not only a revolution in the storage industry, but also a revolution in the Internet, and it is the version of web3.0.

Host: What do you think of the cloud storage market? What is the vision of cloud storage?

Michelangelo: Cloud storage is a market worth hundreds of billions of dollars. The current market is mainly occupied by Amazon Cloud, Google Cloud and China's Alibaba Cloud.

With the development of 5G and the Internet of Things, the demand for cloud storage will continue to grow, and it is expected that it will likely exceed the trillion-dollar mark in a few years. A few days ago, Alibaba launched a personal cloud drive, proving that major Internet giants are optimistic about this industry.

Host: Can you introduce us to ESC’s economic model?

Michelangelo: As the token of the entire system, ESC plays an important role in incentivizing miners to store and maintaining the stability of the ecological cycle.

The total number of ESC tokens is 210 million, the Genesis mining pool: 10.5 million, and the miner rewards: 199.5 million.

The mining method of ESC is destruction mining, 157.5 million ESCs are destroyed, and the destruction stops when 52.5 million ESCs are destroyed, and 52.5 million ESCs are finally circulated. Block rules: 4 points per block, 600 ESCs per block, 216,000 ESCs per day, 20% from mining pools, and 80% from mining machine rewards.

The mining period of ESC is 17 years, with a halving every year in the first four years, and no more reduction after four halvings.

Host: What are the ecosystem and practical applications of ESC?

Michelangelo: Personal private cloud; Industrial Internet of Things; Artificial Intelligence; Smart City; Internet of Everything; Drones; AR; 5G.

The ESC network provides distributed edge cloud storage solutions, the first landing ecosystem based on distributed edge cloud storage. This is a complete business ecosystem model with rigid demand, implementation, and high returns. One of the advantages of ESC is that the underlying technical framework not only realizes the basic functions of blockchain, cloud storage, and P2P communication, but also seamlessly integrates data malls, transactions and other functions.

Host: What is the mining mechanism of ESC? What are the innovations?

Mining mechanism: POC+DPOS

Michelangelo: The ESC blockchain consists of multiple nodes, which are logically divided into supercomputing centers, super nodes and acceleration nodes, which can effectively improve the processing speed and support tens of thousands of TBS.

Host: What is the vision and plan of ESC?

Michelangelo: ESC will create a global distributed cloud storage ecosystem of "cloud storage + 5G + blockchain", a super cloud storage and super storage ecosystem with massive data that is distributed globally, close to network terminal users, combined with 5G communication technology for deployment and rapid response to unlimited expansion, self-healing capabilities, and data privacy and security.

ESC is expected to launch its mainnet by the end of 2020 and realize enterprise-level applications in 2021. Please see the figure below for the specific development plan.