LBank AMA Recap with Crust
Johnny:
Hello, everyone. Welcome to the live video of LBank, CMO with the Crust network. Could you please briefly introduce the Crust network to the community users?
Youan:
Sure. Hi, everyone. Nice to meet you guys, and it’s very honor to be here to represent Crust network team and hoping everyone can have a deeper and better understanding of Crust after my talk today. Let me briefly introduce Crust network. Crust network is a decentralized storage application based on IPFS storage network. We developed our chain by Pockadot substrate framework. We provide storage to users by living incentives for IPFS storage nodes, and our initial team was established in 2018. Our founder is a practitioner with more than 10 years of experience in the field of data and cloud computing. In this data age, our human demands for storage has exploded. And the cloud storage and cloud computing markets are almost monopolized by several Internet giants. The shortcomings of centralized storage began to emerge gradually, such as the privacy security, transmission speed and service quality, and price issues, and so on. And our founding team found this problem in the market and we believe that decentralized storage can efficiently solve these problems. At that time, there were few block chain applications on the market. So we determine to make a cloud storage application, which can truly be used by everyone.
Johnny:
Wonderful. And can I ask a few more questions. how does crust achieve this centralized storage? Like what core technique does crust network use?
Youan:
As a platform chain, crust links storage nodes to users as a bridge. The storage space is provided by the Crust nodes. The Crust public chain is responsible for monitoring the workload of the nodes and distributing salary to the nodes. When you the teenage technology trusted future environment.
In the Crust Network, TEE exists on the CPU of every nodes, every craft you know. It is a engineering level trusted technology that is responsible for supervising the workload of the nodes and ensuring that the nodes cannot read user’s state. As far as I know, some block chain products, Phala and Oasis Network also use this technology. In fact, TEE is also widely used in electronic products on the market.
Last, Uses five coins model of connecting IPFS nose and users. But the workload proof method is different from while calling zero knowledge proof. The TEE technology which we use greatly accelerates the speed of file packaging and node proof work, which also makes Crust easier used by users. Our incentivizing model GPoS also continues Polkadot’s DPoS, we set a role of guarantor who hold CRU, they can stake for other nodes to make profit.
Johnny:
You just mentioned that you use the Tee which is a different technology taken by the IPFS. You mentioned that one benefit of using the TEE is that it accelerates the process of packaging data. Like what are there any other distinguishing features of TEE or the technologies are taken by the Crust network, any other distinct features, because we know that there are many different projects claiming to provide a decentralized storage surfaces, right? What is the unique or the core competitive feature of Crust Network.
Youan:
TEE can also help Crust to protect users privacy because it is widely used by some privacy projects.
Johnny:
Security! Tee increases the security. Great. Well. Do you have a blueprint for what Crust network is going to be like a roadmap of the cross network? And like where are you now on the roadmap?
Youan:
After two years development and testing, on November 30 last year, we launched the incentive test network ‘profit ark’ and started the mining activity. On February 4 this year, we launched the Maxwell preview network, which has developed all functions, including mining and guarantor staking. Another achievement we are very proud of is that we support the storage function on February 28th this year. This is a very important milestone in our application landing process, which means that all users can now transfer and store files through Crust.
So far we have been working hard to accelerate the large-scale implementation of applications. a month ago, Uniswap merged the website deployment code we made for them and officially opened the application. we’re also engaging with sushiswap these days.
Recently, we have also reached a storage cooperation with Cow Transfer. There will be 40 million users going to decentralized storage through Crust. You can check all of these information on our twitter and medium.
Johnny:
Wonderful. So by my understanding that as normal users, as the community users that we can now use the surface is actually functional, right?
Youan
Right! Yes, we are very proud of.
Johnny:
You should be proud of yourself. Okay, like you chose to deploy your surface in the Polkadot ecosystem. Why did you make this choice? Why don’t you just start a public chain project out of your own rather than base yourself as a subproject of a Polkadot ecosystem?
Youan:
2 years ago, after the initial idea which is going to develop a storage app, we have been looking for the development tools. We have tried Ethereum, but its problems include high gas fees and low TPS, which are very unfriendly to us, cuz our application chain requires frequent transactions. We also tried Cosmos’ Tendermint, but its degree of customization of the chain could not meet our requirements. Later, we found Polkadot’s Substrate framework and we contacted Polkadot’s official. They were very interested in our idea of storage and gave us a series of technical and even financial support.
Polkadot’s huge heterogeneous ecology is very attractive to us. We also appreciate Polkadot’s on-chain governance and forkless upgrades. So we finally chose to develop the project on the Polkadot ecology.
Johnny:
Here’s a question. That’s a little beside the point. There’s a question about Polkadot ecosystem. What do you think of the future of the Polkadot system? Because we know that the prize of the thought is getting pretty low about half of the prize a month ago. What is your personal opinion of the future of the Polkadot ecosystem?
Youan:
I think Kevin would came up a very wonderful structure. Yes, but, how will Polkadot be? It depends on it’s block auctions.
Johnny:
Okay, great. I actually agree with you. It depends on the future depends on the milestones of the Polkadot ecosystem and a slot auction of the Kusama. It’s going to be a pretty important or a momentous a step. Speaking of the auction will Crust participate in the upcoming Kusama action. How do you have an established strategy or something else? Do you like to share with the community?
Youan:
Sure, as an early project in Polkadot, we will definitely participate in the slot auctions of Polkadot and Kusama. We have included the slot auction and leasing costs in the economic white paper plan. It accounts for 40% of ecological development, which is about 2 million CRU.
Crust uses the parallel network Crust Shadow to participate in the Kusama slot auction, using 90,000 CRU + 18 million CSM rewards. CSM is the original Crust Shadow token. It plans to list on mainstream exchanges in the near future.
During the crowd loan campaign period, the reward ratio distributed every week is 1KSM: 0.07CRU+14CSM. Participating contributors will receive rewards regardless of whether the auction is successful or not.
during the leasing period, If the number of successful crowd loan KSMs is less than 50,000, the ratio is 1KSM: 1.5CRU+300CSM; if the number of successful crowd loan KSM exceeds 50000, then 75000 CRUs and 15 million CSM are divided equally according to the percentage of contribution KSM.
30% of the reward will be released immediately, and 10% will be released for each subsequent lease period.
After receiving the reward, you can BE A GUARANTOR of the Crust validator/candidate node to obtain additional rewards. We are also planning a series of activities “profit Data “. CSM can be used to guarantee data storage and obtain additional benefits.
https://crustnetwork.medium.com/crust-updates-kusama-parachain-slot-auction-rewards-2f6b32c682ec
At that time, Crust will launch crowd loan section on kusama’s official platform and we will also cooperate with the community and top exchange platforms. Welcome everyone to follow our Twitter / Medium to get first-hand information. https://twitter.com/CrustNetwork
Johnny:
Thank you so much. I can see that your team is very generous that you’ve decided to distribute 40 % of your economy to the computer users. And also I can see that you have a very detailed plan of rewarding the users. And based on what you just said, are you confident that you can win the auction, the slot auction?
Youan:
Yes. We are very confident because we are early Polkadot project and we have my friends in the Polkadot ecosystem. And many people have try our application.
Johnny:
Very simple question that came out of a mind when I first heard of a slot auction. Like, what is the benefit of winning a slot auction? And after winning the slot auction, what is the next step of the Crust network.
Youan:
When we joined the Polkadot ecosystem, what attracted us most was Polkadot’s heterogeneous sharding concept. In such an ecosystem, huge information interactions can occur between projects, which is the problem that Ethereum currently wants to solve most. Information interaction can give birth to many practical and funny functions.
For example, you can use acala’s token to pay for Crust storage in the future. If we both win the slot, through bifrost, you can release the liquidity of CRU which staked in the Crust network with latently, you can realize the copyright confirmation stored in the blockchain world.
The crust storage function is now available, if the slot can be successfully photographed. The applicability of Crust will be stronger, and it can be paid attention to and used by more people.
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