TopDao X Crust Interview Recap
TopDao just interviewed Youan from Crust, here is a quick recap of the conversations!
Carter: Can you briefly introduce what is Crust? When were you established and which developemt stage are you on now?
Youan: Crust Network is a decentralized storage application developed based on the Polkadot Substrate framework, we provide 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 and these cloud products provide similar services. Users can use Crust to store their own files and communicate with others. Crust transfer files, our users can be individuals, companies, organizations.
So how are we different from traditional cloud vendors? Traditional cloud vendors have their own large centralized computer center to store data centrally 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, and is responsible for scheduling users’ storage orders to nodes. Then pay salaries to the nodes. As a result, users’ files are “distributed” and stored on nodes all over the world, rather than being controlled centrally. In addition to security, distributed storage can also bring users a lower price.
Our team was established in 2018. After two years of development and testing, the first phase of the test network was officially deployed on November 30 last year. On February 4 this year, we launched the Maxwell preview network, which integrates almost all functions of the future main network, including node mining and guarantor pledge. So far, the total capacity of Maxwell’s entire network has reached 638PB. A work progress that we are very proud of is that on February 28, Crust officially opened the storage function, which means that all users can now use Maxwell network storage and transfer their files.
Our mainnet is expected to go live after the Polkadot slot is captured.
Carter: You are a Polkadot ecological project, can you briefly introduce Polkadot? The Kusama slot auction is underway. 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 island of information. Friends who often play Defi should be able to feel that the cumbersome cross-public chain affects many of our operations, while the Ethereum has increasingly high gas fee. Fees are also a headache for users. Polkadot proposes an ecosystem that can “cross-chain”. Polkadot has a relay chain with many slots on this relay chain. Other public chains can access the relay chain through the slots to communicate with other public chains. Information exchange of the chain. This slot needs to be obtained by auction. Kusama is Polkadot’s pioneer network, because such a huge heterogeneous ecosystem requires many tests to run stably.
Crust used Polkadot’s substrate framework when building the chain, and was a very early project sponsored by Web3 Grants. Gavin Wood also mentioned Crust as an application worthy of attention in the ecosystem in his many speeches. In the economic white paper, we have included the relevant expenses of the Polkadot slot auction in the plan. 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 parachain, but Crust believes that Polkadot’s heterogeneous ecological information interaction can give us more Possibilities, including upgrades on the Substrate chain and on-chain governance. Therefore, we will try our best to win the slots of Kusama and Polkadot and actively participate in the auction activities.
Carter: What benefits can ordinary users get if they want to participate in your slot auction activities? 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 100w 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 will invest a total of 90,000 CRU + 18 million CSM rewards for KSM supporters. Rewards are divided into crowd loan activity period + future lease period.
During the crowd loan campaign period, we give a reward of 1KSM: 0.07 CRU+14 CSM (weekly). The reward is issued once a week. No matter whether Crust can successfully bid or not, supporters can get rewards. If the bid cannot be won, the supporter’s KSM will be refunded immediately after the crowd loan period ends.
If the slot is successfully shot, the supporter will receive a reward of 1KSM: 1.5 CRU+300 CSM. The reward will be distributed at a lump sum of 30% at the end of the crowd-lending activity period, and the remaining 10% will be distributed every leasing cycle.
At the current price, you can pledge KSM to Crust, and you will get an annualized return of 25%.
I don’t know if there are any Polkadot fans in our community, but I suggest that when you pledge KSM/DOT for a project, you should first understand what the project is about? What has been accomplished in this project? What functions it promises can be achieved? While Polkadot is empowering this project, what value can this project bring to Polkadot?
Many people say that decentralized storage is the infrastructure of the blockchain world. In storing this track, Crust is one of the few projects that can already be stored and used. We look forward to steady development, allowing more and more users to move towards decentralized storage through Crust. We also look forward to joining the Polkadot parachain and interacting with other applications to derive more novel, fun, and practical functions to bring to users.
we’ve summarized an article, about the methods how can you support KSM for Crust.
Carter: You just mentioned that your storage has already could be used. Are there any practical examples? How do you plan to promote the implementation of the application?
Youan: I guess some audience may wonder, is Crust really as easy to use as I said? Is it really one of the few storage and useable applications on the storage track? We borrowed from Filecoin to provide incentives for IPFS storage nodes, but chose a more efficient TEE proof method. At the same time, we also borrowed from Polkadot’s NPOS economic model and added the role of guarantor. I won’t repeat the specific details here. If you are interested, please follow us on Twitter or join our community.
So what are the examples of Crust actually using? Now, well-known projects such as Uniswap, Sushiswap, Compound, and MakerDAO that you frequently visit have begun to use Crust to deploy their own Dapp applications; the NFT assets you purchase may also be stored on the Crust network; you can use Decoo (Decoo. io, a file transfer application based on Crust netwok;https://decoo.io/) to easily upload and share your files; you can also browse your favorite videos on Socbay (Socbay.io, a video site based on Crust network;https://socbay.io/).
We have also established 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.
In addition, we are about to launch the “Profit Data” campaign to make more users experience more efficient, secure, and privacy-focused decentralized storage. Because it is an application promotion activity, 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 opened storage functions for three months, but many ecological applications have already landed. Of course, we still need a lot of polishing, and we have been working hard for evangelistic decentralized storage.
Carter: Can you elaborate on the “Profit Data” activity you mentioned? What kind of benefits can I get from participating in your activities?
Youan: The “Profit Data” campaign 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. You can get CRU rewards by staking CSM on the data computing power. Each TB of data computing power can pledge up to 10,000 CSM. 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, the CSM is pledged for data computing power. Users can pledge for themselves or help others to share rewards.
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 cost of placing an order. 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 official website.
Carter: Today’s AMA event will reward 10 users with 9000 CSM each, so what other ways are there to get CSM? Are there any other opportunities for audience who did not grab a spot in the event?
Youan: Today! Crust will airdrop 9 million CSM to community users for free through Coin Market Cap, totaling 1,000, each with 9,000 CSMs, and adopt a random whitelist mechanism. Friends who failed to get the whitelist in this AMA event can be drawn through CoinMarketCap: https://coinmarketcap.com/currencies/crust-shadow/airdrop/
In addition, in the aforementioned Kusama slot auction event, we distributed a total of 18 million CSM, and users can earn CSM by providing KSM support for Crust!
That’s the end of our recap. During the event, peak online is over 500 people, Over 100 members participated in the quiz game, and 10 winners shared 90,000 CSM. For more AMA with juicy rewards, come join our community!
