Hotbit AMA🎉HOTBIT Polkadot 4th丨Crust Maxwell Preview Network is Coming!

Daisy Lee: Hello, everyone, Let’s welcome Youan ZHANG, Crust Network CMO to introduce [Crust Maxwell Preview Network is Coming!] to us in AMA. Could you introduce yourself to our community firstly?

Youan ZHANG: Hi everyone, I’m Youan from Crust network marketing team. Really nice to meet you guys.

Daisy Lee: Can you briefly describe what is Crust Network?

Youan ZHANG: Crust Network is a decentralized storage project based on the Polkadot ecosystem. Our mission is to build a distributed storage ecosystem with higher data privacy and data sovereignty. Crust has joined the Substrate Builder’s Programme and Web3.0 Bootcamp. Crust is also a very early project that gained the Web3 Foundation Grant.

Daisy Lee: What is the problem that can be solved?

Youan ZHANG: Crust is a cloud storage application. After the Crust mainnet goes online in the future, all individuals and companies can use Crust for data storage. In the future, we can also support data calculations. Just like the Ali Cloud, Amazon Cloud, and iCloud that everyone uses now, Crust is decentralized and is based on blockchain technology. Crust would be cheaper than traditional storage products.

Daisy Lee: Why did you decide to start a project using Polkadot?

Youan ZHANG: In 2018, our startup team discovered a market pain point, which is the drawbacks and monopoly of centralized storage. Crust wants to use blockchain solutions to achieve decentralized storage. At that time, we tried Ethereum and Cosmos ecology, but their high fees, low stability, and chain customization could not meet our requirements. We found the Substrate framework, and its on-chain governance, no-fork upgrades, etc. are in line with our needs. We contacted theWeb3 official, they are very interested in the storage application we want to do, and provided us with a lot of technical and financial support.

Daisy Lee: Parachain Offering is supposed to start in Kusama in March and Polkadot in April, do you have any strategy to win the Slot?

Youan ZHANG: Firstly, Crust’s economic model design has considered a very long-term plan, in which slot auctions and future leases are within our design range. We reserve 40% of the tokens for ecological development to participate in the relevant rewards of the slot auction. This amount is approximately 2 million CRU tokens.

Daisy Lee: CrustNetwork is a distributed storage network, but there are many competitors such as Filicoin. What are the features of Crust Network compared to these?

Youan ZHANG: “First of all, as a decentralized storage application, we all have to solve the problem of proving node’s work. Nodes need to prove their storage workload to the chain. Filecoin uses a complex cryptography, zero-knowledge proof method, which will consume more time and waste more computing power. It is very unfriendly to users and nodes. But Crust uses TEE technology to place the TEE locally on the node’s hardware. This industrial hardware will help Crust monitor the node and report its workload. This greatly increases the work efficiency and reduces the node configuration a lot.

Daisy Lee: Crust Network uses “MeaningfulProof-of-Work” and “GuaranteedProof-of-Stake” as consensus mechanisms, how are these different from normal PoW and PoS mechanisms?

Youan ZHANG: I think these two are the most outstanding designs of Crust. The first MOPW, as I said before, Crust uses TEE hardware to verify locally on the node to avoid meaningless calculations. The entire job of the node is to store files for users. All the workload of the node is meaningful, avoiding the waste of electricity and computing power.

Daisy Lee: The TEE used by Crust Network can store data confidentially, is it correct to say that the information in the distributed storage is also secured by using TEE?

Youan ZHANG: In fact, TEE is a hardware module, which exists on the computer hard disk of the node (so the node configuration requirement of Crust is a hard disk with TEE function)

Daisy Lee: Crust Network has been running a test net for storage mining such as Profit Ark. Is it possible for individual users to participate in storage mining such as these when they become main nets in the future?

Youan ZHANG: “We just ended Profit Ark on January 19th and got a good response all over the world. On February 4th, Crust will open the Maxwell preview network, and Maxwell will run in exactly the same mode as the main network. You don’t need to wait until the mainnet goes online, you can start saving files on the Maxwell preview network. Welcome everyone to participate in our test. The detailed English version of the Maxwell Preview Web Manual will be officially announced tomorrow.”

Daisy Lee: How do you plan to maintain the future value of CRU token as a long- term sustainable project and how do you see it growing?

Youan ZHANG: “As a storage application, if we want tokens to have long-term value, the most important thing is to let more people use our products and make Crust a truly usable application. Therefore, our recent work focuses on running the Maxwell preview network, we hope to detect some bugs in the preview network. In 2021, we are also planning some technical communities, such as hackathons, to help us improve the storage service market. We believe that after the storage application is actually used, the market value of Crust will be immeasurable. “

Daisy Lee: Thanks for your detailed explanation. I believe our members have a deeper understanding of Crust Network now. But maybe they stil have a lot of questions, Now, let’s proceed to the next session public Q&A.

@mistylegros: I am new in crypto and am from Korea. To be honest, I am not too familiar with Crust Network project. Does Crust Network have Korean Community group so I think it can facilitate and help me to get more closer and better knows with Crust Network project and also can discuss the project with my native language?

We also have CRU investment products on Hotbit with high AY over 50%. If you are interested, you can check↩

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