Hotbit AMA🎉HOTBIT Polkadot 4th丨Crust Maxwell Preview Network is Coming!
AMA content review
💗Guest:Youan ZHANG, Crust Network CMO
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.
Actually I’m a fresh graduate last year, I studied marketing in the University of Liverpool.
I am quite interested in the cryptocurrency industry and very optimistic about the future of decentralized storage. Crust is an amazing combination of these two things and I really agree with the concept and value of Crust.
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.
Everyone knows that Airbnb, as an accommodation platform, does not provide housing. Similarly, as a storage application, Crust does not provide storage space, which is much like a sharing economy. Crust’s nodes are responsible for providing storage space and storing files for users, and users pay for the service. The Crust chain is responsible for scheduling storage orders, supervising node work, and issuing rewards to nodes.
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.
We believe that Polkadot is a platform that places great emphasis on ecological development. And we are very optimistic about Polkadot’s cross-chain concept. We believe that this ecology will be very powerful if it is officially put into application in the future.
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.
The second point is that because the details of this slot auction have not yet been released, our plan is difficult to tell. But Crust will design the reward mechanism and plan carefully, so that our community members, investors, and miners can maximize their benefits.
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.
Secondly, the economic model design of Crust will be more friendly. Crust proposed GPOS, all nodes do not need to buy tokens for pre-mortgage before mining. Nodes can accept tokens from other CRU holders, and then share the income for the holders. Therefore, CRU holders can also participate in mining and earn profits by guaranteeing other nodes. In addition, the mining revenue of Crust does not need to be unlocked when withdrawing, it can be withdrawn directly.”
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.
The second GPOS, compared to traditional POS, we have added the role of guarantor. Nodes need to stake tokens on the chain before mining. The amount of staking is capped, and the upper staking limit depends on the amount of storage space it provides. The more the storage space provided, the higher the staking limit. The higher the staking amount, the higher the reward. The staking amount of the node does not need to be purchased by itself, the node can accept guarantees from other holders, and then divide the income for the holders.
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)
So what role does TEE play in the proof mechanism? There are mainly three:
1. Verify the workload of the node, because it is a hardware-level technology and is used by almost all mainstream vendors, so we can think that the workload report obtained by TEE is credible.
2. The next step of verification is to report to the chain to complete the “proof” action
3. The third function, TEE can also play a role in protection of files. After the user’s file is stored on the node’s hard disk, the TEE module can help ensure that the file is not read or tampered with by the node.
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?
Youan ZHANG: Korean market is in our plan, but now you can just follow us on twitter or medium. This one is our naver with few info: firstname.lastname@example.org
@anhqsa: Can you tell more about Profit Ark or not. It is not different from the other net test.
Youan ZHANG: https://medium.com/crustnetwork/profit-ark-comes-to-an-end-and-crust-preview-network-to-launch-soon-69da132a401b?source=friends_link&sk=ed91bb84823def46d2090388ca5fc03a
@sweetcake654: What can we expect to see from this project in the short-term 2021 and beyond (long-term goals)?
Youan ZHANG: Our storage function will be launched on the maxwell testnet in February, when everyone can use Crust to save files. In the long run, if Crust can be applied smoothly, its market value will surpass traditional storage service providers, because we are cheaper, faster, and more secure.
@ItsTripleA: What is $ CRU token used for? How can I get $ CRU token? What are the benefits of holding $ CRU token?
Youan ZHANG: $CRU can be used to store files on the crus network, and it is also necessary to pledge cru when miners are mining. You can buy cru at hotbit or participate in our mining activities.
@zepsiu: What is Crust fairness and transparency? What technology of Crust helps ensure fairness and transparency for users?
Youan ZHANG: Our code is open source（https://github.com/crustio）. We use TEE technology to help encrypt and protect files.
@setup2s: How many vaIidators does the Crust Network network need to ensure a high IeveI of decentraIization and network security? How many vaIidators do you pIan to reach by the end of 2021?
Youan ZHANG: In the first phase of our test network that we just finished, there are more than 1,000 validators. His number will be determined according to the capacity and stability of the network.
@cryptolover1010: What computing methods does CRUST use to safeguard the privacy and integrity of its users’ data?
Youan ZHANG: TEE.
@xiaoke_ai: What are some of the major achievements that the CRUST project has achieved and what milestones are planned in the upcoming months/years?
Youan ZHANG: We are gonna start Maxwell preview network on Feb 4th, and we are going to get involve in the Polkadot slot auction.
@coberbrunner: I See Crust Network have have some good partnershipthat’s really impressive to me as e investor. What is the value of this partnership? What new developments we can see in upcoming days?
Youan ZHANG: They helped us in marketing and many business cooperation, and might help us win the slot auction.
@owillms: Why do you think $ CRU token is necessary for your project? What is the main role of $ CRU in your project? What are the benefits of holding $ CRU in short and long-term?
Youan ZHANG: https://crust-data.oss-cn-shanghai.aliyuncs.com/crust-home/whitepapers/ecowhitepaper_en.pdf
Daisy Lee: If you want to know more about Crust Network or have more questions about Crust Network, please check Crust Network’s website and community links here.
We also have CRU investment products on Hotbit with high AY over 50%. If you are interested, you can check↩
Hotbit's Announcement Regarding the Launch of CRU Investment product on February 3rd, 2021 UTC
Hotbit is scheduled to launch CRU Investment product on February 3rd, 2021 UTC. CRU POS Fund Investment product will be…