On June 22, 2021, at 19:00 (UTC+8), ChainTalkTalk hosted a live AMA featuring Youan, Marketing Representative of Crust Network, titled "How Kusama Slot Auction’s Star Storage Project Crust Network Helps You Monetize Data!" Moderated by Sakura XiaoYing, the session delivered cutting-edge insights into decentralized storage via Mars Finance’s video platform.
What Is Crust Network?
Crust Network is a decentralized storage solution built on IPFS and integrated into the Polkadot ecosystem. Key milestones include:
- Participation in Substrate Builders Program & Web3.0 Bootcamp.
- Recipient of Web3 Foundation Grant.
- Supports multi-protocol storage layers (e.g., IPFS) and offers APIs for dApps.
"Unlike traditional cloud providers with centralized servers, Crust uses a ‘sharing economy’ model. Nodes worldwide provide storage, while our blockchain acts as a bridge—ensuring security, affordability, and data sovereignty." — Youan
Current Progress
- Testnet Launched: November 30, 2020.
- Maxwell Preview Network: Live since February 4, 2021, with 638PB total node capacity.
- Mainnet: Planned post-Polkadot parachain auction.
Kusama Parachain Auction: Crust’s Strategy
Why Polkadot?
Polkadot’s heterogeneous multi-chain ecosystem solves interoperability issues plaguing isolated blockchains (e.g., high Ethereum gas fees). Crust leverages:
- Substrate framework for seamless upgrades.
- On-chain governance for decentralized decision-making.
Crowdloan Rewards
Crust aims to raise 1M KSM for its parachain bid, offering:
90,000 CRU + 18M CSM in total rewards.
- Weekly Payouts: 0.07 CRU + 14 CSM per 1 KSM during the auction.
- Success Bonus: 1.5 CRU + 300 CSM per 1 KSM (30% upfront, 10% per lease period).
- Estimated APR: 25%.
Real-World Use Cases & Adoption
Live Applications
- DeFi Platforms: Uniswap, Sushiswap, Compound.
- NFT Storage: Secure hosting for digital assets.
Consumer Tools:
- Decoo.io: File-sharing app.
- Socbay.io: Video platform.
"Data Monetization" Campaign (June 2021)
- Users store files → Generate data power → Stake CSM to earn CRU.
- Rewards: 54,000 CRU distributed over 180 days.
- Free Storage: Available for GitHub accounts (6+ months old).
FAQs
1. How does Crust differ from Filecoin?
While both incentivize IPFS nodes, Crust uses TEE proofs for efficiency and integrates Polkadot’s NPoS model with guarantor roles.
2. Can I earn CSM without joining the Crowdloan?
Yes! Crust distributed 9M CSM via a CoinMarketCap airdrop.
3. What’s Crust’s long-term vision?
To become the backbone of Web3’s decentralized cloud, prioritizing privacy, interoperability, and user-owned data.
4. How do nodes benefit?
Providers earn block rewards and storage fees, with mechanisms to prevent malicious actors.
Final Notes
Crust exemplifies usable decentralized storage, merging Polkadot’s tech with practical applications. For developers, Crust Grants offer up to $30K to build atop its protocol.
ChainTalkTalk is a blockchain marketing hub, having hosted 100+ AMAs with industry leaders.