Decentralized Storage Market Launches on Crust Network

Decentralized Storage Market Launches on Crust Network press release

PRESS RELEASE. Decentralized storage is a crucial infrastructure in the technical field. With the Filecoin mainnet launch in October of 2020, Filecoin and IPFS are now leading the decentralized storage field. One of the star projects of the IPFS/Polkadot ecosystem, Crust Network proposes to implement key concepts of Filecoin based on the Substrate technical framework within the Polkadot ecosystem, and also address several design and technical issues of Filecoin.

After several rounds of internal testing, Crust Network has launched its Decentralized Storage Market on Crust Apps and opened storage functions to users for public testing from the end of February.

Crust Preview Network, Apps and DSM

Based on the Substrate and PolkadotJS stack, Crust is building a decentralized storage network. Crust uses IPFS as the underlying data storage, retrieval and exchange protocol, and includes layered solutions on storage proof, PoS-derived consensus, storage market and storage applications.

The Crust Maxwell Preview Network was officially launched on February 4th, 2021. As a preview network, Maxwell implements all of the core mechanisms of Crust, including token staking, Decentralized Storage Market (DSM), and file retrieval. Maxwell runs in a real economic system, and participants can lock and claim their CRU (ERC20) tokens to the Maxwell network for staking, storage and file retrieval from Maxwell. The mining revenue in Maxwell is earned by nodes, which can be claimed back to the Ethereum network. More information is available on the Crust Wiki.

At time of writing, according to the Polkadot telemetry, over 1,200 nodes from around the world have provided over 100 PB of storage capacity as part of the Maxwell Preview Network.

“We’ve allocated a total of 540,000 CRU in rewards for users that participate in the Preview Network, and users can store and retrieve files, stake CRU, or run storage mining directly via our App“, explained Crust CEO Bova Chen.

The Crust DSM (Decentralized Storage Market) is part of the Crust App, and allows storage users to place storage orders on the chain. The files specified in a particular storage order will be stored and retrieved by nodes in the Crust Network. Crust users can directly store and retrieve their files through this system.

Bova gave an example of hosting a website in one click via Crust Apps, streamlining the process of using decentralized website hosting. Hosting a website through Crust allows greater flexibility in bandwidth requirements, and eliminating the need and risk of purchasing servers or bandwidth from traditional providers.

“Now that Crust Apps has launched on Crust, more developers will join us. The storage tab of the Apps Wallet is a good sample of demonstrating how to use the storage network. The development community can refer to it and build their own storage applications”, said Bova.

Besides the DSM App, Crust will release the DSM SDK/API to the public in the middle of March. In addition, Crust will also set more incentives to encourage developers to join and use the Crust SDK/API to develop upper layer storage related applications in the blooming Web3 era of storage services.

The Crust Journey

The Crust project was launched in 2018.

After long term development, Crust Network successively joined the Substrate Builders Program and Web3.0 Bootcamp, and also won the Web3 Foundation Grant.

In September 2020, Crust finished it’s Round A financing with NGC Ventures, SNZ, HashCIB, DFG, KNS Group and AU21 Capital.

From November 2020 to January 2021, Crust has successfully launched its incentivized open test net, “Profit Ark” , with 320,000 CRU tokens awarded to storage nodes widely distributed in Europe, Asia and North America.

Crust has connected to the Rococo parachain testnet.

Crust Network

CRUST provides a decentralized storage network for the Web3 ecosystem. Crust supports multiple storage layer protocols such as IPFS, and exposes storage interfaces to the application layer. Crust’s technical stack is also capable of supporting a decentralized computing layer, and is designed to build a decentralized cloud ecosystem that values data privacy and ownership.

Timeline of Crust Network: 2020 Q4: Incentivized Open TestNet. 2021 Q1: MainNet launch. Crust will join the parachain slot auction. 2021 Q2: Product goes to market, Crust API/SDK open for use.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Goldman Sachs Brings Back Bitcoin Trading Desk as the Firm Sees Crypto Market Becoming More Mature FINANCE | 45 mins ago Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says "Resurgent Mood In the Air" MARKET UPDATES | 8 hours ago Tags in this story Crust Network

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