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Crust Network Launches Crust Storage Market, Decentralized Cloud Service Built on Polkadot

Crust Network Launches Crust Storage Market, Decentralized Cloud Service Built on Polkadot

December 31, 2020 8:18 am,

PRESS RELEASE. One of the star projects of the emerging Polkadot ecosystem, Crust Network, recently completed a several million dollar Series A financing round in September, with investors including NGC Ventures, SNZ, HashCIB, DFG, KNS Group and AU21 Capital. In 2020, Crust Network joined the Substrate Builders Program, and won a grant from the Web3 Foundation.

In one of the key stages of Crust Network launching decentralized cloud services to users worldwide, Crust has revealed more details about their Storage Market design, a network storage resource trading market that allows storage resource providers and storage resource users to transact in an open market. In order to promote the Crust Storage Market, the CSM token is being given to community members that provide liquidity on UniSwap and through other community activities. In the future, Crust plans to implement other cloud services, such as decentralized cloud computing, which will also be bought and sold through Crust Service Market.

In preparation for mainnet launch via Polkadot parachain, Crust Network launched their CC2 Maxwell testnet and “Profit Ark I & II” incentivized testnet.
The “Profit Ark I” testmet launched on November 30th and is scheduled to run for 50 days. 320,000 CRU tokens, worth approximately $1.4 million dollars, is planned to be awarded to all testnet participants. At time of writing, over 740 nodes in regions around the world have provided 40 PB of data storage as a part of “Profit Ark I”.

According to the Polkadot telemetry, the number of Crust Maxwell CC2 nodes already exceed that of Polkadot and Kusama, with storage nodes widely distributed in Europe, Asia and North America.

For the “Profit Ark II” testnet, the Crust team plans to run through the full functionality of it’s network, including staking, guarantee nodes, and other functions.

Parachain Auctions

According to news from the first edition of Polkadot Decoded on December 3rd, the parachain slot function may launch in February 2021. By that time, Crust will release a detailed roadmap about their plans to join both Kusama and Polkadot auctions. Based on the Crust whitepaper, “around 40% of the ecological development budget was planned for slot auctions and related expenses”, according to Crust CEO Bova Chen.

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About 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. CRUST is designed to build a decentralized cloud ecosystem that values data privacy and ownership.

Website: crust.network

Email: crustnetwork@gmail.com

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