Decentralized STORAGE - next BIG trend? - Featuring CRUST

going live guys so hey guys and welcome back to box mining i'm actually really excited today to bring you a very different topic that we haven't covered too much on this channel but it's actually very important so we're talking about decentralized storage and this narrative is getting super hot in china right now especially with the rise of file coin and storage today we have crust network that's doing something very very different actually funny story with this how this all started we were introduced and i asked some really technical questions and they answered it super well and i wanted to bring some of the intelligence to you guys so you guys are aware of the developments in the decentralized storage space especially with what crust network is doing and the whole ecosystem this is one of the biggest applications of blockchain technology as well is basically rivaling data storage for the whole internet and i think this is something that it's also going to push towards web3 as well so today we have a really cool interview with someone with a lot of insight we have leo wang the co-founder of crust network and everyone's thinking like crust as in pie crust but crust is uh hey leo leo and the crust network is about brain decentralized storage and eventually even computation so let's um give a quick introduction to leo as well let me actually just make sure that the screen's a little bit bigger here so i guess since it's the first time can you give a little introduction to yourself how you got started in this space sure hi guys uh well it's my first first time on this channel i'll give you like a very quick introduction of myself so uh this is leo one and i am the co-founder of crust network and my responsibility is to lead all the technologies and products of crust network so that's for me as for my background actually it's pretty kind of like a it's kind of interesting like previously i was working in microsoft and then in cisco so when i was in cisco i'm doing all the um i mean managing all the data for the factories so as you all may aware that you know factories are over the world like distributed right we got a big center in the in china we got a big center in uh in south asia things like that we got a lot of data to to be exchanged between partners right so that is the background and then at that time that was like six years ago and we started a blockchain based project it's it's essentially to manage all the data i mean from the product lines from the factories all over the world to connect all the information and then exchange all the data exchange all metadata on the blockchain so that's how i get started in this area so basically you know decentralized um storage and the blockchain so um and after that project i decided to you know move on and see if we can make a like a public chain try to solve all the you know common problems so that's my background thank you okay cool and i think okay so so let me just get some of the angles right i mean how the the decentralized storage space i mean why does this need to be a decentralized storage i mean why can't this be done in a centralized fashion i mean there's already a lot of companies doing this what's the specialty of decentralized yeah uh there are typically two angles of looking to this so if you look at it so first first of all uh if you talk about decentralized it's kind of uh you know it's not 100 to you know like the distributed distributed means uh geographic like uh like uh all the data all the things are distributed from physically right that's from a geographic point of view but decentralized means kind of you know more uh entity like if there's a centralized entity to running all the uh business and things like that so if you look at my the project i just mentioned like all the uh data all over the world so there are two typical questions so the first one first question is how to manage all the data distributed right that that's the first one like that is from more from the technical side and from the the business side is that all the data is owned actually owned by different partners and the factories so they don't actually essentially they don't trust each other right and uh they need to like a kind of something to provide all the trust mechanism to manage all the stuff so basically one is to manage data distributed and the second is to manage the trust decentralized decentralized so that is a basic two different angles of looking at this okay so you're managing data and you're managing trust right but technically in the corporate world a centralized entity provides that so whether it's like amazon like you try to trust amazon and they can't pass it through the partners or whatnot um do you really need decentralized trust i mean the thing is with centralized trust on this i'm gonna play the devil's advocate i'll be the i'll be the bad guy here and say you know centralization and be on a centralized front i mean a lot of people were telling me that these big companies big corporate entities they want someone to blame as well so if there was a fault in the trust line now they can go directly and sue amazon and amazon obviously has a lot of cash so they can probably get a lot of money if there was a data breach so yet again why should we do this in a decentralized fashion when centralized seems to be providing the the current solution and it's not broken yeah i mean still there are two angles looking at this so if you look at from the personal usage or personal use case uh angle so like for example people are using iCloud and store all the personal information and all the privacy data onto the cloud right but if you look at if you go to google and see all the news then you will discover that from time to time you will see news coming out like you know iCloud gets data leaked and things like that and nobody is going to guarantee like 100% your data is fully protected right that's already happening iCloud that's happening aws as well so what is the benefit of using a decentralized cloud is that you can make sure because the whole i mean the whole network and the whole set and the whole technique technical are open source and people should be able to audit everything right and with that transparency then when when you store like your private data or you know privacy onto that cloud then you should be able to uh you know you take the responsibility and you you get the benefit of all these other things so you know it's not like a enterprise running cloud and you know basically you cannot inspect everything so you got all the transparency you got it auditable right so that is from the personal perspective and then if you look at the business use cases that's still very typical like especially for big enterprises they usually don't store their crucial data for example in cisco we don't store our manufacturing data uh onto the public cloud right but there's a chance if they are running their own node of blockchain then then they should be able to um you know manage that they get part of the governance of the network right so they should be able to put the the data onto the decentralized decentralized cloud network yeah that's a different angle yeah and actually that's all from a traditional user of traditional cloud services point of view and if you look at from a depth requirement like the d application so if you from look at from that point of view for example there are a lot of dApps that requires decentralized storage for example like a nft and you know there are some some other d5 applications as well it's pretty hot and if you want to choose a storage space to uh solution to store all the nft images videos information things like that you don't want that to be controlled or you know you want you want to make sure that the whole thing is on the decentralized cloud storage right another example is that there are also some dApps doing social media for example recently we have announced a partnership with macbook they are essentially doing like you can post some social media and content on the facebook which is basically hidden behind all the emojis right and uh if they i mean that's a that's the demand of the this where we demand like a decentralized storage you don't want that data to be owned by the uh you know uh traditional cloud centralized cloud service provider things like that okay so i think something that's interesting here is obviously you're saying that decentralized is more open source is more transparent and more secure which is actually very interesting right because you think about it i mean when you're when and you give the example of icloud i use icloud i use google photos and um obviously i take a lot of photos and this it gets auto uploaded automatically to google so i'm hoping of course pre that google doesn't leak my photos or apple icloud doesn't leak my photos but here in another case when you're talking about moving from centralized decentralized decentralized not only are you moving from to a centralized provider but you're you're putting that data public how do you ensure that this data is secure that because it's now you know you put it onto this decentralized cloud and there are various hosts around the world you don't even know who they are right how can you even make sure that i can trust them and that your data is private yeah so the key here is that you should able to inspect the whole thing and the whole thing is actually you know can be guarded by the code for example i'll give you one very uh concrete example like right now there's a big cloud provider service provider in china called ariyun i think people know about it right it's big and recently they announced their blockchain solutions and all and also they announced that they are like all the financial services called the and so uh my teaching for and and golden services things like that they are running the whole thing on their ad cloud but the key thing here is all the all the other financials like especially for the big financial companies they are afraid of uh they're kind of uh they have a concern like their data be stolen by or leaked on the uh alien cloud right so what they are going to do right now is that they are going to they already claim that they support like key trusted execution environment in their server so any data that is uploaded to the server can be secured by the key environment so that's what they recently recently announced but the key point here is you never have a way to prove that right like they declare that okay my my server in our cloud supports uh supports the uh te and your data will be secured by in the key environment but you you don't have a way to prove that but in blockchain like especially in cross network you do have a way to prove that because if they if a server provider i mean if a node does not have a te and they don't doesn't follow all the protocols then the network is going to detect that out and punish whatever whatever they do especially you know do evil so that's the transparency we are talking about here yeah okay that's interesting because like um it's all about technologies that's built up over the years so you talked about te which is trusted ex-computable environment so there's it's a hardware level protection to ensure that the distance data that gets onto servers and computers are not tampered with so basically with a open source network like this you can verify every step so if you're if you're essentially technically minded and you can go and verify it from the source that all the steps and procedures are secure then you can ensure that you're also that your data is secure so you kind of it's actually quite interesting you're bringing up some issues that's already happening in china and we also have around the world like so in china there's data privacy issues and i think even the corporate espionage is quite strong there right tencent versus uh chi hu 360 we saw that big debacle over there where the corporations do not trust each other at all and we see that a little bit with kind of the apple versus microsoft versus google type of thing but i think it's actually much stronger in china where corporate espionage is um is more present so in that case people can trust this a little bit more because actually not a little bit more but a lot more because you can verify that all the providers are there so how does this even set up so you're talking about so anyone around the world can join this network and provide storage data etc how does that actually work right now uh so we actually have have published our technical steps on our website and also have a detailed description in the white paper but i'm give you like giving you a very short introduction like uh we built our technical step in three years so the very bottom one is to make sure you have the right hardware which is essentially a hardware that equips with the t environment so that's we call it mpw meaningful proof of work that's just basically to prove that uh you got you got it and when you repair you store the data security uh you really have done it so that's the first layer and then the second layer is on top of the substrate the whole i mean polka dot with uh blockchain technology so we we build a chain on top of that and then on the very uh upper side we got the decentralized storage market which essentially allows your node to accept you know uh storage orders from the market so that you can get the storage market income right so that's the technical stack so basically we have already published that technical stack and we also published a hardware requirement or specification of you know what kind of machine you can train the test network so with that uh specification and follow our guide on the uh our website like you know how to enter our mac2l testnet then you should be able to enter the testnet okay i'll give you a quick question then so let's say let's say i have a computer right here actually i actually do have one one i catch you bring up on the table uh let's say i have like say um eight terabytes of storage i have uh a like current generation intel cpu does that can that run on quest network yes definitely you can actually i'm using a macbook right now to do this uh like so and even with this mac macbook uh you know uh it's the cpu is intel i think it's i7 or something like that it's already built in with all the team environment so technically it's already it already qualifies uh uh you know all the criteria that yeah you can join to uh to mining or provide the storage services the only thing that needs to be noted is that because we are running like a pos or polka dot like uh pos mechanism so we do have a like um you know uh you you do need to maintain a certain level of network with connectivity otherwise you maybe get punished if you want to be a validator right got it i mean if you just want to yeah if you just want to provide a storage service or you know storage resource that should be okay so so technically speaking even this laptop so i'm not even talking about desktop so even this laptop right here um yeah so if it's current generation you got an intel processor in there boom that can provide oh yeah there we go yeah um so you can provide storage network so if you're not using some of your storage or computers online all the time then you can provide storage to the network so i guess that's the power of all this right this is the dream right so instead of kind of like mining with hardware and wasting that you're essentially mining with your extra excess storage on your computer and you're earning rewards now you talked about three layers there so one is the hardware layer just basically having a modern laptop and then of course you have the blockchain layer which is polka dot and i really want to explore this with you as well and this is one of the key reasons why i was uh i'm super interested in this project too because polka dot um i should want to hear some of the experiences of building on polka dot but also the last thing is the marketplace so in that case how much money do you expect that i can make from this i mean i think this is the key point here i mean if everyone has their computer and they want to turn it on can they expect to make a good income what are kind of the rates almost or is that too early to tell right right uh i think people are that that is the biggest thing people want to hear right yeah i mean can i make money exactly exactly like like can i make money sure sure i care about it too so yeah i mean from a market point of view there are so if you uh how do how do i make it so there are two typical phases and there's a transition between the two phases right so um right now because it is a very very early stage and the require i mean because the technical is not very mature yet and the market requirements is not very like you know it's not very big or very strong so at this stage all the income of mining should be mostly come from the uh like the uh uh how does the inflation right the block blockchain reward and so basically it's incentive based it's not like a market income based right it's not contract based so that is the phase one and then after like you know with the technology be developed and the market market being better and you know people see it people know it know about it then people starting to use it then there will be a much bigger requirements driven trend right so with that in mind we we are expecting like a transition from the incentive based network to a contract based network but we cannot say you know how how that process is going to be like you know two years three years we don't know but we are expecting like uh in two or three years yeah because we already see a lot of uh demand from the uh depth right as i just mentioned so so from we can start from that area and recently we spend a lot of uh time and energy looking for like ecosystem partners to try to i uh to locate all the to discover all the strong requirements so that you know you know we can start from yeah yeah cool cool yeah and i've done this in the past it's actually kind of interesting i mean i i told you guys on the channel a little bit but you know i was involved in storage a little bit i actually have a storage node active right now and it's been running roughly for six months generates a little bit of income it's not going to be groundbreaking but it actually generates i think for me around twenty dollars so hopefully you can just target for that or whatnot for the average user but okay so so this is the question so you know we this this is this is a new field right so this idea of decentralized storage we have you know the ipfs and then now we also have filecoin and we also now uh with you guys the cross network so uh two questions right so one it's been around before um how do we get even more adoption right i think that's one question and then the second question the lead up question is how do you compete with all the other things especially with something like filecoin come into play yeah so uh that's a very good question actually so so i think we can look into that question from a market position point of view right so uh if you ask me uh we are not like they are not uh competitors of cross network uh we do see a bunch of other decentralized storage solutions uh built on top of blockchain but from my point of view they target different users or you know they have different market positions of positioning so for example you talk about like the um there are a lot of projects like one being you know there are all the projects like filecoin and storej there are new projects like our wave which is to do all the permanent permanent storage right and we got the hottest one which is filecoin so we got a bunch of other projects so if i look uh i i choose filecoin to make a like a small quick comparison right so if you look at the filecoin filecoin is pos i mean their um uh what their mechanism is kind of built on the zero knowledge calculation um proof right and in order to run that algorithm you need a like a higher configuration of hardware for example you need a typically you need a higher configuration of gpu you need a higher configuration of cpu and then network resources so that's kind of like more expensive and target higher end right that's from that part of view and the other thing is that if you look at the privacy point uh part so across network is more like a privacy targeted because or privacy oriented because we do have a t running on the all the nodes so basically people all the users that uses cross network they don't have to take the responsibility of doing all the data encryption and managing all the data encryption encryption keys by themselves they can be done on the server side or on the network side right so from a market point of view it's more like a privacy data or private data oriented so the one difference is we are kind of like uh cheaper and uh you know more distributed and more private oriented so that's from a market point of view and another angle is that if you look at the polka dot ecosystem so cross is going to be launched as a parachain of polka dot so that gives us a lot of benefits like for example uh if we if people or the users want to use a stable coin to pay for the decentralized sorry services then when uh they should be able to use like usdp or maybe a usd or whatever stable coins available in the polka dot ecosystem right and furthermore if we want to make more interoperability between that d applications for example if the storage contracts get lost or you know it get a failure or or exceeding a period then we should be able to send out a message across the chain to other apps as well so that makes a lot of uh so that basically provides a highly interoperability of the whole web3 ecosystem so that is the interesting yeah i think it's actually quite interesting because i'm actually following up on chat as well so we have liberty entrust is isn't golem and seacoin doing this already and we also have a few comments about storage j it's actually very interesting how um the projects are very different like the people the projects that we're kind of exposed to like east versus west etc are very different so obviously file coin is the biggest like kind of the biggest storage competitor and i think it's one of those things that it hasn't really hit out in the west yet but in the east right um and it raised a lot of capital and being the guys behind ipfs um the new narrative is coming out for decentralized storage in china so is that the case right now like in china it's super hot everyone's talking about file coin already is that is that kind of the hype wave coming on yeah i think there are three ways in china if you're talking about that on the storage project uh trend uh so the first wave is like two years ago when uh file coin first you know gets published and people are you know buying all the hard disk and buying all the mining machines and things like that right that's three years about two or three years ago that's why and then after that because uh uh file coins mainnet is not uh you know launched yet right but they already yeah they already purchased all the devices and hardware so there are a lot of costs so there are a second wave which is the poc approval of capacity so that one people is it doesn't allow people to store any meaningful data into the uh hard disk right it's just a mining kind of pure mining but still we got a lot of uh poc based projects which actually consumes a lot of uh hard disk and you know uh hardware yeah so so it's burst coin we just had jake we just had jake talk about burst coin i think burst coin is a proof of capacity coin right i think that's a it doesn't actually store data but it proves that if so long as you have hard disk space then you can start mining the coin right yes yes yeah so that's the second wave so yeah that's the second wave so i mean after those two two waves we started a lot of existing mining devices i data centers and hard disk available in china mining market so that's the current status so now uh this year like fire coins definitely uh be launched soon right and so that starts the uh third wave like people are starting focusing or pay a lot of attention to the decentralized storage space so i mean from a market the supply point of view we already we did a like a very deep uh survey in china market so there are a lot of miners and definitely you know um i mean the supply is definitely uh very big yeah that's actually very interesting so it's just like the whole the whole trend thing throughout the year so everyone identified that being able to share data is important so that's why kind of the file coin raised a lot of money i mean we i saw the file coin events and i was just like blown away this is like crazy right so they raised a lot of money in china and hong kong everywhere in in asia but they didn't really raise that much in the west so that's why it hasn't pressed the west yet and i think it's like it's almost like the polka dot story right they raised a lot of money in china and in the east and i got pushed again to the west right so we're gonna see that wave very soon because polka dot uh but not polka dot because fog coin raised a lot but it's actually also interesting because people got so excited for it during the race in 2017 everyone bought the hardware then because they had the hardware nothing to mine they jumped to to proof of capacity and then now they're back on to mining uh or not mining or providing storage and we saw a lot of movements for this already um storage j or storage um that actually moved quite a lot so you know i was mining it slowly most of last year um or not last year it's like last year and i stopped and i started started again and then you saw the price of storage a rising up right so i think that's actually very interesting so now the whole decentralized storage narrative is coming through now we have a good question from angela wang she says okay so look you you you want to be uh file coin you want to be on the top of this how how how can you actually so you talked about privacy versus file coin but you know how can you really push this adoption forward uh adoption forward you mean how do we uh you're talking about the marketing plan and uh especially from like who would you who would you be the first users of this and then like okay so we okay so we actually we are doing two things in parallel like right now so the first one is we are building uh one of our first applications called cross the cloud which is essentially it's not a protocol it's not a network it's an application uh running on desktop and cell phone right so that one is more like a decentralized version of icloud or decentralized version of the child box so essentially it allows you to upload your own file and you know data onto that so that can be used to demonstrate what the cross network is capable of right and within this called uh cross the cloud application we do have a feature named um uh uh security storage space so when you see that then uh any data that's stored in the security storage space can be proved to be stored in the te environment so that's why we can show show you know our user that your data is secure right so that's the first thing we are doing and the second thing we are doing is that uh during the process of building the cross the cloud application we have created the like a sdk uh used for you know or a gateway which can be utilized by other depths so we are talking to several other depths uh developers including uh the one i just mentioned the math book and the web3 analytics and you know um we are inviting them to join our next phase of testnet so that they could have a test and then they can start building their storage um scenarios on top of our gateway so because you know they are adapt so they care about all the privacy and decentralized uh thing right so that's the two different angles we are doing right now okay so consumer app and also the depth side cool so so yeah optimistically speaking people can just download the start storing the data run it on a decent um it's basically it's running on the cross network already so it's um once the mainnet is deployed right so um something that's actually quite interesting as well is polka dot right you guys are building on your own power chain what's the experience of that like um building on polka dot why do you choose polka dot over something like ethereum or making your own chain etc yeah actually uh we made a lot of debates like uh because we started this project like two one and a half years ago and at that time we don't uh we do have much many choices like for example ethereum you just mentioned uh and definitely cosmos uh tenermy right so we we got a lot of options but you know we finally choose uh and and also near uh by the way but anyway we finally decided to continue on with the polka dots because of two things so why is from the technical point of view is like we need a very we need we need a highly customized um blockchain not just a smart contract right so if you look at our technical stack it's pretty complicated there are a lot of modules and components and interact interaction so those things cannot be implemented as smart contracts in ethereum so we need we definitely need a change so that's why from a technical point of view and also if you look at uh look at all the performance and tps because we are going to uh do a storage market and there are going to be a lot of orders being placed on so we definitely need a higher level of tps requirement so that's also i mean eth 2.0 is definitely uh good could be better but right now we don't have much choice so that's from a technical point of view and certainly we got a lot of we actually have reached out to um like for example ethereum uh cosmos near and polka dot web3 foundation those entities so uh i mean we got most support from the web3 foundation and also the parity technology from you know both marketing point of view and technical point of view we got a lot of support so finally we decided to go with polka dot yeah got it so now polka dot story is coming through the polka dot ecosystem is coming through and polka dot that's coming through throughout definitely want to hear a little bit more about polka dot i think it's one of the most requested topics now on my channel like talk about polka dot every day now uh which is kind of interesting so okay so it's developing polka dot now where when is your mainnet launching uh when can we see some products like this um so talking about timeline so uh we actually um we got like two uh big milestones uh actually it's three three milestones we already passed the first one so the first milestone is supposed to be in this month we actually already hit this milestone which is our uh test net version two we call it uh maxwell cc2 that's our test net and within this test net all the block generation is pretty stable and people are free to enter join and people are able to see uh all our information on different channels like for example the subscan and the telemetry right so that is the first milestone and but with this uh in this milestone stone we don't have any like incentive or reward for our external miners so that's why first milestone and then the second milestone is supposed to be by end of october so at that time we are going to launch our next version which we call the maxwell 2.0 and within that network we will extend the amount of our verifiers uh and invite a lot of external miners to join the test net so and definitely we will it's an incentive based test net so we will give a lot of uh um rewards based on the resource they have provided based on the usage storage usage things like that so that's the second milestone and then the last milestone will be by end of december so so we uh right now supposedly we are going to launch our minute by end of december so that is three big milestone from now on yeah okay so um to simplify that a little bit so you have three milestones okay so if i if i want to provide storage to the network i want to make a little bit of money on the side make a little bit of trust yeah uh which milestone do you can i expect to be able to run that on neither this mac or uh one of my servers down there uh what would that be uh the second milestone yeah second milestone so second milestone that's when um i can expect to be able to provide storage space earn a little bit of um currency on the side and start being to provide that data okay how about for something like uh for consumer side when when can they expect to have a consumer software almost like you said you have a uh almost like a cloud-based personal app like iCloud on your phone when can they expect to see that actually uh by end of this week uh by end of this month i'm sorry we will publish the uh very first version we call it a demo version but it's usable of our cluster cloud to the community so that people can start using but the the thing is that uh because it's based on the testnet i mean the storage resources based on a testnet so uh the supply the total supply would be limited uh people can like yeah so we don't expect people to store a lot of uh meaningful data on it but at least it's a test it's a test it's a test yeah got it it's a data so you can test it and use it but don't expect to archive your your grandma's photos or you know something that's uh super valuable okay so in that sense as well definitely you guys have a token can you tell me what's a token use case for okay so uh we do have a medium article on the um about the token metrics but i can talk a little bit here so we typically we categorize our token usage into three categories so one is uh regarding on the chain and second is on the storage market and third is on the governance so if i'm going to break it down like for the chain there are three typical use cases so the first one definitely very basic like transition fee things like that right that's one transaction fee uh and then second one is you can use the cru token to guarantee or vote to other we call the call the whole process like the guarantee process right that's the uh second one and then the third one is pretty big is for staking right because the way of cos consensus so that's the three major use cases of the first category on chain and then the second category is our storage market so basically two use cases like if you are um if you are like a storage user you should be able to use cru tokens to pay for the storage services that's one and then if you are storage merchant and you know in order to provide all the storage resources out to provide a service you need to make a pledge so you know using the um cru token so that's that's for the second category and then for the governance it's pretty much the same as the polka dot or kusama we do have the you know like the council and the tech committee and things like that so yeah that's really true okay so so when can we expect to see the token then so if the community if our community wants to get involved uh when can we see or use this token yeah as i mentioned we just uh we we just published the article on medium including all the detailed information on the token distribution but uh to some like you know in the past two months we did the first round of the private sale uh for like a uh total two million cru so that's for the past month and going forward like we have reserved a certain amount of uh tokens for uh you know several activities like one is the auction activity uh actually it's going on right now ongoing that's one and then secondly we will provide uh we will uh reserve some tokens for the sets and uh you know tax liquidity uh acceleration so uh that's the second one and then thirdly we will reserve some for um the uh on board ecosystem partners as well i mean all the detailed metrics available on the on the medium and i know i i do see people are complaining like a lot yesterday or the day before yesterday in the telegram group like you know we made the we made the metrics pretty rough so like yesterday we made all the detailed information on the token metrics so i mean anyone can go to that and see all the details so the details details are on telegram and you can get the data on there so um kind of interesting so you said a few things so one is that there's an auction ongoing so how do people get involved in that uh we do have a we are going to first of all we are going to do that on the bounce platform and we do have a like a guideline or the steps of you know how they are going to do it essentially they need to make a bid and using using eth uh things like that yeah is a blind bid or is it is it a is a blind bid or is it uh uh a buying bid does this mode we actually just discussed bounce like two days ago on this platform yeah yeah yeah how about that maybe i'll pass to my uh to our marketing marketing manager to uh uh describe all the details of the bidding is that okay sure of course yeah sure sure sure yeah yeah yeah because i know people are you know they care about it so yeah yeah obviously obviously in crypto we care about all these tokens oh my god it's hilarious so hey how's it going great great great great great yeah not too bad yeah so so so yeah let's let's fill me in on this token details and and your bounce launch uh sure uh yeah so we'll be launching on bounce uh friday around 10 pm uh hong kong time it depends where you are in the world uh for your local time uh and there'll be three pools so pool one will last for 30 minutes and then you make a bid in eth equivalent so for example one eth equals 100 cru uh so that will be your bid that will be your bid and then the high uh obviously in each pool there's i believe 40 000 40 000 and 20 000 cru there's 100 000 available uh and then at the end of the 30 minute time the smart contract will execute and the highest bidder will then get their allocation then you know the second highest bidder and so on until all uh cru from that pool are are claimed by uh the smart contract so yeah it's not yeah why three why three pools though that sounds very complicated uh yeah i'm not too sure to be honest i think it's uh you know people can try and see how the first pool goes they have 30 minutes and then after that one finishes i guess then you know the second pool and the third pool happen you know it's going to happen over an hour and a half so i think it gives a little bit more time for people to kind of uh figure out the platform if they have any issues will be online on telegram to answer any questions and things like that got it got it got it so it's like one two three and then you can figure it out um and you can get some part of cross so after that so will cross be at erc20 token to be listed etc how does that work yeah that's right so uh crust will be erc20 for now um so you know people will will have it uh once the pool is finished then they'll be able to claim it uh into their uh wallet you know when using metamask or or whatever they use uh and then we'll be listing on a dex and centralized exchange over the next few weeks or months i mean i can't really say too much uh you know i can't give any specific names or timelines but uh yeah i mean it's going to be a busy few weeks for us and there'll be a lot of announcements for that kind of thing got it got it okay so if they want to be part of the community what's the best way to be part of the cross community i guess uh so definitely joining our telegram where we're very active on there we have a lot of questions some of them maybe nice questions some of them maybe not but uh we always try to get a good answer out there uh we also have uh twitter discord and all things and medium is great for answering a lot of technical questions that people have about the token distribution and economics about technical things and things like that yeah got it and then there's a running joke here because everyone's got really nice haircuts so where do you guys get your haircuts your illegal haircuts does leo have a good haircut i didn't know that he has a good haircut you also you're okay like you know both of you guys are offenders you know how do you guys get your haircuts these days there's actually a person like on our chat that's actually literally called illegal haircut so he's like don't miss this opportunity um this guy has insider info and legal haircuts so so uh got it yeah got a shout out to doc guthrie's in uh shanghai maybe i'll show them this i'll get a free haircut yeah awesome awesome now now you guys shared it showed the cut so that's hilarious man that's like i think it's like it's it's crazy right because uh this whole haircut the whole kobe situation is hilarious but yeah thanks for asking the question guys um so if you guys have any extra questions i'll we'll do question the answers for the quest network and yeah um i guess we'll bring um yeah we'll bring leo back and thanks for the info and all the input on this cool thanks michael cheers nice nice nice uh people are wondering where you got your nice haircut so um anyway so okay a few rounding up a few questions so we'll take some few questions from uh our community here and we've got cryptograms saying haircut hill um show so um just to be clear on the token itself so you're starting on the erc20 but are you going to eventually move that once the mainnet's deployed to the polka dot network or are you going to have like a have it both ways on both ethereum and polka dot how would that work so uh most likely uh both so for like uh after our mainnet goes live so then people should be able to claim their uh tokens essentially to map their erc20 tokens to our uh cru tokens on the cru i mean cross the mainnetwork right that's stage one and then definitely we will provide a mechanism to allow people to map that back so that can be done very easily because etha i mean ethereum is going to be like a bridge um because polka dot officially they are building a like a bridge mechanism between polka dot and eth so there can be like a decentralized so yeah okay so like so so basically there will be an easy way to um bridge between ethereum and polka dot and i think this is something that's going to be interesting in the future but yeah right now trading can happen on ethereum because obviously we have you know with the whole uniswap thing going on i think a lot of people pointing out you could get free uni today but anyways all the uniswap all the yield farming all that stuff can go on ethereum and also move on to the polka dot network we have a question also it's from jake bitcoin jake 09 says is there a dow so will you guys run a sort of a dow structure to maintain the cross network yeah actually that's the benefits of being a parallel chain of polka dot so for the talking about governance we will definitely follow the governance model of polka dot so basically uh it's not a 100 percent a dow but i mean we do have a council and technical community and all the voting uh mechanism uh it's pretty similar to polka dot or kusama so yeah i mean definitely uh we are not managing the centralized yeah okay okay so also obviously um this is the same question from bitcoin jake as well there's also a lot of gas fees on ethereum as well right and that could prevent um adoption um at this current point you know this morning where we were frantically trying to uh send transactions for 500 gui but that equates around 30 dollars for transaction so would that prevent the adoption of trust network or um how are we going to overcome higher gas fees in this space uh yeah i mean definitely higher gas fee will prevent a certain amount of liquidity of cru tokens that actually affect all kinds of erc20 tokens right so i mean that one is kind of um avoidable but i think luckily we don't have a like a very big amount of liquidity of cru tokens so that's why and certainly we will that's why we are also engaging with the centralized exchange platforms as well so we are talking to multiple but you know at this stage because their bill is now finalized so that we we are still in the process i cannot say too much about it but definitely uh with the centralized exchange platform that will still you know uh reduce some or reduce some of the uh gas fee pressure uh of the like the uniswap and you know other stuff as well yeah it's crazy i mean today i think everyone's just looking at the gas fees at three seven it's not it's 700 way right now it's um like it's it's unaffordable like i don't i don't even want to touch anything right now it's uh it's crazy i mean i brought my keys here but yeah it's just crazy so i'm being obviously on your own chain as well that relieves the pressure as well because now you have pressed both on your uh on your own para train and on ethereum so being you know on both chains i think that's i mean i think that might actually be a trend actually in the future that that could be quite interesting i think so that's the case so okay so um uh we'll go we'll do five more minutes of questions right now i think a lot of people would definitely are complaining that ethereum is very broken what's your overall experience like on uh on polka dot so being able to build your own chain was that process very hard to build your own chain of polka dot um and how does kind of it all bridge together uh it's kind of hard but i mean this there is a very good community especially from a technical point of view to support you to do that so that's our overall experience like uh specifically like you know uh kevin actually previously he built the whole parity uh which you know uh has a very big impact on the uh ethereum community as well so there are a lot of uh people already familiar with the parity framework right and the substrate is kind of like a upgraded version or newer version right so uh whoever has experience on parity should be able to grab substrate uh like kind of easily so that's why and then certainly as i mentioned they do have a lot of uh technical support from a technical point of community point of view so that's pretty good actually yeah got it got it all right so i think um that's wrapping it up for today's interview i definitely want to thank leo for coming over and talking to us about decentralized storage i think it's something that will really pick up as well over the next few weeks as well once everything starts launching i definitely hope to see um the whole network working and be able to mine and earn some extra income on that so thank you so much leo for coming i hope you guys can be part of this community as well and tomorrow they have their um bounce um bounce sale so hope you guys can check that out as well so i guess thank you guys so much yeah cheers thanks so much for coming in and i'll see you soon cheers guys thank you bye bye