Everybody wants to get the low cap gem everybody is talking about.
Well, sometimes you go on the surface of the Earth,
and other times you've got to dig straight to the crust to find out what's going on.
In this video, we're going to be talking about a project Crust
that's in a niche that we think is going to blow up.
This project's got a lot of potential.
Let's get it!
Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be taking a look at Crust Network.
We're going to be taking a bite out of the proverbial pie, if you will.
But today I do want to mention this before we get started.
This is not in any way a sponsored a video.
I actually don't hold this coin in my portfolio as of right now.
We don't corporately hold this coin in our portfolio.
But we think this is an interesting one.
And we're going to tell you why here in just a little bit.
But instead of hearing it from me,
why don't we start by you hearing it from the founder, Luke Fan,
also the core developer.
Let's hear what he has to say about the potential of Crust Network.
So we are targeting on building the free, like, storage marketplace,
which, like Uber or like the Airbnb, allows the user who have the storage needs
and matches those needs to the storage providers in our network.
Alright. So you can see by what Luke said here, it's very interesting.
He's comparing it to Uber and Airbnb.
Now, first, you hear a lot of labels in crypto about the next this, the next this.
Well, just because it says it's trying to be the next thing doesn't mean it's going to.
But the goal is for them to become kind of a decentralized economy
and decentralized marketplace where some people have something
which will be storage space in this and they're able to rent it out to those people.
Here says the storage needs match those needs to the storage providers in their network.
So that is what Crust Network is essentially.
So let's come and let's take a look at some of the numbers here.
So this Crust Network.
Right now, it is ranked No. 608 on coingecko.com.
CRU is the token symbol.
You can see it's having a bad day today,
down 7.7%,
but the market cap is $33 million.
And this is where I always talk to you guys about potential, okay?
People are always looking for low cap gems,
trying to figure out how you can find coins down CoinMarketCap or down CoinGecko
that have a lot of value.
Well, you want to look for potential within a niche.
We know there are two coins, Filecoin and Arweave,
that we've looked at that we think are going to be huge in this niche.
If you've been watching my channel for years,
you know that for the last two years, I've been saying I believe in this bull run
that not only are layer 2 projects going to pump,
we're also going to see decentralized storage become a bigger and bigger deal
as we run against bandwidth problems.
Now, the market cap of CRU, of Crust here, is $33 million.
Well, let's come look at Filecoin.
Market cap here is $3.1 billion!
A hundred X times approximately the market cap of Crust Network.
And Filecoin coming in rank No. 27.
We have Arweave, which is ranked No. 88, a coin that we really like as well.
And look at their market cap.
$554 million
You guys can see that it's another massive amount of X's
to get from where Crust Network is to where Arweave is.
Now, we can't guarantee it that they're going to get there,
but when we look for diamonds in the rough, we look for coins in niches that can shine.
So let's look here at the circulating supply,
18.9 million coins.
Total supply right now coming in at 27 million.
Alright. So we look here, we see the project started back in January of 2021.
And it got all the way up to $155.
Price right now is sitting at $1.77,
a massive drawdown.
Now, here's what I would say.
This wasn't on my radar in 2021.
Was it on yours?
It's still pumped out of control without even being on anybody's radar,
and so this was a little bit early for the decentralized storage niche,
in my opinion.
Here, we've had flatline forever.
This is your typical bear market accumulation zone.
Now, this doesn't mean that every project is going to get off the mat.
Some of these projects, they don't get off this mat.
They just stay flat forever.
But this is one we are looking at in particular.
We think it might do pretty well.
Of course, no guarantees here.
Now, don't forget,
subscribe to the channel!
Here we go. BitBoy Crypto.
Don't forget if you want to see me yell at Alex Mashinsky and yell at Celsius.
We got plenty of other channels as well.
Don't forget to hit up Frankie Candles, BitLab Academy, Around the Blockchain,
Blockchain Basement, Hit Network, All Madden Sports.
You guys make sure to go check all those out.
Okay. So let's check out,
let's get into the nitty-gritty of what Crust Network is.
The Crust Network crypto project positions itself as a decentralized data storage provider.
It's a unique service in a world where data storage and preservation
are becoming increasingly more important by the day.
With the help of its native CRU coin,
the project in question aims to address said topics, in a cross-chain manner.
Now, cross-chain, obviously, you need that in today's interoperable space.
But why is it important?
Well, it's important because we're starting to run programs
that take up massive amounts of space.
If you think metaverse,
we're not going to have enough storage space on computers.
Already, I can't pull up my Sandbox land on my computer,
our builder for what we've been building in Sandbox,
because I don't have enough storage space on my computer to pull it up.
So here's some pros according to BitDegree.
Of course, it's their opinion only.
Decentralized data storage and sharing
Off-chain operations
Suitable for individuals and developers alike
Store personal, Web3, NFT, metaverse-related files
CRU token - utility and governance
Dedicated Crust Wallet
The cons---
there's a steep learning curve for beginners.
We're going to get into why that's kind of silly here in a little bit.
To put it simply, Crust is a decentralized data storage network.
It's connected with Web3
and the ecosystems present on this new form of the internet.
Probably the simplest way of how you can think of the Crust Network crypto project
(albeit acknowledging that it's far from a 1:1 example)
is as a decentralized Dropbox.
So look at the companies it's being compared to.
Uber, Airbnb, Dropbox
This is specifically with the area called Crust Files.
So, of course, with a decentralized data storage network,
you're going to need a place to store files.
Crust Files does that.
You're able to keep everything anonymous and decentralized.
So this is very important
because, obviously, you don't want all of your files being known on the internet
by every person who they belong to.
So you want to be able to keep your anonymity and keep things private.
They've also got a decentralized Cloud ecosystem.
If you want to learn more about that, you can check out this article.
We'll drop the link to this article down below in the description.
Now, this is just important because it's just important to know the consensus model.
They actually use two.
We'll get into the second in a minute.
But it's called MPoW, or Meaningful Proof of Work.
It's a unique type of trustless technology that allows the network to inspect
and guarantee the work that crypto miners perform.
So if you think proof-of-work for Bitcoin,
you think proof-of-stake for Ethereum or Cardano,
you know, there's plenty of consensus mechanisms out there,
just know, this is--
you probably don't even care about this,
but just know this is the consensus mechanism they use, MPoW,
or "MPoW"!
A centralized institution may potentially--
now, this is why we like decentralized things over centralized things, right?
It's obvious, right?
A centralized institution may potentially have a lot of weak points---
ones that can be exploited by malicious third parties.
This can be proved by simply googling all of the high-profile hacks
that have happened throughout the years.
You don't even have to go that far.
Just think about all the exchange insolvencies we've had
to see that centralization,
there's a reason we're trying to build decentralized systems.
It has too many flaws.
And there's too much on the line to allow other people to take advantage of your data.
Of course, here, there's two different ways to upload.
You can upload by Gateway and also IPFS.
If you remember Filecoin, I believe Filecoin created the IPFS.
Don't hold me to that.
I think they did.
It's the InterPlanetary File System.
Very interesting stuff.
They're planning on moving to outer space at some point.
This is where we're at in the world, am I right?
Here's the other consensus mechanism they have called GPoS.
GPoS
This here is a consensus mechanism just specifically for dealing with security issues,
why it's called Guaranteed Proof of Stake.
Let's see. We got a little bit more here.
The CRU coin.
So if you want to know what the CRU token actually does,
It's used to secure the network,
as well as maintain order when it comes to data storage resource provision.
Lastly, one of the most important features of CRU token is governance.
They're basically trying to create a DAO just like everybody else is, right?
A decentralized autonomous organization.
Token holders will be able to vote on network changes and updates.
I mean, this is something typical in crypto.
When we talk governance,
we're talking about users being able to use the platform
and use their own individual platform based on a variety of different factors
to be able to push the project in the direction that they want it to go.
Maybe Celsius could take a note from that.
Also, of course, we already talked about the price movement here.
They do have their own dedicated wallet, the CRU Wallet, as you can see there.
Now, of course, every project has got to have a roadmap, right?
So this one is no different when it comes to the roadmap of Crust.
You can go here if you want to find out more about what they're doing.
You go to their roadmap directly on their website crust.network
and see what they're doing right now for Quarter 1 of 2023.
Client-side data encryption in Crust software development kit
They're doing some ZK-based stuff, authorization lifecycle management.
One important thing to understand is they are really focused on decentralized social media.
They want to play a role in that.
So they're making some moves to make some of that stuff
when it comes to data sharing and authorization a little bit easier to handle and dissect.
You can go through this interactively,
but one thing I want to point out here,
according to BitDegree, they do have a very solid roadmap,
but here's what's in the future.
Further down the line, they've got plans for decentralized TEE attestations,
network scaling, as well as creation of data management solutions for the metaverse.
Guys, this is all coming. It's just a matter of time.
But that's a little bit further down the road.
Now, this.
"It might be too complicated for you."
Is this too complicated?
All you've got to do is just go to the exchange and buy it, am I right?
Not financial advice.
So the con that BitDegree brings up here is quite interesting
because this is a con for adoption.
When we're looking for coins to invest in,
we're looking for speculation.
We want to see the prices of these go up,
which is based on narrative and sentiment.
That's really all it boils down to right now.
How likely is it that people investing in this coin are going to believe
that the price is going to go up because of all this information that we've given?
That's the important thing.
Actually, people going onto the network and using it,
that's much further away for that stuff actually equals the price.
So here with the con, it might be too complicated for your average individual,
for sure, right now, nobody's using decentralized data storage solutions.
Once we move to that and people are using those types of solutions and they get used to it,
then there's going to be a much better opportunity for people to know how to do this.
But this is not going to matter for this next bull run.
It's not like people are going to run use Crust Network or Filecoin and be like,
"You know what? That was hard. Let's not put our money in this token."
The vast majority of people right now are speculating.
You've got to understand that difference.
We're very far away from use case equaling what the price is going to be.
So there you go.
That's it.
We got to the center of the pie.
We ate it.
The only thing we left was the crust.
I want to know from you guys down below in the comments,
do you think Crust Network is a competitor in this space, in this decentralized storage space?
Are you going to stick with Filecoin or Arweave?
Or is there another one that you're not telling us about?
Drop that gem down below.
That's all I got.
Be blessed.
BitBoy out.