If you ask, what is the deepest feeling of the vast encryption market for outsiders who have not participated? The answer may be that graphics cards, hard drives and even high-end games are expensive. These necessary computer hardware for ordinary people in the Internet era have experienced a sharp rise in the past year, and even doubled the price at the highest time.
Graphics cards have been heavily invested in Ethereum mining, which has also happened in previous years, but hard disk mining is the first time. After filecoin and Chia, swarm, another distributed storage project, also came online. Swarm foundation previously announced that it will soft launch bee main network on June 13 and open token public offering in colinlist on June 15.
Swarm is well known by the community because of the label of “Ethereum foundation project” (Note: swarm has been stripped from Ethereum foundation to become an independent project). Although it was born in a famous family, it was particularly low-key. It did not gradually attract widespread attention until it announced the air drop plan at the beginning of this year.
What is swarm?
Swarm is a decentralized storage and communication system for the sovereign digital society.
Swarm is a system composed of point-to-point network nodes, which can create decentralized storage and communication services. Due to the built-in incentive system implemented through the smart contract on the Ethereum blockchain, the system can operate itself economically.
Put aside the cumbersome definition and understand it literally. Swarm literally means “swarm”. Swarm is very fond of “bee colony”. Its latest client is named bee, and the token BZZ also simulates the sound of bees flying.
Bitcoin founder Nakamoto once mentioned at bitcoin forum in 2011 that “WikiLeaks kicked the hornet’s nest and bees are coming to us.” bee colony represents the core of distribution and cooperation, implying that swarm is a decentralized system that guides the participants in the ecosystem to cooperate with each other through mechanism design to jointly maintain ecological stability and development.
Origin: vitalik buterin and Gavin wood proposed mining machine docking aacd314
What the community likes to talk about is swarm’s origin. Swarm’s idea was born in the early discussion of Ethereum by vitalik buterin and Gavin wood. Vitalik buterin wrote an article recalling the prehistory of Ethereum. He mentioned:
“Gavin’s contribution is largely due to the subtle changes in his vision. At first, the blockchain based contract (holding digital assets and transferring assets according to the preset rules) regarded Ethereum as a platform for building programmable currency, and then developed into a general-purpose computing platform. This began with the subtle changes in key points and terminology, and later with the introduction of” web 3 ” With increasing attention, this impact has become more powerful. The latter regards Ethereum as part of a set of decentralized technologies, and the other two are whisper and swarm. “
In the original idea, Ethereum was Trinity. The world computer consists of three parts: computing, storage and communication. Ethereum plays the role of computing, and whisper and swarm provide storage and communication functions respectively. In the latest introduction of swarm, swarm includes both storage and communication.
Swarm was established in 2015, initially funded by Ethereum foundation, and later spun off to become an independent organization. Swarm completed USD 6 million financing in February this year, and the investment institutions include Kr1, hashkey, NGC ventures, etc. In the financing announcement, it disclosed that there are 32 core teams, which are divided into 8 groups: leet square, bee team, bee JS team, comms, HR, Devops, OPS and knowledge management.
How does swarm work?
The expensive computing resources on Ethereum are doomed to be unable to be used to store data on a large scale, but storage is an indispensable element for decentralized applications to become popular. As one of the original members of Ethereum ecology, swarm’s main purpose is to provide decentralized storage services for DAPP code, user data and data on the chain in the ecology.
In the early days when swarm was proposed, IPFs was not yet available. BitTorrent was the most popular distributed file storage protocol on the Internet at that time. However, BitTorrent’s obvious problem is the lack of incentive mechanism and the lack of motivation for users to share files free of charge. How to design a system to realize stable, persistent and decentralized data storage and exchange? Blockchain just provides an incentive idea. Swarm chooses to implement the incentive mechanism through smart contract.
Swarm incentive system is built around three important contract components: swap, swarm and swindle. Its operation mechanism is as follows:
Swap: exchange contracts record bandwidth usage, compensate nodes providing content services, and promote popular content to be more widely disseminated and obtained more quickly.
Swarm: ensure that the contract handles long-term storage. While allowing nodes to sell their storage space, it also allows users to store data reliably on Swarm for a long time.
Swindle: the fraud contract is composed of a dispute resolution litigation engine, which is a candidate for status adjudication in the system.
Through three key smart contracts, swarm provides a scheme to track responsibility. The depositor is responsible for specific content, while swarm uses the smart contract to process the deposit payment of nodes, and retains mandatory measures as a deterrent to fraud. Logically speaking, swarm provides the basic conditions for ecological users to freely exchange data value.
Swarm’s native token symbol is BZZ, which is a functional token and is also used for bandwidth and storage rewards. The initial issue of BZZ is 62.5 million (Note: it is not necessarily the final total amount of tokens).
The initial token allocation scheme is as follows:
Early token sales and public offering: 50%
Ecological support: 20%
Swarm publishes less information about the economic model. The specific application mode of BZZ in the ecosystem and the mining rules after the main network is online are still unclear.
Test network airdrop
The test network airdrop plan launched by swarm in February this year will airdrop 1 million BZZ tokens to bee nodes participating in the test network to reward early users and stress test the network. In view of the wealth effect of filecoin and Chia in the early stage of launch, swarm, which also has high hopes, has attracted a large number of community users. At present, there are more than 240000 test nodes.
Swarm said that before the end of the test, the network will determine 35 trusted nodes as “queen bee nodes” (qbzz nodes). Nodes that have exchanged bandwidth with these 35 queen bee nodes can obtain airdrop qualification. The BZZ tokens sent by airdrop are exactly 1 million. The final allocation quantity of a single node is determined according to the qbzz check value of the node.
Coinlist token sales
After completing a round of private financing at the beginning of the year, swarm soon launched token public offering sales. Swarm public offering will open on coinlist at 1:00 on June 15, Beijing time. Public offering will be provided in two ways, both at a price of $1.92, and the tokens will be unlocked around August 2, 2021.
The first method will be conducted from 1:00 on June 15, 2021 to 12:59 on June 15, 2021, Beijing time. Users will buy at least US $100 and up to US $500; The second method is conducted from 1:00 on June 16, 2021 to 12:59 on June 17, 2021, Beijing time. Users can purchase at least US $100 and up to US $10000. When the token sold in the first method has surplus, the second sales method will be opened.
The prospect is bright, but there are also obvious problems
As the “son” of Ethereum, swarm has not only won the support of the star team and brand effect, but also its unique advantage of ecological integration with Ethereum. Relying on the powerful network effect of Ethereum, if swarm successfully attracts DAPP in Ethereum ecology to use its decentralized storage service, its development prospect is not difficult to imagine.
At the same time, swarm also attaches great importance to its ecological construction. It launched the ecological project funding plan in 2020. At present, there are 26 funded projects.
However, swarm also has some obvious problems. Including the slow progress of the project and the unclear economic model.
Swarm was launched in 2015 and remained silent for the first few years. It did not launch a series of actions until June last year, released the white paper “the book of swarm” and launched the network. According to the project development route, swarm has been in the research stage from 2015 to 2020, which inevitably makes people doubt the real qualification and project promotion ability of the project. In contrast, filecoin started in 2017 and went online last year. The engineering action is much faster, and from the perspective of mechanism design, the complexity of filecoin is higher than that of swarm. Mining machine docking aacd314
Unclear economic model is also an urgent problem to be solved. From swarm white papers and public information, we have not found a clear positioning of BZZ in the network. How to capture the value of BZZ tokens? In addition, the mining mechanism has not been announced, and the mining part is not included in the token distribution scheme, which may mean that the network will encourage miners through additional issuance. The importance of the economic model to the project is self-evident, but swarm has not released relevant specific information before it goes online.