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Swarm, Ethereum’s Storage Network, Announces Mainnet Storage Incentives and Web3PC Inception – Press release Bitcoin News

Press release. herda decentralized storage and communication system built on Ethereum, is announcing the mainnet release of its storage incentive program.

Swarm has been in development for the last five years. $6 million In 2021, through a private fund round led by VCs such as HashKey Capital, KR1 and NGC Ventures. Recently, in September, the Swarm team published an updated network. Roadmapand their native token BZZ reacted to price increases of up to 40%.

The Storage Incentives Program is open to anyone who wants to share their spare storage space and internet connection with the Swarm community. Financial rewards in the form of Swarm’s Utility Tokens (BZZ) will be distributed in exchange for storage operator participation.

Compensation is based on rental storage prices determined by market forces of supply and demand. Currently, rental storage prices are fixed, but in the future an oracle system will be introduced to automatically update prices, further contributing to the decentralization of Swarm.

Storage incentives, staking referrals, and node requirements

Staking was introduced to allow participation in the redistribution mechanism. The mechanism used is similar to Ethereum’s POS (Proof of Stake) where nodes are elected to receive all network storage fees on a regular basis. The storage rental price will be updated next week to more than 1000 times the current price.

To become a node operator, you need a standard computer with 20 GB of storage and a stable internet connection. This is the most accessible requirement in the class for enhancing decentralization.

The Swarm network is already operational and the team hopes the incentive mechanism will help expand the Swarm economy, making the network fully self-sustaining and maintaining a healthy balance between storage operators and users. .

Daniel Nagy, principal scientist and vice president of the Swarm Foundation, commented: “The right incentives to store information and make it available on demand is what makes Swarm self-sustaining and viable in the long term, without reliance on subsidies or altruism.”

WEB3PC – Your Personal “Computer of the World”

Swarm upgrades the concept of Ethereum’s first “world computer”. A new brand of computer, his Web3PC is private by design and respects users’ rights to use and create content.

This new computer will communicate, store and serve you without revealing your personal information. All data belongs entirely to its rightful owner. Fairdrive, Swarm’s Dropbox-like solution for file storage, is already available both as a desktop app and as a component of Web3PC.

Fairdrive makes it easy for individuals to use the Swarm network in a familiar Web 2.0 way. Additionally, the open source and interoperable design allows the developer to easily plug his dApp into his Fairdrive, allowing users to have his full Web3 experience in the comfort of their own computers. All data created using Fairdrive follows a simple rule: first local, then Swarm.

The team plans to have a working Web3 PC prototype available by June 2023.

About the Swarm

Swarm is a decentralized data storage and distribution technology. This is Web3’s base layer infrastructure that allows developers to create, host, and store dApps and all their accompanying data, NFT metadata, and media files. This is his open source p2p network that respects the privacy of users’ data and protects it by default.

The Swarm protocol shares similarities with P2P (peer-to-peer) storage networks like BitTorrent, but stands out for its integrated economic incentives, allowing for permissionless storage and greater resistance to censorship.

The structural difference is the storage contract. Other common distributed storage solutions are created using storers and are suitable only for private data. Swarm, by virtue of its architecture, allows such transactions to take place over the network, providing unlicensed properties and making it suitable for both private and public data.

Swarm aims to serve as a serverless internet operating system for hosting and running dApps (decentralized applications).

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