At 15:00 on December 9, 2020, Howard Fung, the co-sponsor of Jubi Labs MW, held an AMA on the theme of "Jubi Labs Strategic Investment in MW, Dialogue on the Future of Distributed Storage" in the Jubi Labs live broadcast room. The content of the live sharing is organized as follows:

FANFAN: I am the host of this live broadcast, Fan Fan, the founder of Jubi labs. Jubi is about to start a new project of purchasing and launching a new project - Mirror World (MW, Chinese: Mirror Network), and the guest invited to this issue of Jubi Labs Live is Howard Fung, the initiator of Mirror World MW. Let's enter our live broadcast topic today.

First of all, it is well known that MW was launched in August 2016, and the white paper was released in October 2018. It has been more than 4 years since the project was launched, and the team and project have experienced long-term accumulation. Then can you introduce the mirror network MW and team members in detail?

Howard Fung: Thank you FANFAN for the invitation. Let me introduce myself first.

Hello everyone, I am Howard Fung, the co-founder of Mirror Network MW. Entered the bitcoin circle to start a business in 2012. He was an early believer in bitcoin. In his early years, he did landasic, and developed a generation of ASIC bitcoin chips, mines, and exchange technology. He developed bitcoin-related applications, Jiangxiaobai blockchain, etc. product.

Introduce your team members. Core members include early Bitcoin chip developers, Ph.D.s in cryptography, public chain developers, stock data project technical directors, private cloud project technical directors, etc. Team members have participated in national database/firewall projects and well-known enterprise blockchain products research and development.

Briefly introduce the mirror network MW. The mirror network MW is a public chain technology project in the emerging field of blockchain. In terms of technology selection, it is a fusion of blockchain + distributed storage technology, using technical components such as blockchain, IPFS, and OSS. Constructed an easy-to-use and available distributed file storage network.

The MW project has been in existence for more than three years, with nearly 1 million lines of core code, using technologies such as point-to-point P2P network, DHT distributed hash table, data encryption sharding, IPFS network protocol, and multi-chain incentive mechanism block exchange. MW has realized On-chain certificate storage, off-chain storage, file fragmentation encryption, multi-role management, multi-backup and other functions, and the storage function can be used like a network disk.

MW is committed to building a global distributed storage ecosystem with high security, high privacy, high availability, and multi-chain deployment. Its friendly and inclusive features make it possible for various current public chains, storage networks, and personal nodes to Run the deployment.

FANFAN: Thank you, Lao Feng! MW belongs to the storage sector. When it comes to storage, many people will compare it with Filcoin. So for Filcoin, what value can the mirror network MW provide? What is its core advantage?

Howard Fung: In addition to the IPFS protocol, the bottom layer of the mirror network MW also uses protocol components such as Alibaba Cloud OSS. As a decentralized underlying transmission protocol, IPFS has the characteristics of high efficiency, low cost, and security. With the focus on storage, this market has been recognized by more and more people.

MW first established close cooperation with IPFS/FIL miners. MW believes that miners are the foundation of the network. Compared with other projects, MW also uses IPFS. The mirror network MW has used this technology for actual storage and use.

Of course, MW is also much lower than the FIL threshold. Judging from the current situation of FIL, we can actually understand that after three years of long-distance running, their team stood in the perspective of being responsible to early investors, and designed an economic model to allow miners and secondary investors to pay for it. It just ignores that Chinese mining machine manufacturers have sold tens of billions of equipment for them in the past two years, and these equipment need to be digested.

MW has its own unique advantages in the design of the economic model. Although you need to pledge when mining MW (to ensure the operation of the equipment and the data will not be lost), when you leave the field, you can take away your pledged coins in full at any time. , and is not subject to any restrictions such as time, and will not lock miners. Just like Bitcoin, in addition to transaction liquidity, miners also need liquidity.

This is equivalent to greatly reducing the entry threshold, so that more people can easily participate, which is one of the factors why MW has nearly 10,000 miners in a short period of time. With the needs of the society and the market, we believe that distributed storage is still the high-tech that is most likely to be commercialized on a large scale in the past ten years, and it is also the most suitable industry for deep cultivation in the mining market. At present, the decentralized storage technology project most similar to FIL is MW.

FANFAN: The economic model of MW was mentioned just now. Miners need to hold MW+ mining machines at the same time in order to mine. This is similar to fil mining. Fil has skyrocketed hundreds of times since its launch, and it has also increased by 40 times so far, which is inseparable from its economic model. Friends are very concerned about what is the token model of our mirror network MW, and how is it generated and distributed?

Howard Fung: MW is a built-in encrypted digital token in the mirror network, with a total of 1 billion pieces. It is mainly used to incentivize the storage ecology built by the mirror network, and reward the role that makes more contributions to the mirror network. At the same time, MW token is used as a means of economic punishment to avoid malicious nodes doing evil and infinite loop logic bombs that may appear in smart contracts, etc. .

At the same time, MW has a transaction burning function. When users pay MW as a storage fee, the foundation will burn MW according to a certain proportion of the circulating quantity, and transfer part of MW to the black hole address, which has the function of deflation.

The MW pass will be distributed to 4 important components in the mirror network MW, which play a vital role in the network maintenance, technology development and ecological construction of MW.

I list them. 70% of MW is used for (mining rewards) - providing data storage service rewards, maintaining MW network, etc.;

12% of MW is used for (technical research) - technology research and development, technology innovation, project deployment, issuance, etc.;

10% of MW is used for (Genesis exchange) - ecological development, business development, cooperation support, etc.;

8% of MW is used for (foundation) - long-term project governance, community building, etc.

According to the MW economic model of the mirror network, the team share originally scheduled to be released on October 21, 2020 (a total of 120 million MW, which will be unlocked in 1095 antennas over three years) will be delayed indefinitely. Therefore, the current market circulation is mainly for the release of miners' output and investors. The release of investors is completed in two years, and it has been half a year now.

FANFAN: The unlocking of this investment is also very long-term~ You just mentioned that 70% of the tokens are used for mining output, so what is the release speed of the mining output tokens? For ordinary users, how should they participate in the ecological mining of the mirror network MW? Are the barriers and costs high?

Howard Fung: The 700 million MW of mining output will be released on average over 10 years. The network will produce a block every ten minutes, and each block will have 1333MW as a mining reward. The whole design is very friendly to miners.

MW's requirements for mining machines are relatively loose. MW focuses on the cold data market, and does not require high calculations. It has 4 cores and 4 threads, 16G of memory, and 12 hard drives. Currently, the upper limit is 96T, which is the highest score. T pledges 133 MW to participate in mining.

Of course, there is another way, which is to participate in joint mining by buying coins, or mining pool construction, POS mining.

FANFAN: Whether the project can be bullish in the long term mainly depends on whether the consensus can continue to expand and allow more people to participate and hold coins. In the final analysis, it is the construction of the community. What kind of scale has the community of the mirror network MW developed to? What is the plan for the future community ecological development?

Howard Fung: According to official statistics, the current scale of technology and community development has a certain data base.

I list them. From the perspective of data and technology upgrades on the chain, the total number of transactions on the MW chain has exceeded 50,000, the address on the chain is 19,000+, the number of qualified miners on the chain exceeds 4,700, the number of nodes in the entire network exceeds 13,000, and the certified storage capacity of the entire network is 1130.72 PB.

According to the market and community data, there are about 11,000 Chinese communities and 6,000 overseas communities. The turnover rate of over-the-counter transactions is over 60%, the highest price of 1MW is 0.25U, and the average off-site price is 0.12U. Judging from the activities and PR data, many offline activities are hosted or participated in (Shenzhen, Hangzhou, Shanghai, Chengdu), about 20+ online AMAs, 50+ community activities, and media in the circle such as Lianwen and Babbitt , Golden Finance, Mars Finance and other in-depth cooperation, traditional media such as People's Daily, Tencent Technology, NetEase Technology, Sina Technology, Storage Online and other reports. With the continuous expansion of the mirror network MW ecology, we believe that the development of the MW community will become more and more prosperous.

FANFAN: I just mentioned that the current mirror network MW is still in the testnet stage, so what is the next project plan? In what way will the ecological token MW be empowered?

Howard Fung: During this period of time, MW has made relatively clear plans and preparations for its positioning, landing products, and methods of operation in different markets (the currency circle and the traditional business world).

1) The data stored on the MW chain has been interoperable with the cross-chain information of the judicial chain of the Hangzhou Internet Court. In the future, it can be directly accepted as judicial evidence, saving time and verification costs. A commercial product that everyone needs to use, we will Posted later.

2) MW has joined SNIA, the world's most authoritative storage organization, the Global Network Storage Industry Association, and promoted this brand-new technology to the world with the help of the association.

3) MW has joined the professional international organization-International Archives Council IAC, and is currently establishing a technical connection with the Shenzhen Archives, aiming to create a new technology solution for long-term and permanent preservation of archives, and promote it to the archives (cold data) industry.

4) Existing mobile wallets, gadgets, block browsers, etc. have been developed by MW ecological developers (teams).

5) The free network disk MySkyData has announced that the storage layer will be upgraded to the mirror network MW to ensure the security and privacy of user data.

In 2021, MW will officially launch the main network and establish global nodes. We also hope that global storage, open source public chains, and enterprises and individuals with storage resources can join the mirror network MW to provide a solid foundation for future storage methods.

FANFAN: Ask a challenging question! MW's white paper mentioned at the beginning that with the popularization of the Internet, 5G bandwidth, sensors, and various digital terminal devices, it is expected that the annual data generated globally will increase from 33ZB in 2018 to 175ZB in 2025. With the 5G cloud computing era , With the advent of new infrastructure, how is the mirror network MW laid out in this respect?

Howard Fung：

The concept of DDC was officially released by MW in May this year. With the advent of the 5G/6G era, the amount of data generated by humans will be an unpredictable capacity demand. Data is gradually becoming the core of enterprises and even countries. More and more enterprises have realized that data infrastructure is the success of intelligentization. The key, and storage is the core foundation of the data infrastructure.

The mirror network MW provides the market with a high-efficiency, low-cost, and EB-level large-capacity distributed storage storage network by building a distributed data center (Distributed Data Center) DDC.

Distributed Data Center (Distributed Data Center) DDC, according to the definition of distributed storage, is to use the network to connect tens of thousands of storage servers to form a virtual super storage server, and to complete the ultra-large scale that cannot be completed by a single storage server. problem solving.

In addition to forming a single storage server into a virtual super storage server, the distributed data center DDC also forms a network of multiple data centers to form a multi-center service network.

At present, the certified storage space of mining machines in the entire network has exceeded 1EB (1024PB). We have calculated a set of data. Take the data storage scale of 96,000T as an example: traditional IDC computer room: single data center, storage equipment costs 30 million+, user service is relatively simple, and there are many idle resources.

Distributed data center DDC: multi-data centers, node clustering, almost zero cost of storage equipment, flexible business deployment, strong scalability, asset-light operation and investment of hundreds of millions of data centers.

At present, the distributed data center DDC uses personal storage resources, public chain storage resources, and operator storage resources to build distributed city node commercial storage applications and create large-scale cold data storage.

Now the distributed data center DDC under the mirror network MW has implemented data node networking test operations in Shenzhen, Zhuhai, Guangzhou, Chongqing and other places, striving to save up to 70% of storage costs for the government and enterprises, and promote and accelerate social progress. Progress towards the 5G and AI era.

FANFAN: MW is the first distributed storage project invested by Jubi Labs. As one of the earliest strategic investors, Jubi Labs is also very optimistic about the future and development of the mirror network MW. For this in-depth cooperation, what is Lao Feng’s thoughts? Haha, what do you want to say to the community users of Jubi and the mirror network MW?

Howard Fung: I have a lot of connections with Jubi. After all, I am an old leek and have been in the circle for 12 years. First of all, I would like to thank Jubi for its support to MW. As a world-class high-quality blockchain project incubation laboratory, Jubi labs is extremely professional and powerful.

At present, the listing is just a starting point for MW. Next, MW will also prepare for the underlying technology, product application, node recruitment, community building, etc., deeply connect resources, and enrich the underlying applications. We will be committed to promoting the mirror network MW, And develop its future to build a distributed storage system that benefits everyone. I also hope that the community can move towards the future together.

FANFAN: Jubi is about to open a new subscription for the mirror network MW. A total of 1.2 million quota will be released to all users, and all users can participate in this subscription. Compared with the lottery mode, more people have the opportunity to apply for MW , Do you have any expectations for the performance of MW after its subscription and launch?

Howard Fung: In fact, with the launch of FIL, the storage sector has gradually become clear and has formed an independent mining market.

This is a very good opportunity for MW. From the perspective of data evaluation such as circulation, attention, technical direction, and application implementation, $0.3 is the initial target value of MW, and it is also a reasonable evaluation in the initial stage of MW.

FANFAN: Thanks to Howard Fung for participating in this live broadcast, and shared the project content, progress, planning, etc. of the mirror network MW, so that community users can have a more in-depth understanding of the mirror network MW

Finally, let me announce that the new purchase of MW on the mirror network will start soon, and the transaction will start at 20:00 on the evening of the 10th. All users can participate in the purchase. Each account can purchase MW equivalent to 500 USDT. Hold JT to get more For the subscription quota, interested friends can follow it on the Ju.com official website.

Thanks to Howard Fung for his patient answer! At the same time, thank you for your active participation! Please continue to pay attention to Jubi Labs!