Permanent Decentralized Storage in 2 minutes

Transcript

[Music] okay yeah that works great uh hello everybody my name is Gary McDonald um I work at permanent Ventures it's fun focused on infrastructure projects um so far we've been super interested in investing in the orev ecosystem um so yeah I'm here to show shamelessly one of our portfolio companies which I generally think is super useful to developers and hopefully we'll be to some of you as well if you're building web 3 applications um so yeah what are the just to give a little bit of context one of the biggest problems in web3 with data storage is just disappearing of data especially

with like nft metadata for example much of it has uh you know for instance people have depended on like ipfs to store it it's disappeared because you know a node hasn't been maintained to pin the data and so on so yeah one of our um like favorite portfolio companies called Butler Network and it provides basically a super easy to use API to upload data onto our weave where it's stored with strong economic guarantees of permanence um and yeah and this just makes it super seamless so a lot of the top projects that have a use case for this kind of thing like NFC marketplaces or publishing platforms such as mirror or you know

social networks such as lens protocol all use bundler to access the rweave network um yeah the the some of the features is you know you can upload instantly pay in various currencies um and yeah it's very very scalable and easy to integrate um so I just wanted to give like a little live demonstration of it um it's quite easy to use you know whether you want to implement a node or if I scli for your applications but just for the sake of easy demonstration um here's via the CLI so first you just like upload a basically you deposit some funds with any of bundler nodes running on the network um so I already deposited some so the confirmations would be be done by now but yeah you can just check the balance

on this address right here for example I'm paying in our weave but you can pay in you know Matic eth or whatever native token is on the network that you guys applications are in and it handles the conversion for you so you don't have to have like a r weave balance so you don't need to worry about that or if you're making your users pay they don't need to worry about that um then basically you know we can check the price by just like checking the size of the file we want to upload and then you know check the price there so it's going to say you know it's going to cost us this like microscopic amount of funds um and then yeah when you want to deploy just you know run a command like this hit enter you know and then boom it's already it's already done we can just

kind of show you like that um and then there it is so you know it's just like super seamless and easy and um yeah uh kind of no excuse to not integrate it um but yeah that's uh that's the quick demo that I wanted to give so happy to spend the rest of the time you know if any of you guys want to you know integrate in your applications can dive deeper into into that like using uh node and so on um otherwise um yeah happy to field any kind of questions but yeah that was the quick quick uh you know two minute demo thanks can you talk a bit about those

incentives that you mentioned that will help support long-term storage yeah um so the way the incentives are set up um you know because like guaranteeing permanence is like a quite a big claim um so you have to have some kind of interesting game theory to accomplish that and some assumptions have to be made but uh the way that the Rave Network handles that um is you deposit uh when you when you upload a file you pay a fee and instead of with like ethereum or Bitcoin that fee going entirely to the validators and miners um most of the fee on RV's case goes into an endowment that's controlled by the protocol itself no like group of people or you know Keys controlled by humans at all but just like literally

the the protocol itself has this endowment fund um and when you're paying for an upload um the Network's making some assumptions so you're paying at first for the current price of 200 years of storage at like the market rate plus uh so then the network is assuming that you know the cost of storage on average will go down by half a percent per year um and that makes that 200 years extend into perpetuity yeah but if that if that assumption ends up being wrong then yeah the network won't work um but yeah so far it's been that's a that's a based on like you know the evolution of storage you know in the past like 50 years that's extremely conservative so and uh what kind of data can be stored

is it only limited to the size uh yeah there's uh you know no limit to the size basically you know if we want we could uh you know check the price of some like really really huge huge size you know if we want to you know that was a couple megabytes but you know you wanted to add like you know a bunch of zeros there it's fine it's just going to cost more money like one or weave is like you know uh five dollars right now so you know five times that's like you know it would be 280 000 to store you know like that many bytes you know so it scales up as high as you want it um you know the average upload rate is something in the range of like a couple hundred gigabytes per day um currently in like the in the peak of

the you know nft bull market you know it was like multiple terabytes per day uh because everyone's generating these new nfts but yeah so theoretically the Network's designed to expand to meet the demand in real time cool and follow-up questions do you have already built in or considering encryption or decryption on demand if I for instance I have a file which I want only people with this public private key to be accessible can it be done or yeah so in the future the data that you upload is just completely raw in exactly the format you uploaded in so you can upload any kind of data you want and the encryption decryption is totally up to you so having some kind of middle layer that exists as like a

smart contract on ethereum or whatever could use who you could Implement through that some kind of like Key Management in a decentralized way to do encryption decryption but orif itself is just like a pure data storage platform where it's just going to accept whatever data you give it you can encrypt it first before you upload it do unencrypted data whatever but a feature like that kind of encryption decryption like isn't isn't built in um are is all the data replicated across basically all of the network or you mentioned something about specific nodes holding it yes so a good way to explain it is to kind of compare it with how

filecoin goes about it where filecoin's more of like a decentralized um like kind of uh you know Marketplace for file storage where people offering storage come up and make their offers people wanting to buy storage come up and do it and then they make fixed time period contracts so I can engage you to store my files for one year and I should probably engage a few people just in case you know one party messes up then you know you have a few backups the RV network does this and the protocol level automatically so all the miners are incentivized to store as much data as they can So currently because the Network's relatively small like under under 200 terabytes of like data that people have paid to have stored in perpetuity effectively right now all the miners store all the data but as it

scales up to many petabytes it'll it'll happen such that you know it's more distributed it and that distribution will happen more kind of automatically miners will just hold as much as they can some miners will join and only want to offer you know a couple hundred terabytes and they'll just get the mining rewards in proportion to you know the storage that they provide so yeah the replication is like incentivized more on the protocol mining level so yeah but currently there's uh there's like thousands of replicas of the entire data set which is totally unnecessary but uh you know that's just how it's working because it's such a small data set relatively right now is oh yeah and

um is the incentivization to store a piece of data connected to the price when it was uploaded I'm wondering if like price fluctuations would affect if a piece of data could become less desirable and then fall out um yeah that's a good question all the all the pieces of data like they're the market price of like data storage at any moment does fluctuate but the value of all the data once it's on the network is the same uh from the miners perspective so they're incentivized to hold it all equally yeah mission oh what's up friends cool yeah the one in the back or no feel free to shout if you have a

question no okay cool in that case thank you guys [Music] [Music]