Yahoo Finance Swarm Interview at Synopsis: Latest News & Future Outlook
New York, NY - ACN Newswire - 6 June 2024 - The international web3 summit Synopsis announced that starting from 2024, it decouples its content series from the fixed once-a-year summit schedule and invites prominent projects and personalities in the industry over to interviews and panel discussions on a regular basis. So far, Synopsis has done an X Space on inscriptions, two rounds of Talking Digital Exchanges panels, and several episodes of Blockchain Innovation interviews.
For one of its latest interviews, Synopsis invited Antonio Gonzalo, Head of Business Operations at Swarm. Swarm (or originally Ethereum Swarm) is a decentralized data storage and distribution technology that dates back to the time when Ethereum was created. The idea of Swarm was proposed by the then Ethereum co-founder and CTO Gavin Wood as part of the Ethereum trifecta where Ethereum was the decentralized world computer's CPU, Swarm was its hard drive, and Whisper was its communication layer. After developing for several years within the Ethereum Foundation, the Swarm team became independent and later, when Whisper shut down, also built communication infrastructure for web3.
In May, Swarm completed its 2.0 roadmap which included the addition of erasure coding functionality and a storage price oracle to the protocol. Earlier in spring, the Swarm community questioned the existence of the bonding curve mechanism at a vote. The majority of voters chose to shut down the bonding curve and move to a fixed $BZZ token supply on Swarm. This community initiative can potentially increase the value of $BZZ, because the increased token demand from nodes and stakers on the network is no longer compensated by the bonding curve minting new tokens. The maximum supply of $BZZ was thus capped at 63.1 million, all of which is currently in circulation.
Antonio came to talk about these recent developments, Swarm's journey to the decentralized web, its competitive advantages, and strategies. As for competition, Antonio believes that all web3 storage solutions together should compete with the big traditional players, because the market share of cloud data of the 4 main players (Google, Microsoft, Amazon, Alibaba) is over 80%. Since various web3 solutions have their own value proposition, the market has enough room for all of them.
Speaking about the feasibility of decentralized cloud apps for smartphones, Mr. Gonzalo highlighted a bigger problem on another level. Unlike with computers where users are in control, people have given up much of the control over their mobile devices in favor of Apple and Google. Open source operating systems can give more freedom in this respect. Previously, Antonio worked with the Firefox OS team. Devices running on Firefox OS (a discontinued open-source operating system) used to be more protected from censorship than modern smartphones. He also mentioned Deboot, a project for booting OS images from decentralized storage networks that works on Swarm and IPFS. Being free from centralized OS and marketplaces can be a nice option to start a journey in web3. At the next step, you'll need cypherpunk computation (Ethereum) and cypherpunk storage (Swarm).
Next Mr. Gonzalo touched the topic of onboarding new users to crypto. DePIN projects, and Swarm specifically, can be an easy option to do it. DePIN allows new users to get into web3 with no crypto - by earning it - and leaves out the problem of choosing a centralized exchange, passing KYC, and swapping tokens and coins. A TV, router, or any smart device that is connected to the power grid and the internet, even entry-level computers like Raspberry Pi, can be of use to earn crypto with DePIN. In Swarm's case, users can earn crypto by providing bandwidth and storage space for the network. This significantly lowers the entry threshold; and Antonio thinks this should be the main crypto adoption avenue, because it is easier than opening an account on an exchange platform.
Besides data storage, Swarm's other major areas of interest include permissionless publishing, data provenance, data availability (a new direction in the Ethereum ecosystem that got boosted after blobs were introduced and it was announced that calldata space will be purged), decentralized front end/hosting, and video streaming. Compared to other non-conventional services, it can offer a much shorter latency/buffering time that brings it close to major traditional services. The Swarm team has already started working on a new iteration of its product offering that will be able to unite applications running on different blockchains, more details are to be announced later. Community users wishing to get technical support can reach out to the Swarm team on Discord. Meanwhile, developers seeking to receive grants and bounties from Swarm are welcome to join hackathons, workshops, and monthly Discord community calls.
Finally, on behalf of Swarm, Antonio invited web3 enthusiasts and developers who are not satisfied with the state of the art to try Swarm and visit Swarm Summit that is set for June 20-21, 2024, IRL in Ljubljana, Slovenia, to meet the team and talk details. Swarm is a completely decentralized solution that can help developers build a web3 resource that cannot be shut down. In turn, Swarm was invited to new interviews and panel discussions by Synopsis. Watch the full interview here.
About Swarm
Swarm is a decentralised data storage and distribution technology. Ready to power the next generation of censorship-resistant, unstoppable, serverless dapps. Know more at https://www.ethswarm.org/.
About Synopsis
Synopsis is a large-scale international summit and a crypto industry gathering that delves into a wide array of blockchain, web3, metaverse, GameFi, NFT, and other cryptography-related topics. It suits both industry pros and those who just knew about crypto and blockchain tech.
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SOURCE: Synopsis
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