ComputeCoin has announced that it has secured $6.2 million in strategic funds led by Aves Air.
The network provides a decentralized infrastructure for Web3. This is interesting because while decentralization is one of the core aspects of Web3, the reality is that many Web3 applications are still deployed on a Web 2.0 infrastructure. This creates key points of failure and goes against one of Web3’s mantras. AWS is an example of such a company, running a large portion of the Web3 network.
With ComputeCoin, who only came together in 2018 to “make global, distributed computing and storage power widely available to all Web3 creators for easy consumption,” we teamed up with Dr. Max Li, the co-founder and CEO, sat down to get some answers to questions we had.
CoinText.com (CT): People often cite decentralization as a major benefit of the metaverse and the cryptocurrency in general. But given that so much Web3 infrastructure is built via centralized providers (e.g. AWS), is Web3 actually far more centralized than people think?
dr Max Li (ML): Definitive! Many DAOs manage their communities on Discord, while OpenSea NFT– Photos hosted on GCP (a centralized platform that happily adheres to DMCA takedowns). Our website is built on Webflow, and guess where Webflow is hosted? AWS!
CT: What problems can arise from a large part of this ecosystem depending on centralized media?
ML: Basically, the main problem is that legacy cloud providers face significant limitations:
Processing power (coverage and latency): We read that VR, AR and XR are part of the new Web3 standards. What most people don’t understand is that these experiences require ongoing computational demands on a scale unprecedented in human history. Traditional providers don’t offer enough performance; They are simply unable to meet these requirements. Latency and coverage issues will continue to ruin the concurrency and immersive experience that is fundamental to the next generation of the internet. For example, network latency can cause VR players to suffer from motion sickness, which obviously goes against the main goal of VR: to evoke a sense of total immersion and realism.
Price: Access to high-quality, low-latency, rich computing and storage performance is still too expensive for users. This dramatically affects the scalability of Web3 applications. Prices must come down to maximize the prospects of Web3 and Metaverse applications in the market.
CT: We’ve seen with BSC’s success in the past that sometimes people are willing to sacrifice decentralization for ease of use, efficiency and low fees. Do you think this could be a trend for the future?
ML: Users will always consider ease of use as a priority. However, the crypto space is developing more and more ways to make it easier and more efficient to use in a decentralized way.
For example, there is a debate about how decentralized L2s can be attached to the ETH will be, but the innovation of ZKPs and other privacy standards will pay more attention to these chains. Because of this, Layer 2s has more TVL blocked than BSC.
In addition, projects with large ecosystems such as Solana, Avalanche, etc. are connected by cross-chain bridges (i.e. interoperability), allowing users, miners and/or assets to move freely between these projects to facilitate decentralization without sacrificing user experience.
CT: What are the main benefits that Computecoin offers to the average Web3 user?
ML: Computecoin aims to provide all of the services offered by AWS, but in a decentralized manner with low cost, low latency, and generally superior performance.
Just as Expedia offers an end-to-end booking solution that eliminates steps, simplifies the booking process, and ensures a seamless journey for customers, Computecoin offers an end-to-end solution that flattens the learning curve for Web3 developers when it comes to Using decentralized clouds like Filecoin and Infinity. Thus, Computecoin will simplify the development and deployment process and ensure a seamless transition to Web3.
CT: What are your projections for computecoin’s long-term growth? What is the potential size of the market here?
ML: Our vision is to do for Web3 what centralized cloud providers have done for Web2. Computecoin aims to provide all the services that AWS offers, but in a decentralized way and is aimed at SMEs (small and medium-sized businesses).
According to a report by Grand View Research, the global cloud computing market is valued at US$368.97 billion in 2021, with a forecast compound annual growth rate (CAGR) of 15.7 percent from 2022 to 2030. According to a 2022 Statista report, by the end of 2020, 35% of SMBs will have spent between $600,000 and $1,200,000 on public cloud services.
We estimate that there is a $5 billion market for computecoin in cloud computing.
CT: Many companies have tried to fill this gap in the past? What distinguishes Computecoin?
ML: Web3 developers who want to deploy and run their Web3 dApps on other infrastructures in this space like Filecoin and Dfinity face a steep learning curve. This leads to a key pain point for the industry today: Web3 applications are still deployed and run on a Web2 infrastructure.
Conversely, Computecoin (CCN) is a decentralized cloud infrastructure that supports general-purpose Web3 and Metaverse services with Web2-compatible APIs and developer tools. There is no learning curve for developers to overcome before making the most of CCN’s underlying decentralized clouds. Thus, Computecoin will allow developers to seamlessly transition to Web3/Metaverse.
CT: With all the macro headwinds and crypto market downtrend, do you think retail investors will continue to exit risky and highly volatile assets and is this a reason for you?
ML: Maybe in the short term, but I see it as an opportunity in the long term. The “crypto fever” will cool down, but I think we can all agree that the technologies – Blockchain, AI, Edge Computing, IoT, VR/AR etc. – are here to stay. So this bear market likely means that capital and token holders are becoming more cautious and smarter, which is good news for us.
Why? Because this is where we work on the computing infrastructure of Web 3.0 and the Metaverse. We’re not here to capitalize on a trend. The innovations that make Computecoin unique are the result of the hard work of dozens of researchers in university labs. We see the increasing selectivity of investors and the market as an advantage and an incentive for us to work harder. Choosy investors and a sober market would mean we would have less competition. In the meantime, we would have more time to cultivate and keep improving our project without worrying too much about “keeping up” with the industry.
Source: Crypto News Deutsch