Iagon Decentralised Storage Launches on Mainnet
Episode by Peter Bui on December 29th, 2023
This episode we look at on Iagon’s recent launch on the Cardano Mainnet, marking a significant step in decentralized storage. We cover how to use Iagon, including signing up for its services and how to provide storage yourself. We highlights Iagon’s affordability and strong security, as well as what you need to know to become a storage provider.
We also look at practical uses of Iagon, like hosting websites, and the advantages for those holding its tokens.
Iagon Decentralised Storage Launch
For more information about Iagon’s launch and how to get started, refer to their latest blog post, Mainnet liftoff.
Information About Providing Storage
- Iagon Earn details.
- Calculating rewards for storage providers.
- Minimum requirements and eligibility to be a storage provider.
- Github repo with GUI client for Iagon storage providers.
Cardano Community Members Providing Iagon Decentralised Storage
Post Launch 24 Hours of Growth
Example of Decentralised Website Hosting with Iagon Decentralised Storage
Follow TapTools for more trading information about the $IAG token
Learn More about Iagon from Previous Interviews
For previous interviews, please checkout the previous AMA with CEO Navjit and previous YouTube interview talking about the development of the platform.
Disclaimer: I hold $IAG tokens
Congratulations to the Iagon team for launching on mainnet. Now for those that don’t know what Iagon is, it’s a decentralized storage platform built on Cardano. If you’ve heard of platforms like Filecoin, it is very similar to that but with a couple of really cool unique features on there. Now in this video, I’ll be going through the platform itself, showing you how to actually use it, subscribe to its services, then also set up a local node on your desktop environment so that you can provide storage to the platform.
and earn some of these Iagon tokens in the ecosystem. So really cool platform. Congratulations again for launching it on Mainnet and let’s get into this video. This show is educational and it’s informative. Crypto’s the future really it ain’t no different. So this is the announcement here, Mainnet lift off, Santa delivered. So this came out on Christmas day. So the team have been working really hard to get this all out.
Now there is a full blog article here that you can follow so you can learn a little bit more about the platform, the liftoff, the launch, the storage platform, the CLI, the desktop application, and also the API that you can use to connect to the platform and use it. They have step by step instructions and everything that you need to go through to use the platform as well. So a very good resource for anyone that’s starting off in the ecosystem in general.
So the main use of the platform is to use it as storage, some alternative to something like Google Drive or Dropbox that you might be more familiar with. Now in terms of cost, it is incredibly cheap. For 1TB of storage, it’s $24 US billed annually. You need to have some of the Iagon tokens held in a Cardano native wallet to actually subscribe to this.
But once you have those tokens in your wallet, you can subscribe on a yearly basis and take advantage of the package benefits. You can see here each one of the packages as it goes up in size, you need to hold more of those IAG tokens. So for one terabyte, you need 200 US dollars worth of IAG. For four terabytes, you need 800 IAG. Ten terabytes, you need 2000 IAG tokens held in your wallet to be able to use this.
There are also options for non-IAG holders. You just get half the amount of terabyte storage compared to the ones that do hold IAG tokens. And then the billing here is $24. You can choose that plan and pay with ADA itself. So it’s a really cool platform built on blockchain for blockchain using crypto as the payment mechanism too. So let me subscribe to this and you can see how the platform works itself. So I’ll click on subscribe.
And I do get a notification from my wallet here for a transaction that I need to sign 3780 here so let me sign that. And success we have successfully subscribed to the service now here I need to set up a password so you do have to use that password again to use the platform and verify that it is you that is uploading and accessing the assets so now I can quickly click on add files choose anything that’s on my computer uploaded to the platform and hurray there we go.
I’ve got my asset my JPEG this image file here of a scammers profile that I screenshot of the other day so real quick real easy to add files to here I can use this for whatever I want. Now this decentralized storage is sharded on various different devices so this file that I’ve just uploaded is actually split and encoded so no one can actually access that file.
So me as a storage provider, I don’t see those files are uploaded. All I see are chunks of data that are encrypted and broken apart into little pieces. So I don’t know what is being stored on my device at all. And that is a really cool security mechanism that Iagon have put together on their platform. Now, what about the storage side of things in terms of becoming a node provider and providing storage on the network? There’s a lot of details in regards to how that all works.
the rewards that you get for it as well. There’s a bit of math that you need to go through to work that out, but it all comes down to how much uptime you have, the amount of space that you provide, and also the upload and download speed that you have to be able to provide the storage. Now there are some minimum requirements in regards to the storage itself. You do need to provide at least one terabyte of storage, have an upload speed and download speed, 20 megabits per second, so it’s fairly fast.
and a couple of read write speeds and percentage uptime for the storage device itself. So there’s quite a bit of requirements there, but if you are an experienced IT service provider and know how to configure a network storage, this is definitely something for you. There’s also requirements in regards to how many tokens you need to stake for the storage that you’re providing as well. So if you are wanting to provide a massive amount of storage, you do need a lot of IAG tokens staked.
to be able to do that as well. There’s a whole bunch of details and documentation around that. So if you want to be a storage provider, you’ve got to have those IEG tokens. Now, the setup process and being able to provide the storage is relatively easy. They have Windows executables, command line CLIs, and also a Mac interface as well. So you have multiple options of being able to provide storage on different operating systems. Now, if you’re installing this on a Windows device,
the licensed developer isn’t recognized, so you do have to bypass that and just accept the installation. And if you have a virus scanner, it may not recognize it either, so you still need to install it. Here is also a little bit of information about the no performance metrics and how the IG token is rewarded. There’s like I said, there’s a little bit math around it, but it all comes down to storage, bandwidth, and uptime and read write speed of your storage device. So all really important metrics and you get
for providing a better service. So really cool there to see. Now there are providers out there that are offering a massive amount of storage from the get-go. So Holger here, he’s been a state pool operator in the Kandana ecosystem from the very, very early days and is a very good operator in general. He’s providing 80 terabytes of data storage. That is more data storage than I have ever accessed. My home PC here, I’ve got about eight terabytes of storage.
and I’ll use that to store all these videos that I record. But 80 terabytes, wow, okay, he’s in this for the long run for sure. I’m not sure if that is his actual setup itself. It does look impressive. I wouldn’t be surprised if this is his setup. It’s absolutely phenomenal. Now there’s a little comment here. I’ll be definitely delegating to expand this. It’s quite interesting. I’m not sure if you can delegate to a particular node provider. Maybe you can. Maybe I’ve missed that piece of information.
If you guys know, leave a comment down below. Let me know if we can actually delegate to other providers so they can expand their networks and expand their storage providing abilities. So that’d be very interesting if that is the mechanism. I’m not too sure about that. Now, how are the stats looking at the moment since launch? So this was posted 24 hours after launch. So it’s been three days since that now, but 45 users have joined, 550,000 IG state in their network, 26.
plus node set up and a whopping 200 terabytes of data being set up already. That’s in 24 hours since their launch. I’d love to see an updated statistic around how the network has grown over the last few days as well. So congratulations, I gone on reaching such a phenomenal, uh, phenomenal milestone. And I am now an avid user of the platform too. Now this here is a really good use case. I thought it was a really good way of showcasing how and what I gone can do.
And I know a lot of people will be using this in the future. And this is website hosting with Iagon. This is a brilliant use case for the storage. And with the performance that it has and what the metrics are, you’ll be able to do this quite easily. So here we got Decimalist uploading one of his Pitbull games to the Iagon storage hosting. And you can see here as you go through his uploading all the assets, you can upload the build of the front end of the website. The.
then you configure the backend of your WordPress site to point to the Iagon storage. And this will offload a lot of the assets to a decentralized storage and reduce the load on your main server. So with WordPress, you still need the PHP processing power on there, so you need to be able to execute those scripts on the server side. So that can’t be taken away and Iagon can’t decentralize that yet until they do their decentralized compute.
But in the meantime, you’ll be able to upload all your website assets, configure the backend of your WordPress site, and deliver those assets through a decentralized means. So all the images and assets, whatever it is, they won’t be taken down because it’s all on the decentralized network. Really cool. Can’t wait to release that for you guys so that anyone out there that’s built a website on WordPress can take advantage of Iagon storage and decentralize the CDN, the content delivery network for your website.
So as a token holder, there’s also opportunities in the ecosystem as well. So if you’re not providing storage, if you don’t want to use their storage, if you don’t have a website to put online on Iagon, there’s other ways that can be part of the ecosystem other than just holding the token itself. You can also become a liquidity provider. We have the LSPO pool, we’ve got Minswap, VyFi, Wingriders and Spectrum Finance, all with liquidity pools for the Iagon token. And a lot of TVL has increased over the last few months with
users providing liquidity for this token. The overall token price for IEG has gone quite well since last year. I think a lows here of 0.006 ADA and we’re now at 0.34 ADA. So it’s done quite well over the last year in terms of growth with the deployment of the protocol, testnet and everything else around. So really good to see how this project is going at the moment.
If you want more information and learn more about the protocol, I’ve done interviews with Navjit, you can find it in the top right hand corner there. I’ve done AMAs with him as well, all the links in the show notes and references there for you. Now I’ve only recently become an IAG holder myself. I did delegate in the ISPO a little bit earlier this year, so I had a little bit of tokens here and there, but nothing substantial. I went ahead and with the launch of Mainnet bought some more tokens so I can actually subscribe to their service. So I am now an IAG token holder.
and definitely happy to be so. So I’m looking forward to the growth of this one here to see how iG grows over the years and with the launch of the Cardano Press plugin, I’m hoping to drive some adoption and more usage of the platform as well. Now if you enjoyed this content, please consider giving me that thumbs up, click subscribe, click on the notification bell. If I said something not quite right or you didn’t understand it, leave a comment down below. I’ll get to it as soon as possible to try and clarify any information or anything I’ve said. And with
I’ll see you in the next video.