Storj (STORJ)

From CryptoWiki

Storj
TypeCloudstorage
Total supplyInitially planned 500,000,000 SJCX But after ICO and corrections now 424,999,998 STORJ
Websitehttps://storj.io/

Basics

  • “Blockchain-based, end-to-end encrypted, distributed, object storage, where only you have access to your data.”
  • From CMC:

"Storj (STORJ) hopes to provide decentralised cloud storage to its community. Storj works on the premise that each user is entitled to the same amount of space on the network as they make available to the community. Users can also receive payment for renting their extra disk space. Files are split up into smaller components and dispersed across an array of devices, with users maintaining control of their keys, which grants them access to their files, at all times. As a result, this decentralised cloud storage model creates additional security for users relative to centralized cloud storage providers."

History

"In its announcement, Stoj said shift to ethereum meant lower transaction fees for STORJ holders, as well as improved security and  programmatic payments. CEO Shawn Wilkinson previously told CoinDesk that reasons for the move also included the larger user network on ethereum and the lack of development on the Counterparty network."

  • Previously was named Storjcoin X (SJCX) and has shut down the SJCX-STORJ converter at the end of 2019 (30-1-2021).

Token

Launch

  • In May of 2017, Storj Labs International SEZC (formerly Storj Labs (BVI) Ltd), a wholly-owned subsidiary of Storj Labs Inc., conducted a public token sale.
  • Raised about $30m in an ICO in May 2017 and had its fair share of drama and founder exits afterwords. To Storj’s credit, it resumed development and appears to be functioning as a distributed data storage platform, at least in a beta state (1-2019).

Token allocation

"The quick summary of our token balances as of November 30, 2018 is: 

a. our token sale put 75.1 M STORJ into circulation. 

b. of the 50.1 M STORJ reserved for conversion of the legacy SJCX token, 43.1 M have been used for conversion, and there are approximately 6.9 M still in reserve for conversion. 

c. of the 54.8 M in operational reserves initially held by Storj Labs after the sale, approximately 5.8 M have been used, primarily for paying storage node operators and other service providers. This leaves 49.1 M in our operational reserves. 

e. Finally, 245.0 M STORJ remain in timelock. 

f. This means that 75.1 + 43.1 + 5.8 = 124.0 M STORJ are in circulation. Another 49.1 M + 6.9 M = 56.0 M are in non-timelocked reserves. 

g. The total number of STORJ now and in the future is the 124.0 M in circulation plus the 56.0 M in non-timelocked reserves plus 245.0 M in timelocked reserves = 425.0 M.

Our hot wallets are the only wallets that are online. We try to minimize the amount of tokens stored in hot wallets to the amount we will need over the next 1-2 months. We also maintain hot wallets to receive payments made to us in STORJ token.

Our warm wallets are stored offline in local safe deposit boxes, and can be used to replenish the hot wallets on an as-needed basis. We try to keep 1-2 quarter’s worth of STORJ tokens in warm wallets.

Our hot wallet and warm wallets combined currently hold about 4.8 M of our 49M operational reserves of STORJ tokens.

The remainder of the operational reserves are stored in a cold, multi-signature wallet, which has 44.2M STORJ tokens. Multiple individuals are required to transfer from that wallet and we restrict payment to a set of authorized addresses. The address of the operational cold wallet is provided publicly so that the public can confirm its total holdings."

  • More on their locked up 245M Storj tokens can be read here.

Utility

Token Details

"a. The STORJ token is used to provide incentives for storage node operators to contribute stable, performant, long-term storage and bandwidth to the network. Today, all storage node operators are compensated for storage and bandwidth usage in STORJ token.

b. The STORJ token provides users with an effective and efficient option for buying storage and bandwidth. While we quote prices today in dollars, users can pay in STORJ token or fiat.

c. The STORJ token enables Storj Labs to efficiently and effectively conduct the network. Specifically, it enables us to compensate large numbers of operators (there were over 70,000 operators in the V2 network) in large numbers of countries (over 180 countries and territories in V2). The token also enables programmatic payments (e.g. via smart contracts), and micropayments. In fact, we have been one of the leaders in crypto payments.

To get a sense of scale, for any given file stored on the network, several thousand different storage nodes may be involved in the storage, transfer and distribution of that file. For a customer storing thousands of files, that can mean millions of small transactions to different addresses across multiple geographies.

d. STORJ token is used to provide demand partners (e.g. the many members of our Open Source Partner Program) with incentives for driving demand to the network.

e. STORJ token serves as a medium of exchange for Satellite operators within the Storj Labs “Tardigrade” branded and curated storage network.

f. STORJ token can serve as a medium of exchange in completely decentralized, non-Tardigrade networks.

Additional Usage Policies and Governance: We are putting in place additional controls to make sure that Storj Labs and our service providers appropriately handle tokens that they own. We also expect to put in place a governance board to oversee company policies such as those mentioned in this post. "

  • A bit more on the payment for node operators:

"You get paid every month, but some of your payments will be held back as collateral for 15 months

  1. Over the month each satellite is tracking the used space and traffic for each storage node.
  2. Every day the satellite is running a rollup on that data. On the 1st August it will rollup the 31th July.
  3. On the 2nd August we can run a command to get a CSV file from each satellite.
  4. We execute a script to calculate the payouts and held back amount. Both in USD.
  5. First 3 months: 75% held

Next 3 months: 50% held

Next 3 months: 25% held

Next 3 months: 0% held

  1. After 9 month 50% of the hold back amount will be paid out. The remaining 50% will be hold back until you gracefull exit the network. Still calculated in USD.
  2. Final Review. If we find mistakes we have to correct them and repeat the process.
  3. Run a script to send out the ethereum transactions. At that point the USD amount will be converted into STORJ based on the current price."

More can be read here.

Tech

Transaction Details

How it works

Staking

Interoperability

Other Details

Privacy Method being used

Oracle Method being used

Their Other Projects

DEX

Governance

DAO

Upgrades

"Storj Labs has launched Tardigrade, an enterprise-level cloud storage service. The decentralized network decrypts files before splitting and distributing them."

Roadmap

  • Can be found [Insert link here].
  • Claims (4-2019) to go live in the fall of 2019.
  • (8-2019) Is now working on "Tardigrade is the enterprise, production-ready version of the Storj network". Tardigrade is in Network bate "Pioneer 1: V3". Their website does not give any timeframe for the launch and has a waitlist open. "At the beginning of February, 2019 Storj Labs began sending invites to our storage node waitlist for alpha testing. Nodes can begin earning STORJ tokens and building node reputation ahead of our beta (Pioneer release) and production (Voyager release) launches coming later this year."

Audits

Bugs

Usage

Projects that use or built on it

Competition

Coin Distribution

Pros and Cons

Pros

Cons

Team, partnerships, investors, etc.

Team (large team on the website)

  • Boshevski, Tome; Former founder & chief design officer (Not on the website anymore as of 8-2019)
  • Prestwich, James; Former founder coo & cfo (left in 2017)
  • Quinn, John; founder & former chief developer officer. As of 8-2019 changed to Chief Revenue Officer
  • Wilkinson, Shawn; founder, former CEO & CTO, As of 8-2019 changed to Chief Strategy Officer
  • Ben Golub; Executive Chairman and Interim CEO (as of 8-2019 on the website)
  • Philip Hutchins; CTO (as of 8-2019 on the website)
  • The (then) Lead engineer 'bookchin' left the project in 2017

Advisors (as of 8-2019 on the website)

Partnerships

Investors

  • Had a total of 7 funding rounds (as of 8-2019). Including Venture Rounds, Seed Rounds, a grant from the State of Utah (100k) and ultimately the ICO.