On November 15th, Storj (STORJ) officially made its debut on HotsCoin. Storj (STORJ) is an open-source, decentralized cloud storage layer designed to empower developers in constructing applications with optimal data protection and privacy features. Through the STORJ token, the Storj network coordinates interactions among different parties, facilitating large-scale value transfer while adhering to the network's overarching goals such as immutability, security, and third-party verifiability. Currently, STORJ is actively traded on HotsCoin.
Token Information
Circulating Supply: 379,674,179.673 STORJ
Total Supply: 424,999,998 STORJ
Circulating Market Cap: $295,874,041.443
Fully Diluted Market Cap: $331,195,729.8
Key Events
2017-05-25: Storj completes a $30 million fundraising through an ICO
2017-02-23: Storj completes a $3 million seed round financing
2014-08-22: Storj completes a $460,000 fundraising
Introduction to Storj
Stroj is a decentralized content storage and distribution network committed to providing fast, secure, and cost-effective P2P cloud storage services, primarily targeting enterprise-level customers and benchmarking against Amazon Web Services (AWS) S3. Established in 2014 and launched in 2017, the current operating version of Storj is named Storj Next, initiated in February 2023, introducing permanent storage functionality and token storage rewards.
Business Overview
Storj's decentralized storage service enables users to upload files to the network, where files are dispersed and stored in computers worldwide that contribute storage space. Unlike other decentralized storage networks, Storj introduces three participants: users, satellites, and storage nodes, establishing a mutually interdependent independent operational relationship. Users utilize the Uplink client for content transmission, satellites connect users with storage nodes, and storage nodes provide users with storage space and network bandwidth.
Storj's technical architecture primarily involves data storage, data retrieval, data repair, data auditing, and reputation management. Data storage adopts erasure coding technology, breaking down files into segments and using redundant data coding to ensure data reliability. Data retrieval is managed and tracked by satellites, while data repair addresses data loss caused by node loss. Reputation management involves a proof-of-work identity system, auditing processes, filtering systems, and preference systems.
Pricing and Payments
Users pay fees to satellites through Uplink, and satellites pay storage and bandwidth fees to storage nodes. The pricing standards for storage nodes are set by Storj and paid in the form of STORJ tokens. The user's cost and the storage node's income are not equal, and storage nodes can choose to leave or stay. To incentivize nodes to remain active, Storj has implemented a gradual reduction in pre-deductions.
Business Features
Compatible with AWS S3, designed to be compatible with S3's seven core APIs, reducing user migration costs.
Uses erasure coding technology, employing Reed-Solomon erasure coding to increase data durability and reduce bandwidth usage.
Targets Web2 companies; although the Storj Next version is more geared towards the Web3 community, its primary customers are still Web2 companies, aiming to be a bridge between the two.
Business Status
Storage Node Data (as of early March 2023):
6 satellites
22,600 active nodes
34,000+ registered accounts
Storage Volume (as of March 2023):
Cumulative available storage space: 30.3 PB
Cumulative used storage space: 18.4 PB
Cumulative storage utilization: 61%
Network fees: Storj ranks first in direct network fees in the Web3 infrastructure layer for 30 days, surpassing Arweave, demonstrating its business landing capabilities.
Token Economics
Token Distribution:
Total supply: 4.25 billion STORJ
Public circulation: 2.617 billion STORJ
Storj Lab custody: 1.633 billion STORJ
Token Locking Plan: Storj Labs encourages ecosystem participants to hold STORJ tokens for the long term through a locking plan.
Token Value Capture: STORJ is mainly used to pay for storage and bandwidth fees, and some employee salaries are paid in STORJ. Recently, Storj announced that network participants can earn rewards by depositing STORJ, enhancing users' willingness to hold tokens.
Conclusion
Storj is a decentralized storage service that emphasizes SLA-level services and stands out in a competitive market through its business landing capabilities. Its use of erasure coding technology, compatibility with AWS S3, and flexibility in business models have earned it a certain market share. Although there are some adjustments in the Web3 direction, its primary customers are still Web2 companies, making its influence in the Web3 community relatively limited.
However, in the highly competitive field of decentralized storage, as more projects emerge, Storj needs to maintain technological innovation and business agility to adapt to rapidly changing market demands. Additionally, as an emerging field, decentralized storage also faces a series of issues such as regulation and security, which require joint efforts from Storj and other ecosystem participants.
Note: The above content is for reference only and does not constitute investment advice. Investors should fully understand project information before making investment decisions and seek professional opinions when necessary. HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023.)
No comments yet