On November 15th, Storj (STORJ) officially launched on HotsCoin. Storj (STORJ) is an open-source, decentralized cloud storage layer designed to empower developers to build applications with optimal data protection and privacy features. Through the STORJ token, the Storj network coordinates interactions among different parties, enabling large-scale value transfer while aligning with the network's overall goals, such as immutability, security, and third-party verifiability. Currently, STORJ is available for trading 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 $30 million fundraising through ICO
2017-02-23: Storj completes $3 million seed round financing
2014-08-22: Storj completes $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, mainly targeting enterprise-level customers and benchmarking against Amazon Web Services (AWS) S3. Founded in 2014 and launched in 2017, Storj is currently operating under the name Storj Next, started in February 2023, introducing permanent storage capabilities and token storage rewards.
Business Overview
Storj provides a decentralized storage service allowing users to upload files to the network, where files are stored in a dispersed manner on computers worldwide that are willing to contribute storage space. Unlike other decentralized storage networks, Storj introduces three participants: users, satellites, and storage nodes, building a mutually interdependent independent operational relationship. Users use 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 uses 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 main 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: 425 million STORJ
Public circulation: 261.7 million STORJ
Storj Labs custody: 163.3 million 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 business landing capabilities. Its use of erasure coding technology, compatibility with AWS S3, and flexibility in business models have won it a certain market share. Although there are some adjustments in the Web3 direction, its main 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.)