At Storj, we are building a next-generation decentralized cloud storage platform. We make decentralization possible by enabling anyone to rent out their extra hard drive space, similar to how you would rent out an extra room on Airbnb, or your car on Turo. One of the challenges we face is implementing a payments system that is accurate, timely, and can scale to millions of users.
In October, our CTO Philip Hutchins published an article in Forbes about creating scalability on the Ethereum blockchain, which detailed some of the difficulties and challenges we’ve experienced sending token payments to our hundreds of thousands of storage node operators.
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As stated in our previous post, a number of different ecosystem participants must have long-term confidence in the STORJ token for the network to achieve its potential. We want storage node operators to operate their nodes for a long period of time. We want users to feel comfortable buying long-term storage with STORJ tokens and, we want to encourage demand partners and Satellite operators to build long-term businesses around STORJ tokens.
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Today, we are pleased to publish our first quarterly STORJ token balances and flows report.
We plan to update this report for the next town hall, which is currently scheduled for January 2019, and then continue to publish it quarterly at each subsequent town hall. While it is possible to recreate this information directly from the Ethereum blockchain, we think it is helpful for storage node operators, customers, satellite operators, and others who use the token to have this information presented in a transparent manner for easy consumption.
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The STORJ token is an integral part of the Storj network, providing an efficient and effective means to facilitate the transfer of value between those who contribute excess storage capacity and bandwidth to the network and those who utilize that excess capacity for the storage and retrieval of data. Today, we are pleased to publish our first quarterly STORJ token balances and flows report.
We will update this report for the next town hall in January 2019 and then we expect to publish it quarterly at each subsequent town hall.
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Storj Labs will be adopting a detailed policy for the management of all of our cryptocurrency, including the STORJ token.
There are several important parts of this policy, including:
Oversight: We have a set of internal and external individuals who are responsible for providing review and oversight.
Roles and Responsibilities: We detail the roles and responsibilities of various individuals within Storj, including keyholders, the CEO, the CFO, and our newly appointed Chief Compliance Officer.
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As you may have noticed, we’ve spent most of the last nine months talking about the Storj network. We’ve focused most of our posts around our plans for (and significant progress towards) building a more economical, highly secure, highly performant, and very durable decentralized storage network.
We haven’t spent a ton of time talking about the utility token, STORJ. For the most part, we think that decentralization is bigger/more interesting than blockchain, and that blockchain is bigger/more interesting than cryptocurrencies and tokens.
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