Storj Blog

As we build the new V3 Storj network, we have to address many massive innovation challenges, some of which have never had to be addressed before. These obstacles go beyond the technology our engineering team is building and include us balancing all the uncertainty of emerging regulatory hurdles and challenges across various jurisdictions (particularly tax jurisdictions) all over the world. Rules for US-Based Storage Node Operators Earning over $600 in a Calendar Year We want to be transparent regarding one particular challenge with paying a small number of our unverified, US-based storage node operators.
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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 second quarterly STORJ token balances and flows report. We produced the initial version of this document in November, and have updated it for publication in conjunction with the town hall held on January 16, 2019.
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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.
Read More →