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Distributed storage networks are becoming more popular than mainstream centralized storage networks such as AWS, Google, and Microsoft. The main reasons for migration are operational costs and low security.
Notable decentralized storage platforms include Filecoin, Siacoin, Bititorent and Storj. Within these platforms, Storj has developed a new scalable solution called his Storj NEXT. This promises a scalable distributed solution for Web2 and Web3 companies alike. Focused on community building, our latest upgrade introduces a new economic model that enables broader participation in the Storj ecosystem.
Storj is a distributed system of distributed object storage and encryption of information. Storj is based on Bitcoin blockchain technology and peer-to-peer protocol to provide secure and efficient cloud storage.
Storj leverages cryptography and blockchain to tap into the unused storage of computers around the world. It splits uploaded data into smaller pieces and distributes them across the network to prevent a single company or organization from accessing all uploaded data.
The decentralized storage platform introduces new encryption-enabled permanent storage capabilities. This feature allows a dedicated wallet address in your Storj account to unlock permanent storage using Ethereum smart contract payments on Storj. This feature allows network participants to be rewarded for depositing his STORJ, his Ethereum-based fungible token used throughout the Storj network.
The new model addresses the storage needs of both node operators and independent satellite operators. Storj claimed that the latest updates will help Web2 and Web3 businesses reduce cloud costs without sacrificing reliability or performance.
The latest update also enables staking, allowing node operators and community satellites to make way for passive income for network participants.
Related: Polygon Announces Decentralized Identity Product Powered by ZK Proof
For node operators who want to operate storage networks beyond node operations, the platform adds features such as code, test data, and more. This enables enterprises to operate distributed storage networks globally without using capital and energy intensive data centers, known as the community satellite model.
Storj’s claims that its decentralized solution is becoming increasingly popular among Web2 companies as the cost of storage servers rises. Last year, Storj expanded from 13,000 to 20,000 nodes, increasing network usage by 40x.
