Storj: The opening of applications, Satellites

Paradigm
Paradigm
Jun 25 · 11 min read

Biweekly update 11th June — 25th June

Everybody, we welcome Storj.IO, the rapidly developing decentalized cloud storage platform. Perhaps you had not heard about it but we assure you Storj deserves your attention more than you can think. We suspect the company is not as large as others, but there is some news you would be interested in. The headline is the began accepting applications to become node operator and start earning money by sharing your free HDD space. To be honest, since it is still testing version, not all interested persons are able to participate in testing. However, this fact shows us the evolution of Storj. It does not matter if you think that a cloud storage technology can be seen as an opportunity to invest in the future or not, you should view at this one and, with your rich experience, we believe you will be backing us up and be on the same wavelength with us.

Intro

Since we are presenting the review of Storj for the first time, we feel the urge to tell you some introductory information about Storj.

Storj (pronounced: storage) aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Storj is a platform, cryptocurrency, and suite of decentralized applications that allows users to store data in a secure and decentralized manner. It uses blockchain features like a transaction ledger, public/private key encryption, and cryptographic hash functions for security. Furthermore, it will be way cheaper (10x-to-100x), faster, and more secure than traditional cloud storage services.

Storj is working hard to solve data security issues with the help of its own web app, MetaDisk, and client app, DriveShare. It is the first decentralized, end-to-end encrypted cloud storage that uses blockchain technology and cryptography to secure online files. There is no need to trust a corporation, vulnerable servers, or employees with your files. Storj completely removes trust from the equation.

To best protect your data, files are encrypted client-side on users’ computers before they are uploaded. Each file is split up into chunks which are first encrypted and then distributed for storage across the Storj network. The network is comprised of DriveShare nodes run by users around the world who rent out their unused hard drive space in return for Storjcoin X (SJCX).

The decentralized aspect of Storj means there are no central servers to be compromised, and because of the use of client-side encryption, only the end-users have access to their unencrypted files and encryption keys.

Development

GitHub metrics:

Developer activity (from Coinlib.io):

New tutorials:

The Storj network includes three main components: the storage node, the Satellite, and the Uplink.

The storage node’s role is to store and return data. The Uplink is the software or service that puts and gets data onto and from the network. The role of Satellites is to act as the mediator between Uplinks and storage nodes, facilitating the storage interaction, and deciding which storage nodes will store what files.

The Satellite’s relationship with the storage node is an important one. The Satellite is responsible for paying the storage node for the storage and bandwidth utilized by the network. The storage node wants to store the most data it can for the network so it can make the most money and it’s heavily dependent on the Satellite for that.

At beta launch, Storj will be operating all the Satellites on the network, but because the software Storj creates is open source and the network is decentralized, in the future, anyone will be able to operate a Satellite.

Since this relationship is so important, the tech team wants to outline what storage node operators need to know to make the best decisions about which Satellites they work with, which will help them maximize the earning potential for their nodes.

Types of Satellites:

As mentioned, anyone can run a Satellite on the Storj network. Providers might want to operate Satellite as a service, or a company may want to run their own Satellite to build their own decentralized cloud storage network. There are likely many other reasons someone may choose to operate their own Satellite. Due to this, we expect there to be a large variation in quality.

Storj Labs will offer a high-quality credentialing system for Satellites called Tardigrade. Read more on this in previous blog posts. Any Satellite that is officially “Tardigrade quality” will meet high standards for durability, resilience, and reliability. There will be compliance and quality controls to ensure that storage nodes are paid fairly and that the Tardigrade quality continuously meets the predetermined SLAs.

Which Satellites Do Storage Nodes Work With:

By default, storage nodes will accept requests to store data from all Satellites on the network. When a new Satellite comes online and makes the first request to a storage node, there will be a vetting process to limit exposure and build trust. Storage nodes can indicate the maximum amount of data they will store for untrusted Satellites. This is a two-way street. When a new storage node comes online, the Satellite vets the new storage node as well to ensure it can reliability store data. Over time, the storage node will build up its reputation with the Satellite and will be allowed to store more data.

However, when a new Tardigrade Satellite comes online, by default, the storage nodes will automatically trust them and there will be no vetting process.

Storage nodes will want to work with the Satellites where they make the most money. Storage nodes are paid for returning data when requested and storing data at rest.

Currently, storage nodes have the ability to whitelist Satellites if they only want to work with specific ones. If a request comes in from a Satellite not on the whitelist, the request won’t be processed. In the future, there may be a blacklist as well — where storage nodes can explicitly refuse to work with certain Satellites. This would allow storage node operators to store a limited amount of data for all untrusted Satellites, except those on the blacklist.

When the network reaches its production release later this year, there will be a dashboard for the storage node operators that will list how much data is stored and what usage they have been paid for by which Satellites. This dashboard will provide insight into their relationship with different Satellites. From the dashboard, the storage node operators can make more informed decisions about which Satellites they want to work with.

Things to keep in mind:

If a storage node works with many Satellites, then payments may come from multiple sources on varying payment schedules.

Each part of the network is critical to the entire decentralized cloud storage ecosystem. Because the Storj network is decentralized, and various parts of the network may be considered “untrusted,” it’s critical to understand how the network vets its different parts to ensure data can be stored reliability.

Social encounters

Storage is the foundation to the cloud and now that web 3.0 development is starting to really gain momentum, our decentralized cloud storage network will be a critical component to this evolving future. Our platform stores our users’ personal, client-side encrypted data across many nodes spread all over the globe, rather than in a single, siloed data center, which would be more prone to natural disasters or attacks and costs several million to build and maintain.

Events:

Upcoming events:

Open Core Summit (OCS) is the global commercial open-source software (COSS) category ecosystem conference for builders, founders, developers, customers, investors, analysts and everyone, excited to learn, meet and collaborate on all things at the intersection of OSS and business!

Day 1: Keynotes and Fireside Chats

  1. The first-hand knowledge, insights and inspiration from the founders, operational executives, and investors behind many of the most successful industry-shaping COSS companies like Red Hat, HashiCorp, GitLab, Liferay, Magento, Confluent, Neo4j, CloudBees, Acquia, Docker and more.
  2. The latest new trends, innovations and the global technology shift towards an open future and the fusion of commercialization and open source (COSS).

Day 2: Breakout-Tracks

  1. The pragmatic, domain-focused best-practices from leaders of engineering, product, hiring, ecosystem, finance, licensing, sales, marketing and strategy functions across many pioneering and leading COSS companies.

Finance

Source: EtherScan
Source: CoinMarketCap

Roadmap

  • Explorer: Public Alpha for Storage Node Operators — Q1 2019 — DONE

Release Description: The public alpha for storage node operators will be our third major V3 network release. This release will allow people to download the storage node software and start sharing hard drive space on the V3 network. Initially, we will be gating the onboarding of new storage node operators based on our current wait list to maximize initial network stability.

With this release, we will begin to build the supply side of the V3 network. Throughout this phase of the alpha, we will be up- and downloading data to test the performance, stability, and durability of the files stored on the network. We will be paying storage node operators for storage space and bandwidth utilized during this testing as if we were operating the production network. Specific details on payments and earnings for storage node operators will be shared in the coming weeks.

From the start, storage node operators will begin to build reputation scores that will determine how much data they are given to store and how much bandwidth allocation they receive. Watch for more blog posts on the details behind reputation, payout calculations, and what it takes to be a successful storage node operator on V3.

Success criteria: The community is able to run storage nodes that store and deliver data, be compensated for storage and bandwidth utilization they provide to the network, and build a reputation for their storage nodes. Storj is able to build a supply of long-term, reliable and available storage nodes, as well as validate the assumptions around reputation and incentives.

  • Vanguard: Public Alpha for Storage Uplink Clients — Q1/Q2 2019 — Ondoing

Release Description: This public alpha for users interested in storing data on the V3 network will be our fourth major release. This release will allow developers to register for accounts on Satellites, create API credentials, and develop applications that use the Storj V3 network as their storage layer. Developers will be able to use the CLI, S3 gateway, and Libuplink developer library. Storj will also provide Ditto, a simple service that will mirror data on two different S3 compatible data stores.

Developers will be able to store and retrieve data from the storage node operators, although there will be caps on network utilization. One key factor for developers is that during the alpha releases, Storj may perform periodic data wipes as part of the release process. During the alpha releases, no important data should be stored on the V3 network, unless safe backup copies exist elsewhere.

During this public alpha, Storj will be able to test the performance and stability of the network. We will be measuring key performance indicators such as node uptime, node churn, file repair, and file durability. While developers will not be charged for data uploaded and retrieved during this alpha (within the previously mentioned cap), storage node operators will continue to be compensated.

Success criteria: The developer community is able to store and retrieve data on the V3 network. Storage node operators are able to build a reputation and earn STORJ tokens for contributing storage space and bandwidth to the network. Storj Labs is able to test payment services and continue to monitor performance, availability, and durability.

  • Pioneer: Beta Release — Testing Billing and Payments — Q2/Q3 2019

Release Description: The beta release for testing billing and payments will be the last major release before the production launch of the V3 network. With the beta release, the V3 network will be feature-complete for the initial concrete implementation specified in the V3 white paper.

During the beta release, we expect developers to build and test applications in advance of the production release. Storj will continue to build a supply of long-term reliable and available storage nodes. We will continue to monitor and test billing and payment services, and continue to assess performance, availability, and durability. The beta release will continue for several billing cycles until the network achieves the availability and durability benchmark performance metrics established for the production network. At the end of the beta release, developers should expect the possibility of a final network reset that will wipe all test data.

Success criteria: The network is operational and payment and billing testing has been completed. The network is feature complete for reliable storage and retrieval of data.

  • Voyager: Production Release — Q3 2019

Release Description: The production release will mark the transition of the V3 network to a paid service backed by SLAs for availability and durability.

Success criteria: The network achieves and maintains the availability and durability benchmark performance metrics established for the production network.

We are extremely happy with the progress we have made to date and the reception and feedback on the recent alpha releases. We currently have our sights set on the next major alpha release for storage node operators. Stay tuned for more information in future updates!

Partnerships and team members

There is no updates but

Social media metrics

Social media activity:

The graph above shows the dynamics of changes in the number of Twitter followers and Reddit subscribers. The information is taken from Coingecko.com.


This is not financial advice.

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Paradigm fund

Paradigm is a family office fund investing in crypto space since 2013. We are a group of industry experts & crypto enthusiasts consisting of PhDs and graduates from the top universities with experience in creating startups, trading on traditional financial markets and blockchain

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Paradigm

In chaos lies the truth

Paradigm fund

Paradigm is a family office fund investing in crypto space since 2013. We are a group of industry experts & crypto enthusiasts consisting of PhDs and graduates from the top universities with experience in creating startups, trading on traditional financial markets and blockchain