StorX Network Developers Q&A — January 2022!
Dear StorX Community, Happy New Year.
As we commence our 2022 journey along with our growing community. We decided to ring in the new year with a technical Q&A as we are sure the community would have a lot of questions for the StorX development team. The Q&A channel on discord was open for 4 days until 7th January 2022.
In total, we received 13 questions which we have compiled together with responses in this article. StorX Network appreciates the efforts and involvement of each community member in the development of the project so far and all past and future feedback. We will have more events in the future to ensure that the community stays up to date with all developments.
Below are the answers to the questions collected from the community:
1. Will there be an option to stake more SRX after getting the node online? (Without unstaking/setting up a new node?)
Ans: No, StorX Contracts does not support changing the quantity of SRX Tokens without unstaking. If you want to Increase your Staking amount then you need to unstake and discontinue nodes or set up a new storage node based on the current requirements. Link to log in: https://farmer.storx.io/
Check the current requirements: https://storxnetwork.medium.com/storx-farm-node-minimum-staking-increment-model-to-avoid-srx-token-inflation-7a343cf89401
2. Once nodes are up and running with reputable VPS providers (eg, Contabo), could we ensure no more updates are needed? Just to avoid the need to be checking node’s status all the time. We pay good $$ for VPS / month (35 euro), and the VPS providers do their job maintaining the infrastructure.
Ans: Maintaining Storage Nodes requires storage node operators to ensure that the nodes adhere to the quality parameters set.
Some Tips for maintaining Good Node Reputation:
- Ensure Strong Cloud Infrastructure.
- Higher $SRX Stake adds value to “Good” Node Reputation.
- Ensure 100% uptime.
- Always ensure nodes maintain the latest software patch and OS updates.
Complete Guidance about Reputation was provided in the article: https://medium.com/storx-network/points-to-maintain-healthy-storx-farmer-node-reputation-acbcdc651570
Without having any issues in node, Active node upgrading may cause the reputation to start again from the initial stage i.e 27
3. Hello, multiple times now, my reputation has jumped from 5000 to 25… please can you explain what the issue is? This happened more than once now and yes I understand that there might be some network issues that can cause a decrease in rep. But jumping from 5000 directly to 25 and then back again — how can I avoid this, this makes no sense to me.
Ans: Maintaining a good reputation requires updates and monitoring. The reputation mechanism keeps regular checks on all storage nodes that are active in the system. If you fail in any parameters, the reputation would be affected, repeated failures to Maintain reputation would lead to ineligibility of nodes. If you work on quality parameters, maintain a good health check and quality parameters, Your node would gain a reputation again. The performance of the node ascertains your reputation.
4. Nodes continue to become inactive. Right now there are 613 inactive nodes. At what point will there be stability with nodes?
Ans: In order to create a robust network, The reputation system keeps a constant check on all storage nodes operating on the network, Quality parameters deliver rankings. If certain nodes do not fulfill the quality parameters, Then they are made ineligible/inactive to claim rewards. The node operators can perform due diligence upgrades/enhance their nodes and wait for the reputation system to recheck the node, If nodes fulfill the quality parameter they are included automatically. The ineligible nodes have the option to unstake and discontinue nodes or set up a new storage node at a different location/ISP based on the current requirements.
5. Will StorX create more initiatives to make more use of the token such as dao’s like hector in order to stake for a higher APY or at least open a possibility to compound so sell pressure can be managed ? New Listing is not a very effective way to provide liquidity as we could see. Also, i think is pretty safe to say that ALL members of the community wants the mods to be part of the team and be communicated first before any kinda of change regarding the project, so we can actually put into vote and decide if those changes will be a good thing.
Ans: We are working to create more use cases and demand for SRX. We are actually working on the governance model, based on the suggestion received by many community members. Once we finalize the structure we would open the same for the community to review and share opinions. Meanwhile, we welcome suggestions from farm node holders on governance structure by filling up the form below: https://docs.google.com/forms/d/e/1FAIpQLSemIUozkLs23tD4mICsZwm2hHWaid0Q4NW9hGT2yj5HNK8jgg/viewform
6. Please automatically update the StorX software without interruptions of rep and rewards like Presearch.
Ans: Currently this is not something we have, we request you to add this as an issue on our Github: https://github.com/StorXNetwork/StorX-Node/issues
7. If I already have a node up and running, but I want to change my VPS provider. How can this be done and do I lose my reputation and have to restake? Or does the reputation and staking amount stay the same?
Ans: We urge our node holders to select a reputed service provider and location for VPS location which already has the number of StorX Nodes, This will ensure you do not have to change the service provider or node location. Since we intend to provide uninterrupted storage services once we are on the mainnet. Migration of servers/VPS and nodes involved the migration of data/shutting/starting and can also result in data loss for customers., Hence we do not encourage such activity.
8. If we wish to change VPS providers (i.e move a Node to a different provider), how do we do this without having to restake at a higher rate? ie we wish to continue contributing to the ecosystem by providing the nodes but if a particular VPS host is not performing adequately, how can we migrate a node without having an increased cost of staking (or do we just not have to restake but instead just install the Node on the new VPS host and just register it to the same already-staked wallet)? Is there a script that will do this and migrate the network’s stored data etc as well so that it has minimal impact on the data integrity of the network?
Ans: Please refer to the answer above
9. Also, are there plans to reprice the StorX hosting plans in terms of SRX? I’ve noted: * StorJ charges $4.00USD/mo for 1TB space * StorX charges 400SRX/mo for 1TB space One service cannot be priced significantly higher than the other and still attract customers. One way around this would be to decrease the SRX-price of the hosting plans… If it was 4SRX/month, then this would equate to a market fiat price for SRX of $1 Something similar was done by Presearch.. They decreased the cost in PRE tokens to advertise on their search engine by I believe 10-fold and this compensated systematically for the price appreciation of PRE as demand for it increased How will this be addressed?
Ans: The current SRX prices are just placards, So these are not relevant to the current market prices that we are going to charge to customers or mainnet, We are still evaluating the pricing policies and it would surely be competitive in the market. Also, the price module and the market segment would be different, Currently, Storj is focused on the developer market, We would be working with the end-user market.
10. Could we have the latest node version number showing somewhere like the farmer page? This way we could always know which version is the latest and can compare it to the version that our node is currently on
Ans: Thank you, this is really a good suggestion we would work on this feature and release it for community members soon.
11. Also, on December 8th as you can see on the chart, the price of the token started to spike without any reason apparently, but on December 10th we discovered that some new tokenomics changes would be applied. So OBVIOUSLY, someone behind the scenes and with access has been benefiting himself and that is just NOT GOOD BUSINESS. Node operators have ALWAYS been left behind and this has to change. @prashant2111 is a good addition to our discord but he is just NOT very communicative. So I’m going to repeat. WE WANT THE COMMUNITY HERE to be part of the decision-making of @StorX Network. Handy himself said on the last q-and-a that this is a decentralized community and we have to help each other out. So please @StorX Network LET IT. And stop making shady decisions behind the curtains.
Ans: Since you have asked multiple questions, Let me try to answer each:
Price: It has been our policy to not comment on the price which is purely decided by the market forces. About the node operators, they have been an integral part of our ecosystem right from inception. We have already been very responsive to the community, We had also shared the form for suggestions about the governance team, We have received many positive responses for the same, We also welcome our community members to participate in growing StorX ecosystems, We are currently looking for partners for use cases, you could also onboard partners and earn various bounties and help the community grow.
12. Is there a possibility of Storx to create other types of nodes so we can pay cheaper VPS and stake more nodes in order to win fewer rewards? Also, we are aware that other projects like Flux tried to reach Storx for a possible collaboration. Can we expect an outcome from these contacts?
Ans: Currently we do not have different types of nodes or rewards programs. We follow single nodes and standard rewards, However if we make any changes, We would be sure to first open up to our community members on social media. As for partner We are working with lots of partner, but these are currently in trial phases. Once these formalize we would be happy to share their names.
13. We are a group Xinfin Supporter and subsequently invested in StorX, few of us have more than 130 Nodes Operating. We have seen the growth of XinFin Network and see StorX following the same path. We would like to support the growth of StorX ecosystem, How can we help?
Ans: Thank you very much for the support and appreciation. It’s indeed trust like this that keeps us going. StorX Node operators form the core of StorX ecosystem. Helping the ecosystem grow will immensely benefit Storage Node Operators and the community at large. We welcome our community members to support the growth of StorX Network by:
1. Promoting StorX Network with your Friends and Family Members
2. Onboard Customer/Business to register for StorX
3. Help to onboard partners to StorX ecosystem who could use the Network
4. Promote StorX ecosystems on your social media channels
5. Suggestions on governance team framework by filling up the form.
If every community members contribute, We could easily achieve the top slot in the storage market. Needless to say, efforts to help growth would be rewarded with bounties.
Please feel free to provide your feedback and suggestions over social media like Twitter or Discord.
That’s it for now!
We want to thank each and every member of our community, our storage-node holders, and everyone who has been involved since our project inception for their incredible love and support.
We have received some fantastic questions and hope to do a similar event on a more regular basis.
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