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Cloud Platform Storj Reaches Storage Milestone, Boosts Rewards Pool Tenfold

Last Updated March 4, 2021 4:45 PM
Lester Coleman
Last Updated March 4, 2021 4:45 PM

Storj, a decentralized Internet cloud platform that allows users to store data in a secure manner, announced that the second round of its network testing has reached 1 Petabyte of storage space. In recognition of this milestone, Storj has increased its testing rewards pool tenfold. It has expanded the testing rewards pool from 100,000 Storjcoin X (SJCX), to 1 million SJCX (approximately 71 BTC at the time of writing).

World’s First Distributed Cloud Storage Platform

Storj Labs  plans to build the world’s first distributed cloud storage platform, allowing anyone to buy and sell storage space on a peer-to-peer network. It provides DaaS (Data-as-a-Service), tools and APIs.

“Right now, our platform is in testing,” Tome Boshevski, co-founder and lead designer, told CCN.com.

We have a few hundred individuals providing storage space to the network, which is populated with test files. We’re gathering reliability data, among other things, to allow us to more precisely target our service upon launch.

Storj’s mission is to provide cheaper, faster, and more secure cloud storage services than traditional cloud storage methods.

SJCX Rewards Coming For Test Participants

Storj Labs will distribute the SJCX rewards to new and existing test group participants over the coming weeks.

“We’re extremely pleased by the support and validation we’ve received from our community,” said CEO Shawn Wilkinson, “and we’re excited to release the world’s first crowdsourced cloud storage platform.”

This milestone also marks the completion of the second round of Storj network testing, called “Test Group B.” Test Group B is a test of the storage client DriveShare and the file auditing protocol. The test will also gather information on participant capacities and uptime. The testing round launched on Aug. 25 and currently includes more than 200 participants. Test Group B is scheduled to run until late October.

“We rewarded the participants with over 45,000 SJCX for the first milestone of Test Group B, then 102,000 SJCX for the second milestone, and we are giving away 1 million SJCX over the next few weeks for the third milestone we just achieved, 1PB of storage,” said Boshevski.

Storj includes a platform, a cryptocurrency, and suite of decentralized applications that allow users to store data. It uses blockchain features such as a transaction ledger, public/private key encryption, and cryptographic hash functions for security. Storj is based on bitcoin block chain technology and peer-to-peer protocols to provide the most secure, private, and encrypted cloud storage.

How Storj Protects Data

To protect data, Storj splits each file into chunks. It encrypts the chunks and then distributes them for storage across the Storj network. The network includes DriveShare nodes run by users around the world who rent out their unused hard drive space in return for Storjcoin X (SJCX).

Live information on Test Group B can be seen at https://driveshare.org/status.htstatus.html-ml.