Storj is today’s Random Coin of the Day as it offers decentralized file storage. Users earn Storj coins by offering the extra space on their hard drive for Storj’s file storage. People who host their files on Storj are the only ones who may access their files as it depends on the same blockchain technology every coin relies on for its security.
MetaDisk is being developed for people looking for cloud storage, and DriveShare is being developed for those who wish to offer their hard drive space for the Storj network in exchange for Storjcoins.
Storj Exclusive Interview
I conducted an interview with Derek Urban, the Public Relations and Finance specialist for Storj.
Market Cap: $1,202,847
Maximum coins issued: 500,000,000 SJCX
Hash algorithm: – Counterparty protocol
PoW or PoS: Neither.
Is it able to be mined: Users of DriveShare will be rewarded with SJCX by the Storj network from the SJCX paid into the Storj network by Metadisk users.
Exchanges: Poloniex, Melotic
Block explorer: BlockScan
Launch date: We have our prototype of Metadisk live right now at node1.metadisk.org, DriveShare is still in development.
What is the coin’s purpose?
SJCX is designed to act as a means of exchange to buy and sell space on our decentralized cloud network. Users will be able to purchase storage and bandwidth with SJCX, and others will be paid in SJCX for renting out their hard drives and bandwidth.
What problem does it solve?
Storj and SJCX solves the various problems that come with a centralized system, especially a centralized cloud. People are forced into trusting one, central company with all their data, and that company can take all the info they want out of the data without ever notifying the users. Storj gets rid of this centralized entity and spreads all the data out across a network. No one, except the owner of the data, [can] see, edit, or use the files. In addition, Storj lowers the high costs that are currently being issued by the centralized storage systems. Storj has no buildings to pay for, no server racks to cool, and limited team [members] so salaries are low. Because of these low, to nonexistent, expenses Storj is anywhere from 10x-100x cheaper than any current day cloud.
Who are the developers?
What are the coin’s future endeavors and how do they plan on achieving those goals?
With the Storj platform and SJCX, our goal is to spearhead an industry shift toward decentralization. We firmly believe that decentralization will be one of the most important movements in the future as things like privacy concerns run rampant today. In doing so, existing companies will either have to change their current model or be left behind.
We plan on achieving this by creating a truly decentralized storage platform where users can not only store and host files, but also create decentralized applications on top of it. While we create this platform, we will [constantly be] having open discussions with our community to decide what paths we should take to create the best product and service possible.
Is there anything else you’d like to say about your coin?
Storjcoin X will be divided [as] 70% to the crowdsale, 15% to developers and 15% to the community.
- 70% of the coins are available for the crowdsale, If these coins are not all purchased during this round, they are reserved for rewards during early farming and testing of the network for users as well as future crowdsales.
- 15% for the developers is used for paying bounties and paying full time developers on the project and other internal expenses.
- 15% for the community is slated to be distributed towards the community organization. The community on our forums recently held elections for positions of President, Vice President and Treasurer. These people are stepping up to drive community growth and development. The community as a whole will decide the best uses for this share of the coins.
Disclosure: I’ve opted into the Storj betas for both DriveShare and MetaDisk, though I have yet to receive my invite to them as they’re still in development.
Picture Credit: Storj logo used with permission of Storj