Decentralized storage networks are getting increasingly popular over mainstream centralized providers, such as Amazon Web Services, Google Cloud and Microsoft Azure. The primary reason for the shift is the low cost of operations and security.
Some notable decentralized storage platforms are Filecoin, Sia, BitTorrent and Storj. Among these platforms, Storj has developed a new scalable solution called Storj Next, promising more scalable decentralized solutions for Web2 and Web3 firms. With a focus on community building, the latest upgrade introduces a new economic model that enables broader participation in the Storj ecosystem.
Storj is a decentralized system for digital file storage that utilizes unused storage on computers worldwide with the help of encryption and blockchain. It breaks the uploaded data into smaller fractions and distributes it across the network so that no single company or organization can access all uploaded data.
The decentralized storage platform is introducing a new crypto-enabled perpetual storage feature, where dedicated wallet addresses for Storj accounts can unlock perpetual storage. Using Ethereum smart contract payments with the platform’s native Storj (STORJ) cryptocurrency, the feature will allow network participants to be rewarded for depositing STORJ.
The new model will accommodate the storage needs of node operators and independent satellite operators. Storj claimed its latest update would allow Web2 and Web3 businesses to reduce cloud costs without sacrificing reliability or performance.
The latest update will also enable staking, allowing node operators and community satellites to make way for passive income for network participants.
Related: Polygon launches decentralized ID product powered by zk proofs
The platform adds capabilities with code, test data, and more for node operators who wish to move beyond operating nodes to operate a storage network. This would allow enterprises to operate their distributed storage networks globally without capital and energy-intensive data centers.
Storj claims its decentralized solutions are becoming increasingly popular among Web2 firms amid rising storage costs on centralized providers. In the last year, Storj has scaled from 13,000 to 20,000 nodes — a 40x rise in network use.
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