Decentralized storage network Storj has created a new scalable option among these platforms called Storj NEXT, which promises more scalable decentralized solutions For both Web2 and Web3 businesses.
The most recent upgrade adds a new economic model that enables wider engagement in the Storj ecosystem with a focus on community building.
Storj is a distributed object storage platform that is decentralized and secures data via encryption. To offer secure and effective cloud storage, Storj is built on the peer-to-peer protocol and blockchain technology of Bitcoin.
Storj uses encryption and blockchain to make use of unused storage on computers all across the world. In order to prevent any one corporation or group from having access to all uploaded data, it divides the material into smaller portions and distributes it throughout the network.
Dedicated wallet addresses for Storj customers can unlock perpetual storage via Ethereum smart contract payments with STORJ, according to a new crypto-enabled perpetual storage feature being introduced by the decentralized storage platform.
The functionality will make it possible for users of the network to get rewards for depositing STORJ, the fungible coin used by the Storj network that is based on Ethereum.
Both independent satellite operators’ and node operators’ storage needs will be met by the new approach. According to Storj, its most recent version will enable Web2 and Web3 companies to lower cloud costs without compromising performance or dependability.
With the most recent version, staking will also be possible, allowing network users to earn passive money from their node operators and community satellites.
The platform is enhancing capabilities with code, test data, and other resources for node operators who want to go beyond operating nodes to operating a storage network.
Using what is referred to as a “community satellite concept,” would enable businesses to run their distributed storage networks around the globe without the need for expensive, energy-intensive data centers.
In light of the escalating price of storage servers, Storj’s claimed that Web2 companies are increasingly using its decentralized solutions. Storj increased its node count from 13,000 to 20,000 in the past year, which resulted in a 40x increase in network usage.
