SInce the arrival of bitcoin there has been an explosion in blockchain applications. One that has caught my interest is Storj. Storj is based on blockchain technology and peer-to-peer protocols to provide the most secure, private and efficient cloud storage. There is decentralised cloud storage applications already in exsistence but Storj is the first blockchain based application to pop up.
Storj is really made up of 2 applications. Driveshare is the app where you share your extra hard drive space and in turn earn a few tokens from the Storj network SJCX ( StorjCoinX). The second app Metadisk. Using MetaDisk, you can upload your data to the Storj network with a simple drag and drop.Your files are protected and encrypted on your computer before they go into the network and only you, with your private key, have access to your data.You can even earn cloud storage on MetaDisk by sharing your hard drive space with DriveShare.
Currently Storj is in Beta testing phase. However you can take part in the beta testing ,if you hold 10000 SJCX you will be eligable for free SJCX rewards being dished out to participents. I joined the Beta testing group in january 2016 and brought 10,000 SJCX out of my own pocket which at the time cost me about $140. At current prices 10000 SJCX is about $500 which personally is a high barrier for entry for most wanting to participate.
Storjcoin X (SJCX) is a digital currency that runs on the Counterparty and Bitcoin protocol. Only 500 million will ever exist. Earn it by renting out your excess hard drive space with DriveShare, or use it to purchase space on the Storj network with Metadisk.
To get hold of your own SJCX is pretty straight forward……….
- Create your SJCX wallet on Counterwallet.
- Convert Bitcoins to SJCX on ShapeShift.
- Paste your wallet address in DriveShare.
From doing some research i have found the payment formula for the rewards in this beta test.
Current formula that is used to calculate sjcx rewards.
- For each farmer/build (authentication address) who has a sjcx balance equal to or above 10,000 in their payout_address, calculate his/her points.
- points = f(u) * g(h) * (duration/payment_period)
- u = uptime percentage (between 0 and 1)
- h = height / max_height (max height is 199,999 for Test Group B)
- f(x) is a logistic regression function
- g(x) = 0.01 + 0.99 * x
- If the build has a payout address with a balance below 10,000 sjcx and the payout address is on the whitelist, multiply their points value by balance / 10,000. Builds with balances below 10,000 sjcx and not on the whitelist get zero points.
- Find the sum of the calculated points for all of the farmers.
- Divide each farmer’s points by the sum in order to get the percentage of rewards that the farmer should receive. Multiply that percentage by the total rewards pool.
At the moment im donating only 500gb of diskspace…basically i had a spare hard drive just sitting about so i thought id plug it in and do something helpful for the Storj project. I have another spare desktop just collecting dust. Im going to buy a couple of 6 TB hard drives and run my own storage server for the Storj Network in the future. Im sure it wont make loads of money but it be interesting to see if i can turn it into a small storage farm.