October 8, 2021: Payouts for the month of September complete, PLUS, plan for SNO Payments rules

[peem]

@jtolio

All of these wallet addresses earned enough that the payment fee was 1/4th of the payout amount or less

If you have an outstanding paycheck, why not seize the moment?

EGS

[BrightSilence]

Because you’re looking at the wrong prices. Now I’m not entirely sure, but I think those are prices for ETH transactions excluding the base fee. They basically only list the priority fee for miners.

Also… Storj is an ERC20 token transfer.

The actual costs are currently at about $17.

[BrightSilence]

@jtolio

Please let us know your thoughts!

There is one additional though I would like to leave. The zkSync bonus alone was enough argument for me to switch and I feel like that will be the case for almost anyone who is now making the switch. What I’m saying is the lowering of the maximum transaction costs threshold probably doesn’t provide much additional incentive, while it is the move that most annoys some others who really don’t want to make the switch either way. Food for thought.

[kevink]

@BrightSilence

while it is the move that most annoys some others who really don’t want to make the switch either way

I currently don’t have the capacity to deal with such a move and it doesn’t fit into my system etc and there is no exchange for zksync…
So I don’t like this change and will stay on L1, even if it takes 5 months to get paid…

[SGC]

i know this may be a bit like a broken record, but wouldn’t it be perfectly viable to simply move bulk amounts of storj (thus limiting fees) to the cardano chain and pay people individually on cardano using storj tokens.

from what i understand it should be operational now and 100% compatible with eth programming and support moving erc20 tokens from the eth chain to cardano

i’m not going to move to zksync for the same reason as kevink, why would i want to move to a basically useless ecosystem.
sure zksync may have some future potential, but what can i practically use that for in the present.

[Alexey]

@SGC

i know this may be a bit like a broken record, but wouldn’t it be perfectly viable to simply move bulk amounts of storj (thus limiting fees) to the cardano chain and pay people individually on cardano using storj tokens.

For the companies it’s not easy jump from one blockchain to another. They have much more limits than individuals.

@SGC

from what i understand it should be operational now and 100% compatible with eth programming and support moving erc20 tokens from the eth chain to cardano

I can only repeat the same:

@Alexey

If you can implement or offer other options like automated wrapping on popular for SNO blockchains, where we can call an API and send STORJ tokens - it would be nice.
Please, note - we would not like to spent time to implement functions on other blockchains - it’s out of our scope and goals: we offer a decentralized encrypted cloud storage, not blockchains.
Anything requires migration to other blockchain would not be implemented any time soon, even if not take into account useless of such migration. As soon as it would be more popular - we will be in the same position. Just do not want to waste time and money for another attempt.

[SGC]

@Alexey

For the companies it’s not easy jump from one blockchain to another. They have much more limits than individuals.

how is that the SNO’s problem… we just really like to be paid from time to time…

@Alexey

I can only repeat the same:

how hard can it be to sign off on payments and taking the bag into cardano instead and pay people… doesn’t really seem like such a logistical nightmare, at worst its a months payouts thats lost but that would be recouped in just 4 months if it is a success.

doesn’t even seem like there is any meaningful risk involved.

i’m not talking about a migration, i’m just saying trying out if it would work with a limited amount, the current system or systems is broken to a point where we don’t know if we should laugh or cry.

and it was StorjLabs or JTO that asked for suggestions and ideas.
so no need to defend a failing paradigm

[hoarder]

@Alexey

Please, note - we would not like to spent time to implement functions on other blockchains - it’s out of our scope and goals: we offer a decentralized encrypted cloud storage, not blockchains.

The other part of the offer is hosting software that powers the platform and getting paid in crypto. And the “getting paid in crypto” part needs to be maintained as well.

If you don’t want or care to work with other chains yourself, maybe offer bounty for a solution that solves this problem?

[Alexey]

That’s a nice idea! I would ask the team.
Usually anything related to crypto or tokens requires months these days because of regulators and legal restrictions… This is a little bit limit our possibilities.

So, if you have something on mind - make a contribution in this direction, you have no limits!

[Alexey]

@SGC

how hard can it be to sign off on payments and taking the bag into cardano instead and pay people… doesn’t really seem like such a logistical nightmare, at worst its a months payouts thats lost but that would be recouped in just 4 months if it is a success.

doesn’t even seem like there is any meaningful risk involved.

This will be a hassle to us with legislation and regulators, SEC in particular. Any trade activity will be considered against the company.
We doesn’t interested in activities related to cryptomarkets and related hassles. We have a working product - decentralized cloud storage and this is our main activity.

We want to help our SNOs to receive payments for their service, we have only two methods at the moment - either postponed L1 (payouts once a half of year maybe because of fees), or working L2 (zkSync - payouts every month).

But if there would be a some kind of API for your proposed solution, like as zkSync - then it could be possible.

[SGC]

i’m not familiar with the nitty gritty details of how cardano works, but i would think its possible that something like it already exists, StorjLabs aren’t the only company with this problem.
i know cardano has team’s dedicated to help companies with problems like this.
can’t hurt to ask, i would think the odds that they can help is pretty good.
they might be to busy tho, but they might also have a turnkey solution for this exact problem.

[Pentium100]

I think that accepting zkSync payments for Storj DCS would be the right thing to do:

1. SNOs who want to also use Storj DCS service would be able to pay for it without having to pay huge transaction costs (especially if they don’t use a lot of resources and have to pay something like $5/month.
2. Other customers would be able to pay with tokens without having to pay huge transaction fees. This may spark interest in buying L2STORJ tokens instead of having to transfer them to L1.

[jammerdan]

@Pentium100

SNOs who want to also use Storj DCS service would be able to pay for it without having to pay huge transaction costs (especially if they don’t use a lot of resources and have to pay something like $5/month.

Let me add to that: It would be very smart also, if SNOs would be able to transfer their undistributed amount over to their Storj DCS account and pay with that. That would cost 0,- transaction cost and might even be worth a discount.

[jammerdan]

Let me expand that: It would be even funnier, if SNO could transfer his undistributed amount to any Storj DCS account.
With that a SNO could sell his balance over any channel to anyone with a Storj DCS account without the need to move a single token.

[BrightSilence]

What if that were just a payout option? Instead of L1 or zkSync, just specify a satellite and an account email and payouts go towards the balance on that account. No need to program anything for a new blockchain. And since you are giving your income to that account, you don’t really have to authenticate the account either. It would be up to the node operator which account to send it to.

This would also give people with relatively small terminal balances something to do with that income and provide an incentive to try out the product. It would also make setup a lot simpler for those who want to run a storagenode to compensate for Storj DCS costs (similar to the cloudstorage case discussed elsewhere), without having to bother with cryptocurrencies at all. It would immediately knock cloudstorage out of the water, because they don’t compensate for providing storage at all it seems.

[jammerdan]

But I think it must be done in a way so that a refund cannot be claimed from this balance.
So maybe it needs to be converted into creditpoints or something that cannot be redeemed in USD.

[BrightSilence]

I don’t think claiming a refund is an option now either for Storj payments. It definitely isn’t for coupons, which is the system that could be used for this as well I guess.

[Knowledge]

From what I understand, our payment tool for cypto is managed by a third party. They would need to make the changes to support L2. We don’t have a native setup here for managing that ourselves. As Alexey points out, it can get to be a problem with legal if we do it.

Look at it this way. From the business perspective, the Storj token has no value. It is a utility token, and is not a monetary instrument. We exchange the token with SNO’s for their services. They can then trade the tokens for whatever, if they desire.

No value is key. If the company now goes out and buys Cardano with cash, and distributes the Cardano, we might be a money distributor, money launderer, or various other things that the SEC frowns upon. We may need to go through a lot of additional paperwork and registrations (Depending on region of the world as well) if we went down that rabbit hole.

Now, before you respond by telling me that we’re paying based on the exchange rate and all that. These are things for legal to work out. Not for me in the forum. I am just trying to paint a picture here so you understand that it is not as easy as you may think. We can’t just take a bag of coins and exchange them for a different kind of bag of coins and then distribute those new coins. Not unless we want to get in hot water.

We can likely, accept L2 for payment, once our payment processor supports it. Or we find one that does that can interface with our setup, etc.

[Toyoo]

@jammerdan

Let me expand that: It would be even funnier, if SNO could transfer his undistributed amount to any Storj DCS account.

Legal nightmare, Storj would have to follow KYC/AML laws to do so.

[penfold]

@Knowledge

They can then trade the tokens for whatever, if they desire

No, we can’t and that is the problem others are trying to address here.

@Knowledge

We can likely, accept L2 for payment, once our payment processor supports it. Or we find one that does that can interface with our setup, etc.

I still find it astounding that it was thought acceptable to implement a system to pay SNO’s for service where Storj is unable to accept it back for payment of the exact same service (on the other side as customer). To me that is an astounding disconnect in the company. It is hardly a vote of confidence in the L2 ecosystem is it?