Question to all SNOs would you accept wStorj?

Question to all SNOs would you accept wStorj ? wStorj can be a Token on the Tezos network. It cost only cents to make Token Transfers on the Tezos network.

From. mystic I Willen happy to receive my payment on the Tezos network.

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STORJ’s whole business model and funding model is based around the current storj token. It is also the active involvement of STORJ that gives the storj token a reason to exist or have any perceived value.

Wiping out all the current ‘value’ of all the node operators holding or waiting to receive storj balances would not be the best business decision.

It is a wrapped Token. So Storj Token still exist. However the Payouts are wStorj and then it cost only cents to Payout.

Would be fine for me. I would actually prefer this over the zksync option.

No thanks I prefer not to have to move

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It is via Tezos blockchain one transfer cost only 5 cents

Based on the feedback from @jtolio I have to say I think it is a null question.

I cannot finally answer this question. Maybe yes, maybe no, it depends if this would be finally a payment solution that works for me.

But my 2 cents: I am getting really tired to make up my mind about getting paid and think over existing and potentially new payment options from month to month. I don’t want to pay worth months of payouts for transaction fees, I don’t want to be required to signup with obscure exchanges. I don’t want to have funds lying somewhere where I cannot access them or only at high cost. I don’t want to exchange funds to other tokens of unknown value or utility and be stuck with them.

I only want to get paid monthly for the service I have provided like we were told when the (new) Storj Ethereum token was introduced as the solution for mass micro-payment.
Paying SNOs reliably is a crucial backbone for this project. But Storj has absolutely no control over the transaction fees which are getting worse every month, thus jeopardizing the ability to pay the SNOs. And this is also a bad situation for customer acquisition. Any serious customer will always be concerned if their data is safe. But this is only the case if SNOs do get paid in a reasonable way. That is probably one of the reasons why the other projects like Sia or Filecoin but also Theta have chosen to run their own blockchain.

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The own blockchain will require to use its coin like as an utility token, but with restriction to pay for the service only in that coins, otherwise there would be no incentive to miners.
As result it will not be convenience to the customers, because prices (in USD) for the storage will fluctuate with the coin price and also there is not so much companies ready to pay in crypto. In some cases it will be even illegal.
This is also not good for the service providers (SNO) - they will be paid in a vary value (in USD) for the same service.
And I guess the requirements for the node will be extended a lot (depending on the protocol), and also you should store the blockchain data somewhere.

And this is if you do not take into account the investment of developers’ labor in the invention of another square wheel (your own blockchain).

@jammerdan and that’s the point. Tezos already proofed that also with a lot of users transactions fees are low. From the beginning. On Tezos there are real NFT projects with thousands of users. But Storj guys doesn’t believe. Miner due to all the ADA mess. ADA only promise no Solution.

When somebody really check Tezos it is clear proved it works.

And then you can have payments with fees in cents. Also Micro payments is no Problem

I would use this in preference to zksync - it’s community driven already, without the single vender validation currently on zksync and centralization… I know the roadmap… but …

Yes looks more established then zksync, with exchanges already online although we would need to ask them to list Wstorj to transact to XTZ or looks like we can transact to Wbtc on chain.

Downside is there is some work to be down by Storj to implement this - they will need a wallet to store WStorj that can accept API calls from the payout system (one might already exist) to pay SNO’s - looks like various hardware and software wallets are there already hmm.

Looks like an option :heart:

That’s a bit hard to answer without looking into what exactly that would entail. As I understand it right now it would still require me to swap wStorj for something else before sending it to an exchange. Which may not be all that expensive, but is definitely cumbersome and I would like to actually hold on to the Storj tokens and have those ready to trade when I want.

It would also depend on whether the 10% incentive applies to this payout option. So all I can say for now is “maybe”. I don’t have a massive issue with the currently available options though. So if the question was framed as “should significant development effort be put into enabling this?” I may say I’d prefer that to be focused elsewhere. But if it’s relatively easy to set up for Storj Labs, then why not? More options is always better.

What is the resource consumption of a tezos node and how quickly is it growing? How much of the block limit is currently used?

I have seen so many “Ethereum killer” but they only look good on paper. Check out Stellar for example. The blockchain has grown so far that even official block explorers don’t show you your transaction history. Good luck filling out your tax report if you are unable to query the transaction history.

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No thanks, L1 ETH is best for me, i received payout every month.

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For me it’s the path to major exchanges that also deal with fiat conversions. What are the steps to go from wStorj to ETH and/or to USD and how much will it cost to get there?

My $0.02 - the biggest problem here isn’t Storj’s adoption of another technology, but exchange adoption. If you have wSTORJ on any chain, what do you do with it? To get it to an existing exchange, doesn’t it still require a L1 Ethereum transaction and gas?

As a side note, we’re working on making it so you can specify a Storj project as a destination wallet for SNOs, so soon you will be able to automatically pay for Storj projects with your SNO earnings (instead of the current manual system), but that’s not there yet.

I feel like there’s an overall shape to any non-Ethereum-layer-1 approach - Storj converts STORJ into some stand-in (either Layer 2 or wSTORJ on some chain), then uses the stand-in for the transaction, but, then what? You have to withdraw. You can pay for a Storj project once we support payment beyond L1 transactions, but if you want to get to an exchange, the exchange needs to support your stand-in. Otherwise, you will have the withdraw transaction problem zkSync currently has (that we’re now doing a 10% bonus to try and cover), and then it has no user advantage over zkSync.

We believe zkSync is the most likely approach to get a stand-in with exchange support, which is a big part of why we picked it. In a previous thread someone shared zkSync is now supported on OKEx.

So, anyway, yeah, if SNOs want wSTORJ and wSTORJ is a thing that exists, great, but I don’t see what that gains anyone over zkSync. Am I missing something?

@jtolio
There is no path over ETH. The path is wStorj then Tezos then Exchange. Estimated fee less then 10 cents

Yes I think you are missing something with wStorj on Tezos SNOs does not need Ethereum anymore. You can Swap wStorj on DEX Quipu.

After that just transfer your Tezos to Kraken.

For anybody who is interested we can make a live Demo I will transfer a Token 10 times. No problem will only cost few cents

Actually this looks nice , well anything looks better that`s off eth chains any layer. Dealing with Tezos shouldnt be problem for anyone since its widely accepted.

For every SNO who is interested in wStorj I created a Discord channel wStorj for SNO Payout