“The company is adding staking, a concept tied to the world of cryptocurrency in which one earns rewards from holding a crypto asset; in this case, that asset is STORJ, the Ethereum-based fungible token used across the Storj network.”
Yesterday, Storj announced a collection of features, functions, and capabilities, a number of which are specifically targeted at the web 3.0 market.
The original press release the Techcrunch article was based on erroneously referred to “staking.” The expanded economic model that Storj is introducing includes a deposit structure that provides expedited earning opportunities for nodes and the ability for community satellite operators to earn and help accelerate network growth. While the model shares certain aspects with staking, Storj does not offer staking in the traditional sense; and its economic model has critical differences from staking. We apologize for the error. Details and timing will be elucidated in an economic whitepaper, a draft of which will be published next week.
One sentence that really stood out for me was “The company will add an optional deposit structure in which network participants can get rewarded for depositing STORJ”.
I’m not sure what is meant here exactly but it really sounds like staking which would question the “storj is a utility token only” hammer that is swung for storj value related discussions in the forum. Can someone clarify what is meant by “get rewarded for depositing STORJ”?
Also, please excuse my lack of terminology knowledge here, but what is “perpetual storage” ?!
I think the changes as outlined in the blog post are very positive. Especially the example with the Internet Archive you showed.
If this is the sort of “staking” that is being meant this sounds pretty good. You can support a project like the Internet Archive and know your donation will be used for storing the data and not for anything else as its directly bound to Storj.
As long as I am understanding correctly that it isn’t possible for the Organisation receiving the funds on this fixed address to just sell the token? They just generate this adress as a deposit only address that is managed by you directly. So only you have the private key to withdraw from it.
Not sure where you see anything about staking though, but you get paid from running a Storagenode which you could pay for your storage at storj the same time every month using the new eth address they provide you.
Reward isn’t a definition of staking though the reward is if you pay in storj you get rewarded extra if you spend 100 dollars you get 10% more. Which is nothing new if you ever used storj to store anything. Staking would be you get 10% every month extra if you deposit using storj and hold 10000 storj in your wallet.
I agree, to anyone who doesn’t know better this does make it sound like staking. We have to remember that most people don’t even understand crypto to begin with. There’s quite a big learning curve to it all and even while being incredibly clear and detailed with people, it often still leaves them confused.