Update on August 2020 Payouts

Update for August Storage Node Operator Payouts

Hey Storage Node Operators! We’re always seeking to optimize the SNO payout process. Our goal is to balance the speed and transparency of paying SNOs against the complexity and cost of doing payments at scale on the Ethereum network. In July we adjusted our payout process by combining payments to the same address across satellites into a single Ethereum transaction.

Since Ethereum transaction fees have continued to rise, we are considering making another adjustment to the payout process. For August payouts, we are considering introducing a minimum payout amount. This means we would hold your payout until you meet the minimum payout threshold. For example, if your node earned $2 USD in August but the minimum payout threshold is $5 dollars, we would hold the $2 USD until September payouts. For September, if your node earned $3 USD then you would be paid $5 USD total for your August/ September earnings. If we introduce this change for the August payouts, the minimum payout threshold will be $10 USD.

This change would drastically reduce the number of transactions we have to make for each payout cycle. If you are running multiple nodes, please make sure you are using the same wallet address on all of them, so your chances of meeting the minimum payout are higher and we can reduce the number of transactions we have to make each month. The payouts that meet the minimum payout threshold will be completed in accordance with the Storage Node Operator Terms and Conditions.

We’ll be continuing to provide updates as we finalize our plans. Once again, thank you for your continued support!

35 Likes

No issues from me! :+1:

1 Like

I like the idea, should of been in place from the start.

4 Likes

I think that’s a great proposal

I’m good with this too.

Sounds good and it makes sense.

1 Like

Not all SNOs read all forum threads. I hope storj sends email blast to all SNOs with details so it’s not a surprise for majority.

12 Likes

Contrary to my fellow posters before, I think this is a sad and terrible decision.
Of course I understand the reason for it, but as an SNO I dislike it.
So SNO has no more control or security that he gets paid and when he gets paid and what number of tokens he gets paid. As SNO I lose control when I will be able to sell my tokens. Or even use them for Tardigrade.
Will Storj also allow me to pay later for Tardigrade in Storj tokens as gas is high? I guess not.

Sorry Storj, this is the wrong solution for this problem. And the problem won’t go away. As nobody can predict gas prices so you will raise the threshold more and more at you own decision. This is not acceptable. Only viable solution would be a different payment token with none, lower or at least predictable transaction costs.
This could be a different coin or a decentralised solution like something I had posted here: ETH transaction fees to the moon

4 Likes

For me the change and the threshold value is also fine.

But you should consider that this may affect the trust of new SNO‘s who join the network to test it and maybe start with only 500GB. They might need multiple months until they will see their first payment. I remember how happy I was when I saw my first payment of 0,11$ or so. This gave me the feeling that Storj is really „working“ and trustable.

5 Likes

for example:
When I have 3 nodes i will receive 13$ ?
node1- 2$
node2- 10$
node3- 1$

Its my interpretation ok? I dont se this info in article i see only. “If you are running multiple nodes, please make sure you are using the same wallet address on all of them, so your chances of meeting the minimum payout are higher”

thanks

1 Like

So with this change new SNO will work 2-4 first month “for free” - “great idea”… :poop:
Will there be payments of less than 2 if disqualified? Let's say I owe 1.99 for August, and in September I received DQ?

1 Like

While i personally dont have a problem with this, i can understand why new SNO’s would be deterred to start a new node, if i look at my personal node i would have had the first payout after probably 4-5 months. Thats a long time to see if it’s even worth the effort.
Also i agree with the comment that you should probably send a mail to the SNO’s since not everyone reads the forums, you will get a shitstorm of posts that they didnt get their money.

4 Likes

My oppinion is not changing starting from previous “Improvement”:

I think the minimum threshold for payouts is OK but my concerns is another. The root cause is reduced transparency for SNO.
Did you provide/announce control for SNO before this change? - NO

Another concern, this change will be a problem for a new SNO:
here is an example of new SNO nodes (2TB drive, started at 2020-04):

So, no comment… I think everyone understands this concern for new SNO (I see GrolaG already wrote this concern)

I just can summarize: The change is good for cost optimization but not to increase transparency for SNO.

7 Likes

I actually have to agree with most people here that the change is not good.
For me personally it makes no difference as I get a lot more than 10$ but for smaller or newer SNOs they wouldn’t get paid for up to 6 months and can’t even check their balance or force a payout.
Reduces transparency, trust and willigness to invest into storj.

Sure, the transactions fees are horrible but that is not the SNOs fault… It’s storjlabs preferred way of paying. For the sake of transparency and trust there should at least be an option to check the balance and force a payout, even if you have to pay the fees yourself.
But as long as such a system isn’t implemented, this is a very bad change.

6 Likes

Can I request to be paid in eth?

Converting storj to something useful eats up most of the earnings

(sarc)

1 Like

I do indeed feel for new SNOs. They will also be vetting Storj to see if they get paid reliably. This is going to be hard for them to do if they have to wait a long time for payout. From what it looks like right now, no new SNO will get any payout in the first 3 months as a result from held amount and just not much data stored yet during that time. On smaller nodes it can even take up to 10 months to a year (500GB).

So, I would suggest a small refinement to this process where SNOs would get paid at least once every 3 months. So after 2 months of no payout, the third will include a payout regardless of whether the $10 threshold is reached. This way SNOs don’t have to wait for longer than 3 months to see that this thing actually works. This will also fix that if a node got disqualified with $9 left to pay, it will eventually be paid out as well.

Dashboard updates required

  • Unpaid balance should be listed on the dashboard with itemization of what is yet to be paid
  • Per payout itemization of what was paid. Especially now that multiple months will be in a single payout. Please itemize these per month as it would otherwise be impossible to double check payouts.
  • Link to the transaction and show the used exchange rate

Dashboard update high priority
The more stuff gets mixed in a single payout, the more important it is that we have a complete itemization of all things paid out. Since payouts now include multiple nodes as well as multiple months, a single pay stub should include all this data. This means the need for a single dashboard to see payouts across nodes is a lot more important now.

I think parts of this may already be in the works, but it became a lot more important after this change.

10 Likes

For me it is OK, I suggest in this case you make some kind payout check to email, that will combain all nodes from this user, there can be writeh what is for what. what is payment threadshold and how much yhold gain and held ammount. Today lot of people whatch to dashboard that shold get 10$ and geting less, because dashboard dont take in account held ammount of money. So if there will be payout ticket there will be less questions why got low or not get anything.

1 Like

I have to agree with earlier posts, its a good idea for storj because of cost but bad for new operators. I for one would have thought that the best solution for both would be for storj to maintain its own currency but this wont happen as the older members will remember the upheaval of the last currency change. I do think there will be a lack of new operators coming onboard if you have to wait 6 months for payment.

1 Like

We are at the middle of way from micro payments to payments by request.

2 Likes