I recently pay attention on the DEPIN coins, and want to learn more about storj coin to decide if the coin is worthy of investing my money. BUT, i i can find nothing from the website about the introduction of storj coin’s values. I looked through (although not very deeply) the website, it seems show me that the storj coin’s value almost has nothing to do with storj system. Even the storj coin can be cancelled in the future, if the storage nodes are payed with fiat.
So, I want to ask:
(1) what is the storj coin’s value design? Are the coin important and necessary in the future?
(2) will storj project strive to become a DAO-like decentrallized project, or plan to be a centrallized project in the long future?
STORJ is an ERC20 utility token that initially was just a convenient way to pay SNOs something back when the project started with nothing: and it avoided problems dealing with fiat worldwide. Basically how almost every crypto-related project starts .
Today about the only reason you’d buy it is because it saves you 10% off your bill when paying for space. It’s not a coin you’d hold for price appreciation, and it’s not tied to the profitability of Storj-the-company. (I mean if the company starts making serious cash the token isn’t worth more: but obviously if the company went out-of-business the token would die)
Man… I really hope Storj-the-company doesn’t start adding DAO features: those seem to be one of the fastest ways to kill a project. Letting random people make important business decisions is a disaster
It’s an open-source project: so anyone can run any piece of it themselves: and there are currently over 24000 SNOs on the network - is that decentralized enough? (sometimes I can’t tell what people are really asking about when they mention decentralization)
TL;DR; The STORJ token gives you a 10% discount on Cloud Storage. Don’t buy it hoping the price will go up.
sometimes I can’t tell what people are really asking about when they mention decentralization
It is a meaningful question, especially for overlooking the web3 world’s future. I really have been thinking about the same question. Like you have mentioned above “Letting random people make important business decisions is a disaster”, I agree with you, although the crypto world looks like that nowadays. But i don’t think it can be sustainable.
what is the right DAO that i personally think?
I suppose there should be constructed by 2 parts : mainnet + ecology, and then a DAO can be formed gradually.
A mainnet with the ability of supporting subnets is the base. If we say the mainnet is a person, mainnet without subnet ecology is like a man fighting with others lonely. On the contrary, when the mainnet has many subnets, and lots of DAPPs occur gradually within these subnets, that means the mainnet has many constructors to build the system together, mainnet doesn’t fight lonely anymore. Obviously, to build a system with a crowd of people must be much stronger than to build it only by ones own.
Ecology is the necessay condition. Ecology is like the human kingdom. At the begining, these kingdoms are seperated, but they will contact with each other more and more, and eventurally form a certain kind of organization. The organization, i think, is maybe the right DAO in web3 world in the future. Maybe just like today’s the United Nations.
So, in my mind, mainnet (base) + ecology (necessay condition) —> the future DAO.
This was answered several times on the forum already. Satellites are already distributed in technical sense: they use multiple servers, storage is on cockroachdb, and so on. What you probably have in mind is being distributed in the governance sense—but so far nobody figured out a reliable and fast design. As such, for now Storj trades off distributed governance for reliability and speed.
Although I don’t know clearly what the DAO should be, it still deserves to be thought/designed/built, just like we didn’t know what is blockchain before.
But, maybe it’s not the right time for storj to design and try DAO, because storj coin is just a simple token in ETH net, and storj team is not plan to expand storj coin’s blockchain trait in web3 world. Storj has great different with other blockchain projects, i cannot tell it is good or not so far. I am also investigating Filecoin, they open their FIPS / development / tech-supporting / … on slack (lots of things are opened to the mass), maybe this is a begining status of the future DAO.
Unfortunately IPFS and Filecoin in particular neither encrypted nor reliable (if you do not pay attention to it and make your own backups before your files are die). Maybe sometime they could solve this issue… I do not see how, because it’s absent in the design, but may be…
I was so excited about IPFS when I first heard of it. But if you want to keep bulk files online Storj is cheaper and faster than any commercial Pinning service. (but it doesn’t have the community caching features of popular files like IPFS)
I have done a rought investigation about the ‘reliable’ (the encryption is not very important in my thinking. And it should not be an unsolvable problem, eg. a third part APP can help / filecoin team can add this function in the future / … )
i cannot deeply understand filecoin’s tech docs in such a short time, but it seems filecoin offers replicas for the storage data. That is maybe to say – data stored in filecoin network is reliable. Here is 2 docs, they seems have some clues on the ‘data reliable’. (bucause the filecoin design concerns many tech background, it’s not easy for me to fully understand it, but i will continue to learn/confirm more about it)
in additon, I joined in a filecoin’s telegram group, and asked someone for the data reliable issue. Unfortunately, there are no tech guys to answer me from tech view. Buf i got a CID and downloaded a picture via the CID, it is said that the picture file was uploaded on filecoin 1 year ago.
In all, I am not sure that filecoin exits ‘reliable’ problem or not. More investagions are needed, i will learn it more.
And the repair too?! Very doubt. And unlikely will happen in the future, they do not have a design, how to do it. So, in general, you may consider your files as lost already. They are not encrypted and lost forever.
Yes, replicas?! 21 century. ok. The replication is not guarantee that your data is recoverable. Yes, it is replicated (if you pay for that), but… it will replicate any error in your data. So, in the best case - nothing happen with your data in a nearest 1-2 months, after… well, depends. May be it can survive, or likely not. No one will give you any confidence so far, they do not have at least a minimum SLA. …Independently of what you are paying…
See https://www.storj.io/blog/replication-is-bad-for-decentralized-storage-part-1-erasure-codes-for-fun-and-profit
I cannot understand the storage tech deeply, i am not a tech specialist after all. But i will try to understand it as much as i could.
If the key point is Erasure code, i personally think filecoin can also adopt this tech later. As far as i know, Swarm is also applying Erasure code. So it makes sense to think filecoin has the ability do the same thing.
No doubt, storj is one of the leader player in web3 storage field today. Most likely, storj’s storage tech with Erasure code is better than filecoin as of now. But to invest my money on which coin for me, it’s a more complex consider.
(1) Maybe replicas is not as good as Erasure code, but it seems work well enough (because i know replicas are widely used in today’s centrallized storage centers). So it should be acceptable for most people.
(2) i googled some introductiions about filecoin. IPFS seems has been widely adopted as a web3 storage standard, eg. opera and brave browser have already officially supported IPFS. We all know, ETH creates the standard of smart contract, and it makes ETH got great success. I don’t know if IPFS storage standard will create another success.
(3) filecoin is more than a storage net. It contains smart contract, subnet (as if still in testing), computing, thousands of retrieving and storage nodes. So a wide imaginable ecosystem maybe comes out in the future. If many subnets and DAPPs occur in filecoin mainet in the future, that means a crowd of people to help building filecoin system together. The crowd power is unimaginable (like ETH). You know, investing money is a crucial thing, and the future potential is a very important point.
i almost have made my decision. If i need to store something on decentralized storage today, i prefer to use storj. If i choose a coin to invest in the field of DEPIN, i prefer to buy filecoin.
Importantly, as someone else said, the STORJ token is not an investment vehicle. Its value is not tied to the success of the Storj company or the quality of its technology.
aha. How much times since the start and hype and they still do not guarantee that your files will be available after a year? What?!
And nobody cares, that their data will be either corrupted or disappear? I would say, that as an enterprise customer I’ll never put my valuable data to IPFS/Filecoin, because it may be corrupted or disappear in a near future.
This is the real outcome, not theoretical.
I believe no one Enterprises stores their data on Filecoin, because it’s unencrypted and there is no guarantee that it can be recovered. I do not know, who may be volunteer to use this service. Even as a private customer I do not want to expose my data with some unpredictable technology if I have something like OneDrive or Google Drive and I know, that they will use my personal data to sell it, even if it’s paid.
In this case I would select Storj, because they definitely cannot sell my data and the price is much less than OneDrive or Google Drive for the same amount (if you are above their minimum allowance, and I’m).
Yes. But you will pay for that, in Storj - you will not pay for that, see a difference?
yeap. But they will disappear. I have tried. May be if you would pay to the pinning service, they may survive, but not guarantee and not guarantee that it will not be corrupted. Thanks, I’ll skip this incredible offer.
They do not have a computing, please do not trick yourself. This can be used in computing running anywhere else, but not with Filecoin directly.
This is true for Storj too - you may use any computing service to use our storage.
It is really a serious topic for decentralized storage. I had to spend some time to confirm it, because investing money is an importiant decision for everone.
(1) I joined filecoin’s telegram group, and asked if the data storaged on IPFS/filecoin is volatile. Fortunately, I got an answer from someone by his own usage example. He told me he had stored many his learning notes on IPFS via the website of FILEBASE, he showed me the file abstract - this file was uploaded to IPFS about 2 years ago. And the file can be downloaded/opened correctly today.
Storj tokens are utility tokens, not investment into the company. They are used to pay for the service and as a payout to Storage Node Operators.
Of course it can until their datacenter would not have issues, as it was presented many times. Storing only in one datacenter is not safe for data. The repair and audit also absent for IPFS (but may be supported by pinning service though, however you need to figure out that), by default it also unencrypted and even not distributed as pieces, it’s a whole fully readable for any node operator. So you cannot store any valuable or private data without an encryption made yourself before upload, and decrypt it later when you need access it again.
They also suggest to use a replication between different providers to have a redundancy, but it’s again up on the user. If you are not familiar with their technology and caveats you likely could lost your files.
But replication is a worst "solution: actually:
Please avoid posting an advertisement links next time.
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