Decentralized storage networks are gaining popularity among mainstream centralized providers such as Amazon Web Services, Google Cloud, and Microsoft Azure. The main reason for this shift is low operating and security costs.
Some well-known decentralized storage platforms are Filecoin, Sia, BitTorrent, and Storj. Among these platforms, Storj has developed a new scalable solution called Storj Next, which promises a more scalable decentralized solution for Web2 and Web3 companies. With a focus on community building, the latest upgrade introduces a new economic model that enables broader participation in the Storj ecosystem.
Storj is a decentralized system for digital file storage that utilizes unused storage space on computers worldwide with the help of encryption and blockchain. It divides the uploaded data into smaller parts and distributes it across the network so that no single company or organization can access all the uploaded data. The decentralized storage platform is introducing a new encryption-enabled persistent storage feature that can be unlocked with a dedicated wallet address for a Storj account. Using Ethereum smart contract payments and the platform’s native Storj (STORJ) cryptocurrency, the feature will allow network participants to earn rewards for depositing STORJ.
The new model will meet the storage needs of node operators and independent satellite operators. Storj claims its latest update will allow Web2 and Web3 businesses to reduce cloud costs without sacrificing reliability or performance. The latest update will also enable staking, allowing node operators and community satellites to make way for passive income for network participants.
The platform adds code, test data, and more for node operators looking to go beyond operating nodes to operate storage networks. This will enable enterprises to operate their distributed storage networks globally without the need for capital and energy intensive data centers.
Storj claims its decentralized solution is gaining popularity among Web2 companies due to rising storage costs from centralized providers. Last year, Storj scaled from 13,000 to 20,000 nodes a 40-fold increase in network usage.
