The most recent update encourages community involvement in the ecosystem and makes enterprise storage economically viable for everyone. Decentralized storage platforms are gaining ground on well-known centralized providers like Amazon Web Services, Google Cloud, and Microsoft Azure. The cost-effectiveness of operations and security is the primary driver of the shift.

Filecoin, Sia, BitTorrent, and Storj are notable decentralized storage platforms. One platform, Storj Next, promises more scalable decentralized solutions for Web2 and Web3 businesses. The most recent upgrade introduces a new economic model that allows for greater participation in the Storj ecosystem, focusing on community building.

With the aid of encryption and blockchain, Storj is a decentralized system for file storage that uses unused storage on computers worldwide. It divides the uploaded data into smaller chunks and disperses it throughout the network so that no one company or organization can access the entire uploaded data.

Storj decentralized storage

By using specific wallet addresses for Storj accounts, the decentralized storage platform is introducing a new perpetual storage feature enabled by cryptocurrency. The feature will enable network users to receive rewards for making STORJ deposits using Ethereum smart contract payments with the platform’s Storj (STORJ) cryptocurrency.

Both independent satellite operators and node operators will be able to store their data using the new model. According to Storj, its most recent update will enable Web2 and Web3 companies to lower cloud costs without compromising performance or reliability.

With the most recent update, staking will also be possible, allowing network users to earn a passive income from their node operators and community satellites.
The platform is expanding its capabilities with code, test data, and other resources for node operators who want to manage a storage network in addition to operating nodes. With the help of this, businesses could run their distributed storage networks on a global scale without the need for expensive data centers that consume a lot of energy.

Conclusion

As the price of storage servers rises, Storj’s asserted that Web2 companies increasingly turn to its decentralized solutions. Storj increased its node count from 13,000 to 20,000 in the past year, which resulted in a 40x increase in network usage.