StorX is a cloud storage solution powered by XinFin Blockchain Network’s hybrid blockchain. StorX enables users to store their data on a distributed cloud securely. Every file uploaded to StorX is encrypted by a user’s unique password and then stored in multiple parts on numerous autonomous storage nodes operated by individual operators worldwide.
This unique distributed architecture also prevents data from being hacked or vulnerable to ransomware attacks. The core focus of the StorX Platform is creating a network storage supply by recruiting storage node operators and creating demand for cloud storage for paying users. StorX is based on a decentralized architecture that is managed by the community, for the community. This means that StorX is more cost-effective than centralized cloud storage services, while also being superior in terms of features.
SRX is the official native token/cryptocurrency of the StorX Network platform. The primary application of the token is to facilitate transactions and will be used to rent and lease decentralized cloud storage on the StorX Network.
StorX Network’s flagship StorX drives are available in the first week of June 2022.
SRX Token Overview
Token Symbol: SRX
Total Supply: 553,785,978
Total Circulation: 311,181.000
Coinstore.com Listing
Trading Pair: SRX/USDT
Trade Time: 20 January 2023, 05:00 (UTC)
Withdrawal Time: 20 January 2023, 16:00 (UTC)
What are the utilities of SRX tokens?
System Inflation: Inflation is built into StorX to account for the many factors that can cause tokens to disappear. Over time, this inflation becomes very small, but still provides security to the network in the form of block rewards for miners.
Secure the Storx Network and Get Rewards: Hold SRX tokens to secure the StorX network and receive rewards in exchange. Users can earn up to 7% returns on staking.
Staking: $500 will serve as a minimum stake amount, with participation in network governance proportional to vendor stakes, a fraction of all stakes combined.
Payment: The SRX token will be used as a payment currency, users hosting data will have to pay in SRX, and farmer hosting nodes will also receive payments in SRX.
The StorX token (SRX) Tokenomics
SRX Tokens Allocation
What are the key features of the StorX Network?
Security (â‘ ): All user data is encrypted on the client side before it reaches the StorX system, and when it arrives, it is sliced ​​across 40 different disk drives across StorX’s global network of thousands of independently operating nodes.
Reliability and Robust (â‘¡ â‘¢ â‘¥): In addition to enabling read-intensive performance by deploying parallelism, StorX networking uses a specific erasure coding scheme to ensure that slow drives, slow networks, or networks and drives experiencing temporary high loads do not limit throughput. To ensure the robustness of the system, the StorX network also proposes a redundancy strategy using a technique called Reed-Solomon erasure coding. This means that even if 20 of the 30 hosts go offline, StorX Network can still use the remaining 10 to fully restore the user’s files.
Cost-Effective Storage Node (④ ⑤): Storage Node Operators on the StorX decentralized network are managed by individuals.
Encrypted Metadata (⑦ ⑧): For users to log in and select appropriate storage nodes and retrieve keys on any device based on their geographic location, users must be able to select a secure encrypted path to identify the mapping of data fragments to nodes. This determines the necessity of an encrypted metadata storage system.
Storage Data Validation and File Repair (⑨ ⑩): We need to check that the storage node is storing exactly what needs to be stored. If accurate, the system needs to reward nodes generously with SRX tokens. If the data is lost, the file redundancy data recovery solution proposed by the StorX network needs to be adopted.
StorX Official Media
Website | Twitter (@StorXNetwork) | Telegram |Discrod
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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