BlockchainBusiness & Finance

Storj is Releasing Their V3 Whitepaper

Storj have recently went through a lot of development phases the most recent of which, consistent to the roadmap, was the launch of their whitepaper’s version 3.0. The white paper is improved for the upcoming V3 of the project where they would be launching their own architecture. The paper contains 90 pages(The v2 contained 37), with citations, oldest from 1945. No question about the fact that a lot of hard work was put in drafting the paper.

Storj is one of the best cloud service providers on blockchain, who aim to utilize the technology by letting people rent their hard drive spaces for rewards, and using these spaces, they provide a cloud storage which is more secure, effective and transparent than its competitors.

The Storj project is ready to move to their own blockchain for which they were researching the best ways to cater the blockchain scalability issue, provision of the best utility, making a secure platform, making it as economical as possible and keeping it secure. The solution that the project has come up with is that the blockchain technology should not be used for storing data. Instead, it should only be used for managing payments. Storage spaces can be rented out while the payments can be managed transparently on blockchain. Shawn Wilkinson, the co-founder of the project explained this further talking to BlockPublisher explaining the difference of Storj from other blockchain cloud service providers,

The main difference between Storj and other decentralized cloud storage platforms is that Storj only uses blockchain to manage payments and not to store data. This is due to the high cost and slow speeds found in blockchains. For example, even the fastest blockchains process data/payments in seconds. Meanwhile, traditional cloud storage solutions, like Amazon S3, can store files in milliseconds – many orders of magnitude faster than even the fastest blockchains.

For their new architecture, they have implemented a replication algorithm called erasure codes. It is required for cloud service providers to implement replication schemes for the time if the nodes fail, the data should still be available. Team Storj believes that the “erasure codes” is a revolution in replication. Their whitepaper explains the process as,

Erasure codes are an encoding scheme for manipulating data durability without tying it to bandwidth usage, and have been found to improve repair traffic significantly over replication.

There are a lot of other development details in the whitepaper, which can be found here.

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Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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