[ANN] Storj - Decentralized Storage

[super3]

"data is lost even with some redundancy" tl;dr periodic hash challenge verification of file integrity also serves as a trigger for file recovery from other nodes. all files are at least 3x redundant on the network, but you could set your file redundancy to 500 if you wanted to protect it from Armageddon.

but Storj doesn't know what is real redundancy and what isn't.  You might think the file is backed up in 500 places but all those places end up being the same guy and maybe even same location.  Locations can be disguised right?  "sybil attack"

is this true?

No. Each redundant copy is uniquely encrypted. Its not possible for the attacker to end up with 499 other copies, much less pass the hash challenges for them.

[1714098321]

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[1714098321]

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[super3]

I would not sent any penny to this project.

If the project have value in itself, you don't need to dilute it.

Let's see the final product and stop speculating on something that doesn't exist yet.

The project looks much more legit that Maidsafe though.

Have you seen the MaidSafe whitepapers, compared to Storj's whitepaper, the two don't compare. MaidSafe may lack the designers that Storj have, however in the technical department they seem to be doing pretty well 

Anyway, back on topic. Why is there a need to crowd-fund 9,800 BTC which is around ~ $6 Million and dilute the IPO. If they need to cover expenses surely a smaller amount would suffice. I'm sure they don't have anywhere close to $6 Million in expenses. Then again if virtually every thing is completed, which is what they are stating, then why not just launch like any other coin?

i'd like to know the answer to this as well.

There is lots of confusion about the 9,800 BTC number. Will be making a clarification in the next few days.

My main priority is getting the first farming software out. I'm currently working on another proper whitepaper. The first one was written back when decentralized storage was still just an idea. Things like Counterparty didn't even exist. Everyone loves proper whitepapers with all the technical terms. I prefer prototype software. Tell me sdersdf2 how does Maidsafe deal with Sybil attacks?

[sdersdf2]

I would not sent any penny to this project.

If the project have value in itself, you don't need to dilute it.

Let's see the final product and stop speculating on something that doesn't exist yet.

The project looks much more legit that Maidsafe though.

Have you seen the MaidSafe whitepapers, compared to Storj's whitepaper, the two don't compare. MaidSafe may lack the designers that Storj have, however in the technical department they seem to be doing pretty well 

Anyway, back on topic. Why is there a need to crowd-fund 9,800 BTC which is around ~ $6 Million and dilute the IPO. If they need to cover expenses surely a smaller amount would suffice. I'm sure they don't have anywhere close to $6 Million in expenses. Then again if virtually every thing is completed, which is what they are stating, then why not just launch like any other coin?

i'd like to know the answer to this as well.

There is lots of confusion about the 9,800 BTC number. Will be making a clarification in the next few days.

My main priority is getting the first farming software out. I'm currently working on another proper whitepaper. The first one was written back when decentralized storage was still just an idea. Things like Counterparty didn't even exist. Everyone loves proper whitepapers with all the technical terms. I prefer prototype software. Tell me sdersdf2 how does Maidsafe deal with Sybil attacks?

My comment was directed to the question of how the 9,800 BTC number is justified, not on how Maidsafe (or you) deal with Sybil attacks.

[super3]

Well I was making a response to the whitepaper question. Most people just glance over them an assume the content is correct. Few people read them. Happy to answer your 9,800 BTC question, just wanted to put you on the spot for a second and ask about Sybil attacks in the Maidsafe whitepaper first.

[sdersdf2]

Well I was making a response to the whitepaper question. Most people just glance over them an assume the content is correct. Few people read them. Happy to answer your 9,800 BTC question, just wanted to put you on the spot for a second and ask about Sybil attacks in the Maidsafe whitepaper first.

You haven't put me on the spot - not involved in Maidsafe at all (missed the boat on that), but I am interested in this potential issue that the other commentor mentioned as I explore whether or not to invest in this.

[sdersdf2]

Well I was making a response to the whitepaper question. Most people just glance over them an assume the content is correct. Few people read them. Happy to answer your 9,800 BTC question, just wanted to put you on the spot for a second and ask about Sybil attacks in the Maidsafe whitepaper first.

Actually, anyone who's more interested in "putting me on the spot" than answering an important, direct question about the development budget, is unlikely to be someone I want to take a risk with and invest in, but altcoin world is full of surprises, so I still look forward to your answer.

[super3]

Well I was making a response to the whitepaper question. Most people just glance over them an assume the content is correct. Few people read them. Happy to answer your 9,800 BTC question, just wanted to put you on the spot for a second and ask about Sybil attacks in the Maidsafe whitepaper first.

Actually, anyone who's more interested in "putting me on the spot" than answering an important, direct question about the development budget, is unlikely to be someone I want to take a risk with and invest in, but altcoin world is full of surprises, so I still look forward to your answer.

Really just wanted to see if you actually read the whitepapers. I have this theory that a few people only read them in depth, and than most people just skim and assume all the content is correct.

As for the 9,800 BTC that is the value we intend to raise over the long term of the project, not just the initial crowdsale. I say value because some will be distributed through early mining, and the rest can be distributed via future crowdsales for new Storj platforms.

For example one of our users made a decentralized video player in a few hours off our existing APIs (see Demo). Imagine how powerful that would be if that was cleaned up into a nice web app. So we can do a crowdsale to support that specific app.

Also by setting a hard number you avoid the wishy washy of price discovery in an early market. The market will ultimately choose, but it makes things a little bit more stable. 

[super3]

Further information about fund usage is available here:
http://blog.storj.io/post/92967127968/crowdsale-deck

All our books are open, and you can find them on our forum:
http://storjtalk.org/

[sdersdf2]

Well I was making a response to the whitepaper question. Most people just glance over them an assume the content is correct. Few people read them. Happy to answer your 9,800 BTC question, just wanted to put you on the spot for a second and ask about Sybil attacks in the Maidsafe whitepaper first.

Actually, anyone who's more interested in "putting me on the spot" than answering an important, direct question about the development budget, is unlikely to be someone I want to take a risk with and invest in, but altcoin world is full of surprises, so I still look forward to your answer.

Really just wanted to see if you actually read the whitepapers. I have this theory that a few people only read them in depth, and than most people just skim and assume all the content is correct.

Try to see it from my perspective (the perspective, I suspect, of most coin buyers on bticointalk). I'm not crypto-techie. There are many coins, many message threads, many posts and many scams across bitcointalk. With a day job, it's not practical or cost-effective for many of us to read everything out there until we come across digestible tidbits/summaries/previews that command our attention and merit a deeper read and research. For instance, I've read a ton about Ethereum. I never read anything about DarkCash (and thank heavens). I have to prioritise and count on correspondence in bitcointalk with people who have explored these things in depth to get a preview and early education to decide whether to explore a coin further. It's just being practical and, to be a successful coin developer, you need to do a better job of suffering us fools galdly. See Vitalik Buterin - guy's a genius, but he treats every inquiry he gets (that I'm aware of, no matter how inane, as long as it's a genuine inquiry) respectfully and with patience, his time permitting. Now, I came here, because what I saw of the website and glimpses of the interface and concept looked professional and impressive, but I dont have time to read it all.

As for the 9,800 BTC that is the value we intend to raise over the long term of the project, not just the initial crowdsale. I say value because some will be distributed through early mining, and the rest can be distributed via future crowdsales for new Storj platforms.

For example one of our users made a decentralized video player in a few hours off our existing APIs (see Demo). Imagine how powerful that would be if that was cleaned up into a nice web app. So we can do a crowdsale to support that specific app.

Also by setting a hard number you avoid the wishy washy of price discovery in an early market. The market will ultimately choose, but it makes things a little bit more stable.  

That clarifies things a bit - thank you. Hope to get a chance to check out the whitepaper.

[super3]

We can both agree that Vitalik is a great guy. Gave me some really great feedback on the Storj algorithm in Chicago. Ha ha. I need to be more patient like him. Once we get some of this written up, things should be a ton easier.

[coin@coin]

Storjcoin X (SJCX) giveaway on StorjTalk:

http://storjtalk.org/index.php?topic=1458.0

[sharky101]

Any updates? What's the ETA on the new whitepaper?

[CanaryInTheMine]

Any updates? What's the ETA on the new whitepaper?

its being worked on at the moment...

[super3]

Any updates? What's the ETA on the new whitepaper?

So looks like we are going to be putting out two whitepapers. I've made some revisions to the first "whitepaper" we put out for Storj. Really its more of a descriptor for Metadisk. So it will be a whitepaper for Metadisk. I finished a pretty solid draft today, so tomorrow just need to finish up the graphics. From there it will take a few days to do some good peer review before putting it out.

It serves as a pretty good introduction to the platform, but leaves out some of the more fun technical details like the hash challenge algorithms that will be addressed the the Storj paper I'm working on. Thanks for your patience. I wish I could write faster.

[seek4dream]

seems to be a big thing. how many BTC has been raised?

[ejinte]

seems to be a big thing. how many BTC has been raised?

565BTC collected so far.

http://storj.io/crowdsale.html

[ChenXue]

in china..we have free storj...

[qiuzhixin15]

in china..we have free storj...

I have 6TB free on baiduyun
What's the meaning of decentralized storage?

[bananaControl]

in china..we have free storj...

No you don't. But your totalitarian regime of a government will gladly hold your private data for you. How nice of them.

[super3]

in china..we have free storj...

No you don't. But your totalitarian regime of a government will gladly hold your private data for you. How nice of them.

Forget decentralized storage. We should start a free backup service sponsored by your friends at the NSA.