[ANN] Storjcoin X (SJCX) - A Coin for Decentralized Cloud Storage

[Storj]

9800 BTC, oh, awesome, good luck man, I will be not in..

Actually, 10000btc, 200btc has been sold at 15th July.

Did you mean 200BTC have already been invested into this coin ?

There was a small 200 BTC limit pre-crowdsale that was used to cover some of our business expenses up to this point. We reached about ~35 BTC.

15% Developer Pool

Lets simplify

15% is mine

Again, the community has just as much say as the developers in a situation like this; they're being allocated the same amount as the developers. We understand that it may look bad on the surface but rest assured we have provided enough resources to show that we are people with good intentions and experience. Our team members have put their reputations on the line in order to prove the legitimacy of this project.

[Storj]

We reached 500 BTC so far! Thank you all so much for the continued support. We at Storj are very thankful and appreciative for anybody helping us get closer to our vision.
As usual, we would be glad to address any questions, concerns, issues, or suggestions.

[super3]

It would be very cool to see a working prototype of any of  storage coins. Would be more than happy to give them my BTC  then. Don't really want to accuse anyone of anything, developers might have the best intentions, it just can happen that the idea is technically too hard to realize.

You try out Metadisk right now, just go the to http://storjtalk.org/ under Metadisk. As for DriveMiner, drive farming demonstration will be out in the next couple of days. Perhaps by the next community chat. I just got back from the Chicago conference, and will me on by way to Coin Congress tomorrow, so I haven't had too much sit down development time.

If any of you are going to be at Coin Congress let me know.

[MemoryShock]

Could someone describe how the early mining will work please?  Is it a situation where you will get to mine a correlative amount to the BTC sent in the crowd sale?  Or will the early mining just get you the ability to mine and then the biggest 'farm set-up'? wins?

Also, what kind of equipment for mining is optimal?

Much appreciated...I am sure that I could have scoured the forums for these answers but it would eat up some time...

[super3]

Could someone describe how the early mining will work please?  Is it a situation where you will get to mine a correlative amount to the BTC sent in the crowd sale?  Or will the early mining just get you the ability to mine and then the biggest 'farm set-up'? wins?

Also, what kind of equipment for mining is optimal?

Much appreciated...I am sure that I could have scoured the forums for these answers but it would eat up some time...

Is it a situation where you will get to mine a correlative amount to the BTC sent in the crowd sale? Yes, more detailed specifics will be released in a few days. Early mining will be like the old 2009-2010 GPU days as we test and refine the algorithm feature by feature. I'm speaking to some people in the hardware space about the optimal setup now.

[fusecavator]

I can't seem to find anywhere on the site about how users connect to file hosters. If users are able to connect directly to hosts without going through intermediaries, that seems like a deal killer to me, as it puts significant risk on the hosts when people inevitably start uploading illegal files.

Also, how do you make it desirable for hosts to keep data? Without any reoccurring storage fees, and with most backup-type storage being written more than read, and with downloading bandwith usually more available for home users, it seems to me that there's more money for hosts to just write people's data to /dev/null instead of actually storing it.

[lvyuan95]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

[kingscrown]

yep not clear enough

[Storj]

I can't seem to find anywhere on the site about how users connect to file hosters. If users are able to connect directly to hosts without going through intermediaries, that seems like a deal killer to me, as it puts significant risk on the hosts when people inevitably start uploading illegal files.

Also, how do you make it desirable for hosts to keep data? Without any reoccurring storage fees, and with most backup-type storage being written more than read, and with downloading bandwith usually more available for home users, it seems to me that there's more money for hosts to just write people's data to /dev/null instead of actually storing it.

Keep in mind that while the two are connected over the network, any host storing a bit of an illegal file cannot be held liable for the file. There is absolutely no way they can know what is being stored as the data is encrypted before being stored. This way, the only person who can be held liable is the person with the private keys (i.e. the person storing the file).
 
The incentive for a host to store data is that there is a recurring fee, though exponentially smaller than a traditional cloud storage provider as one might think. If the network checks a file and something seems to be out of place (as in the host has stopped storing the file), the host stops getting paid for the file.

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

yep not clear enough

The blockchain isn't actually storing any of the data from a user; the blockchain is only storing the metadata that points to where the data is being held. This significantly cuts back on blockchain bloat and keeps the size very manageable.

[fusecavator]

Keep in mind that while the two are connected over the network, any host storing a bit of an illegal file cannot be held liable for the file. There is absolutely no way they can know what is being stored as the data is encrypted before being stored. This way, the only person who can be held liable is the person with the private keys (i.e. the person storing the file).

That seems to me to not be correct. The host expects that the files are encrypted, but has no way of actually knowing that they are. And if someone wants to use the network for cheap bulk distribution of files, they likely will be skipping the encryption.

Does your comment "storing a bit" mean that files are chunked accross multiple hosts, with none having the full file?

The incentive for a host to store data is that there is a recurring fee, though exponentially smaller than a traditional cloud storage provider as one might think. If the network checks a file and something seems to be out of place (as in the host has stopped storing the file), the host stops getting paid for the file.

I didn't see anything about that on the website. Is this an additional fee to the bandwith cost, or is it a slow distribution of the upload fee?

[Storj]

Keep in mind that while the two are connected over the network, any host storing a bit of an illegal file cannot be held liable for the file. There is absolutely no way they can know what is being stored as the data is encrypted before being stored. This way, the only person who can be held liable is the person with the private keys (i.e. the person storing the file).

That seems to me to not be correct. The host expects that the files are encrypted, but has no way of actually knowing that they are. And if someone wants to use the network for cheap bulk distribution of files, they likely will be skipping the encryption.

Does your comment "storing a bit" mean that files are chunked accross multiple hosts, with none having the full file?

The incentive for a host to store data is that there is a recurring fee, though exponentially smaller than a traditional cloud storage provider as one might think. If the network checks a file and something seems to be out of place (as in the host has stopped storing the file), the host stops getting paid for the file.

I didn't see anything about that on the website. Is this an additional fee to the bandwith cost, or is it a slow distribution of the upload fee?

1.) Correct, we shred the entire file and therefore no one other then the uploader has the ability to have the entire file at once.

2.) You will only have to pay for the amount of space you want, the upload speeds will be as fast as your download speed is. The reason behind this is that while one node may have a slow upload speed the others will make up for it, much like the torrent networks, but it will be even faster because our network has no constraints. So no, there will be no additional fees.

[super3]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

This is correct, you would quickly run into something called blockchain bloat, and well as some terrible legal implication. Instead we can use the blockchain to "point" to a file on the network. This also allows us to support multiple decentralized data networks.

[Moieur01]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

This is correct, you would quickly run into something called blockchain bloat, and well as some terrible legal implication. Instead we can use the blockchain to "point" to a file on the network. This also allows us to support multiple decentralized data networks.

Not sure if this has already been answered, but which blockchain are you planning to use to store your file pointers? Its not the bitcoin blockchain, is it ??

[englishbad]

No,never,70%=9800 BTC！！

[Storj]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

This is correct, you would quickly run into something called blockchain bloat, and well as some terrible legal implication. Instead we can use the blockchain to "point" to a file on the network. This also allows us to support multiple decentralized data networks.

Not sure if this has already been answered, but which blockchain are you planning to use to store your file pointers? Its not the bitcoin blockchain, is it ??

No, in the Storjcoin X blockchain. We may integrate it later on into the Bitcoin blockchain if treechains or sidechains ever become a thing.

[OmniEdge]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

This is correct, you would quickly run into something called blockchain bloat, and well as some terrible legal implication. Instead we can use the blockchain to "point" to a file on the network. This also allows us to support multiple decentralized data networks.

Not sure if this has already been answered, but which blockchain are you planning to use to store your file pointers? Its not the bitcoin blockchain, is it ??

No, in the Storjcoin X blockchain. We may integrate it later on into the Bitcoin blockchain if treechains or sidechains ever become a thing.

The Bitcoin blockchain is quite secure with so much computational mining behind it. How does the security of storj blockchain work? 51% attack?

[super3]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

This is correct, you would quickly run into something called blockchain bloat, and well as some terrible legal implication. Instead we can use the blockchain to "point" to a file on the network. This also allows us to support multiple decentralized data networks.

Not sure if this has already been answered, but which blockchain are you planning to use to store your file pointers? Its not the bitcoin blockchain, is it ??

No, in the Storjcoin X blockchain. We may integrate it later on into the Bitcoin blockchain if treechains or sidechains ever become a thing.

The Bitcoin blockchain is quite secure with so much computational mining behind it. How does the security of storj blockchain work? 51% attack?

So now that I think about it we can actually do both. We can store periodically store merkle roots or block hashes in the Bitcoin blockchain. Also considering also using notary chains as another solution.

[Moieur01]

Well designed website, though I still don't understand how it works, how would 'Decentralized Cloud Storage' be possible? I don't think you can use blockchain to transfer files or the size is gonna be huuuuuge... Explanation would be good

This is correct, you would quickly run into something called blockchain bloat, and well as some terrible legal implication. Instead we can use the blockchain to "point" to a file on the network. This also allows us to support multiple decentralized data networks.

Not sure if this has already been answered, but which blockchain are you planning to use to store your file pointers? Its not the bitcoin blockchain, is it ??

No, in the Storjcoin X blockchain. We may integrate it later on into the Bitcoin blockchain if treechains or sidechains ever become a thing.

The Bitcoin blockchain is quite secure with so much computational mining behind it. How does the security of storj blockchain work? 51% attack?

So now that I think about it we can actually do both. We can store periodically store merkle roots or block hashes in the Bitcoin blockchain. Also considering also using notary chains as another solution.

yes, for possibly storing checkpoints into the bitcoin blockchain but nothing more

[super3]

Well it allows you to do basic proof-of-existence as well in a stronger chain. You can't do it directly because the tx fees would kill you.

[Storj]

Pocketfullofapps interviewed Shawn Wilkinson (super3) while he was in San Fran at Coin Congress. Here is the interview for those that are interested: http://pocketfullofapps.com/2014/07/27/coin-congress-interview-with-shawn-wilkinson-of-storj.html