The Storj Labs Blog

Today we released a new capability for Hosts (Storage Node Operators) who would like to opt-in and take advantage of L2 payments on the Ethereum network. Hosts on the Storj Network can now elect to receive their payments via zkSync, an L2 Ethereum scaling solution based on ZK Rollup technology. We’ve built this payment option with assistance from our friends at Matter Labs, who are singularly focused on building UX-centric services on ZK Rollup technology.
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Keen watchers of STORJ wallets will notice some large transfers happening today and over the next few weeks. As you will recall, we have a series of rolling timelocks in our timelocked reserves. (See the Q3 2020 Token Balances and Flows report for details). As announced in our Q1 2020 Token Balances and Flows Report, we did not relock the tranche (tranche 7) that came unlocked at the end of Q3.
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Today, we’re announcing that we’ve paid out a total of $2 million in STORJ tokens to our network of Storage Node Operators and farmers on our previous, V2 network. This is massive, and we’re so proud to have a community of Storage Node Operators helping us build the future of the internet by putting their extra disc space and bandwidth to work. We’re also thrilled to hit this milestone because of what it means for the sharing economy of digital resources.
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At last, the moment you’ve been waiting for. Storage node operators (SNOs), here’s your lucky day. We’re telling you exactly how and when you get paid! 💸💸💸 By the time this blog post is published, it will have been one month since we launched the V3 network Explorer release, the public alpha for SNOs. To all those who have joined the network, thank you! And to all those who are still waiting for your invites, thank you for your patience!
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As we build the new V3 Storj network, we have to address many massive innovation challenges, some of which have never had to be addressed before. These obstacles go beyond the technology our engineering team is building and include us balancing all the uncertainty of emerging regulatory hurdles and challenges across various jurisdictions (particularly tax jurisdictions) all over the world. Rules for US-Based Storage Node Operators Earning over $600 in a Calendar Year We want to be transparent regarding one particular challenge with paying a small number of our unverified, US-based storage node operators.
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At Storj, we are building a next-generation decentralized cloud storage platform. We make decentralization possible by enabling anyone to rent out their extra hard drive space, similar to how you would rent out an extra room on Airbnb, or your car on Turo. One of the challenges we face is implementing a payments system that is accurate, timely, and can scale to millions of users. In October, our CTO Philip Hutchins published an article in Forbes about creating scalability on the Ethereum blockchain, which detailed some of the difficulties and challenges we’ve experienced sending token payments to our hundreds of thousands of storage node operators.
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