Decentralized Storage Project Storj.io Reaches 1PB After One Month

Decentralized cloud storage project, Storj.io, has reached 1 Petabyte of storage on its network in about a month of testing.

The Blockchain 2.0 project has completed the all 3 initial milestones for the “Test Group B” of its DriveShare project, and has rewarded participants with over 145,000 units of its proprietary currency SJCX.

The project team announced:

In a few hours we will take a snapshot and distribute 100,000 SJCX in rewards for the third milestone. We are working diligently on adding farmer uptime, and audits so we can distribute rewards more fairly. Once these features are complete we will distribute the remaining 900,000 SJCX throughout the month.

Participants share there unused drive space and can still sign up for the current test group by following the guide to Storj’s client software here.

storjio-1pb

In addition to rewarding network participants with cryptocurrency, Storj uses blockchain applications like the transaction ledger, public & private key encryption, and cryptographic hash functions to secure its drive sharing network.

Rather than use the Bitcoin blockchain directly, Storj is using Florincoin as an initial solution. Eventually, the project team intends to transition to a system with more direct and scalable access to the Bitcoin blockchain via proof-of-existence, possibly Factom for faster throughput and Ethereum for enforceable contracts

In October 2014, Storj raised over 910 bitcoin in a crowdsale of SJCX tokens. The funds have been used primarily for development of its blockchain-based cloud storage platform.