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StorX Co-Founder Handy Barot Provides Valuable Insights on Blockchain Technology and the Future of Decentralized Storage

As enthusiasm grows around the StorX network, co-founder Handy Barot provides valuable insights to boost the community’s morale and to keep FUD at bay. In this candid AMA session, Barot addresses questions that the StorX community has frequently been asking on social media and elsewhere.

Question: Tell us more about yourself and how you came up with the idea of using blockchain technology to build a decentralized cloud storage network like StorX.

Before the COVID-19 pandemic, I traveled around the world, meeting promising minds and discussing at length future technologies. From the dot-com bubble burst to the web as we know it today, I have witnessed the internet’s evolution from the frontlines. As a concerned netizen, the things that trouble me the most are issues relating to security and privacy. 

For a long time now, big tech companies have fine-print privacy clauses that allow them to leverage users’ data and assets in ways that are far beyond ethical. Selling information to third parties and using massive data sets to design, as well as train prediction models are merely some glimpses of the problem. The tip of the ice, you can say.

That being said, centralized cloud storage is a major enabler in this regard, and I couldn’t help myself but find a remedy. I think upholding data privacy and security is the need of the hour, and decentralized cloud storage is the way forward. To this end, we conceived of StorX as a network that enables fragmented and encrypted data storage over a globally distributed network.  Being a truly trustless network, StorX doesn’t have any single-point-of-failure, is fast, and above all, doesn’t pry on the end-user’s data. You can think of it as a storage service that is robust and secure, but at the same time user-oriented.

Question: Tell us more details about the StorX Network

I can give you a lifetime of details about the StorX Network, but allow me to highlight only the core points here. I have mentioned earlier how this decentralized cloud storage solution empowers users to store their data securely on the cloud. Above all, it stores files in a fragmented manner, over a globally distributed architecture of nodes. Each fragment is strongly encrypted, which provides for optimum security.

Now, apart from these technicalities, the network enables people to share their surplus or idle storage space in return for promising returns and incentives. Basically, you get to monetize your extra hard disk space, while those in need of more storage can benefit equally.  Because of its peer-to-peer design, StorX is not only faster than legacy cloud storage systems but also significantly cheaper. No joke! After all, a majority of the costs involved in cloud storage go to infrastructure, server maintenance, and so on. Using decentralized technologies, we are mitigating this problem with efficiency and elegance.

Question: Where is StorX Network located?

The foundation “StorX Network” is registered in Seychelles. But apart from that, in the true spirit of decentralization, the network will have contributors and stakeholders from around the world, across geographical, social, and cultural barriers.

Question: Tell us more about the relationship between StorX and XinFin.

Sure, both are independent open source projects, although closely related. Otherwise, there can be undue confusion. So, the very talented team members from the XinFin Organization incubated StorX (like many other projects), which we then deployed on XinFin’s public-private hybrid network. The underlying blockchain has significant cost, speed, and other functionality benefits, but there’s much more to why we thought it’s the best suited for our purpose.

Personally, I am a great fan of Greta Thunberg and strongly support her cause. We could not compromise with the environmental sustainability of our project, and to this end, XinFin is probably the most competent. For one, it consumes at least 99% less energy in comparison to Proof-of-Work (PoW) based systems. XinFin is, truly, what we can call a green network and that’s fully consistent with our vision at StorX.

Question: Who are StorX’s main competitors?

Well, I suppose one can never fully be sure on this front, and in our case, it’s sort of like comparing apples to oranges. Nonetheless, in general, StorX’s efforts are directed against cloud storage oligarchs.

Big tech firms, among others, exercise a monopoly over a $266 billion industry, which puts them in a position to exploit users for generating profits. So, in this sense, you can very well say that we are competing with a problematic business model, rather than with this-or-that company. That apart, within the decentralized storage industry, StorX aims to emerge among the top five projects within a year or two (in the decentralized storage space). I feel quite confident about this, with good reason.

Question: Tell us more about the roadmap for the StorX Network?

The idea first occurred to me on December 31st  2017,after which we spent almost 12 months brainstorming. Once the project began to take shape, we received tremendous support from like-minded members of the global blockchain-cryptocurrency community. We started developing the actual product, writing white papers, talking to the industry experts, and so on. In all of this, making StorX a top-notch, global platform has been our first priority.

As of today, the program is in its beta development phase, and we intend to launch the Beta Version very soon.It could have been sooner if locked down would not have happened.Moreover, we are planning to add robust token economics to support the network. To learn more details, the reader can go through the detailed roadmap at  StorX’s website.

Question: Tell us more about the StorX tokenomics.

We are building strong token economics around the network, primarily to support and incentivize every associated community member. Out of a total supply of 200 million STORX tokens, the idea is to allot 50% for community bounties, 20% for the core team members, 20% for the initial community supporters, and the remaining 10% for contingency.

Using this token, you can pay for storage services available on the platform. Storage providers, or as we call them, Farm nodes, will get rewarded in STORX tokens. Furthermore, StorX will also have a robust staking mechanism as a means to yield generation for end-users. For more details, you can check the relevant section on our website.

Question: How are you financially supporting your venture?

We have received substantial seed funding from our close supporters, in return for STORX tokens. Similarly, we have competent developers and social media teams that are willing to be remunerated in STORX tokens. We have already received promising commitments from various contributors. Now, we are waiting for legal confirmation so that we can launch an initial offering to generate funds for further expansion.

Question: What distinguishes StorX from the other decentralized cloud storage providers?

There are several aspects, but I would say security and privacy are foremost. As a community-oriented platform, StorX is committed to making the internet a safer place. Through features like the highest uptime, 24×7 community support, rapid data retrieval, ease of use, and absolute anonymity, we ensure the best possible value for end-users. Additionally, this is compounded by the STORX token’s value in liquid secondary markets.

Question: Where can I buy STORX Token?

StorX tokens are set to launch by early Q2 in 2021 and its  details will be available in upcoming weeks. To avoid FuD, I strongly advise interested users to stick to StorX’s official social channels for future updates. They can also register their interest in StorX Network to receive updates over email.

Question: Will StorX Network Airdrop its token for the XDC holders?

No, StorX Network will not perform such airdrops for the XDC holders. However, there are various bounties for the community to earn STORX tokens. If you look close, a majority of the token’s supply is going as bounties for incentivizing contribution towards the network’s development and expansion. We are inviting developers, social media experts, and content writers to contribute and get bounties.

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