StorX

StorX (SRX) is the native utility token of the StorX network, a decentralised cloud storage platform built on the XinFin (XDC) blockchain. It facilitates a peer-to-peer network where users can lease spare storage space or rent decentralised storage from others. The SRX token powers the platform's marketplace, enabling payments between renters and storage providers (known as "Stars").

The network distributes encrypted data fragments across independently operated nodes using techniques like Reed-Solomon erasure coding. This ensures data redundancy, privacy, and resilience to node failures. File contracts, enforced via smart contracts on the blockchain, define pricing, availability, and penalties, with SRX used as both payment and collateral.

SRX also plays a role in the network’s governance and staking systems. Token holders can stake SRX to help secure the network, and node operators are incentivised to maintain uptime and performance through token rewards and penalties.

The SRX token is used for several core functions within the StorX platform:

Payments: Renters pay storage fees to node operators in SRX. These transactions are facilitated through smart contracts.

Collateral: Storage providers lock SRX in smart contracts as a guarantee of service quality. Penalties apply if they go offline or fail audits.

Staking: Users can stake SRX to support network security and governance, receiving rewards in return. Early adopters receive higher yields.

Incentives: Node operators, ecosystem participants, and developers may receive SRX for participation and contributions, including data farming and adoption rewards.

Micropayments between parties use a system of payment channels, increasing transaction efficiency without congesting the blockchain.