SRX is a vital XRC-20 utility token that makes StorX a powerful data storage Marketplace. StorX aims to help individuals safely encrypt, fragment, and later distribute necessary data across numerous hosting nodes dispersed worldwide. The token offers a democratic marketplace for substituting the centralized mediators with a decentralized blockchain network and hosting data. Users get complete control and access over the data sets without requiring any centralized arbitrator.
StorX's vast ecosystem integrates technology and business abilities through strong market authorities and innovators. The token's activity is 100 percent open source without any core or proprietary elongations. StorX can provide new, enhanced features due to the continuous support obtained from the community because StorX's community members authorize the platform.
According to its whitepaper, StorX aims to become an industry-leading and decentralized cloud storage platform. The token's technology combines the comfort and ease-of-usage of business-grade storage resolutions such as Google Drive with loyal open-source technology.
The token seeks to democratize the need for cloud service providers and offers an option for individuals to look at renting storage from different farmers rather than a centralized service provider. Both renters and hosts utilize SRX, a cryptocurrency created on XRC-20 that drives the StorX Data Storage Marketplace. Micropayments happen between renters and hosts using payment channels, similar to Bitcoin's Lightning Network. The payments happen off-chain, strongly improving scalability and network efficiency.
On the StorX platform, the token acts as a payment cryptocurrency. The individuals hosting data need to pay in SRX, and the farmer hosting node also obtains payments in SRX. StorX users stake SRX tokens to confirm the StorX network and, in exchange, gain rewards. Rewards include inflationary awards and a portion of the network spend individuals pay.
Storage Node Operators available on a decentralized network are hosted by users, significantly lessening the acquisitions. There are no extra costs required for a storage node operator regarding capital or personnel. StorX aims to provide an extra earning chance to Network Attached Storage (NAS) operators or small businesses, who have sufficient excess electricity to handle ten hard drives but not more. The idea is to offer significant opportunities and benefits for less-costly and faster storage.
