StorX

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Discover StorX's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is StorX?

StorX (SRX) is a cryptocurrency that powers a decentralized cloud storage platform. It operates on the XDC Network and offers secure, private, and censorship-resistant data storage solutions through a global network of hosting nodes. Users can store and access data safely, with features like encryption, fragmentation, and distribution across multiple nodes, ensuring high security and redundancy. The platform is open-source and community-driven, with SRX tokens used for transactions and incentivizing node operators.

How is StorX used?

StorX (SRX) is a utility token deployed on the XinFin Network, serving as an essential component for the StorX Network services. It is used to facilitate transactions and interactions within the decentralized cloud storage platform. Here are some key ways SRX is utilized:

  1. Storage Plans: SRX tokens are used to pay for storage plans on the StorX Network. Users can purchase storage capacity using SRX, ensuring secure and private data storage solutions.

  2. Node Hosting: Node operators can earn SRX tokens by hosting storage nodes on the network. This incentivizes individuals to participate in the decentralized storage ecosystem.

  3. Data Security: SRX tokens are involved in the encryption and fragmentation process of data storage, ensuring that files are securely split and distributed across multiple nodes.

  1. User Engagement: SRX tokens provide additional benefits and enhanced user engagement, making the use of StorX more attractive to users.

  2. Trading: SRX tokens can be bought, traded, and deposited on exchanges like LCX, with trading pairs such as SRX/EUR.

Overall, the SRX token plays a vital role in the functioning and adoption of the StorX Network, enabling secure, decentralized, and cost-effective data storage solutions.

How do I store StorX?

To store StorX (SRX) tokens, you can use the Infinity Wallet, which offers a secure and user-friendly platform for managing your SRX tokens. The Infinity Wallet is available for both desktop and mobile devices, allowing you to store, send, receive, swap, buy, or sell SRX tokens conveniently.

How to buy StorX?

To buy StorX (SRX) tokens, follow these steps:

  1. Create an account on a cryptocurrency exchange: Choose a reputable exchange that supports StorX Network (SRX) such as BitMart, HitBTC, or KuCoin. Create an account by providing necessary information, including your email address, a secure password, and completing any identity verification steps. Research the exchange, read user reviews, and compare different exchanges to find the most suitable one for you.

  2. Choose a funding method: Select a payment method that suits you. Common options include credit or debit cards, bank deposits, peer-to-peer trading, and third-party payment channels. Check your exchange's FAQ section for available options.

  3. Buy StorX Network (SRX): In the Buy & Sell section of your exchange, click on "Buy" and select StorX Network (SRX) as the cryptocurrency you want to purchase. You can choose from various trading pairs such as SRX/USDT or SRX/XDC.

  1. Transfer SRX to your wallet: After purchasing SRX, you can either hold it in your exchange account or transfer it to a personal cryptocurrency wallet like Metamask Wallet. This allows you to store your tokens securely and potentially trade them on decentralized exchanges.

By following these steps, you can easily acquire StorX Network (SRX) tokens.

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History of StorX

The history of StorX (SRX) is a significant aspect of understanding this cryptocurrency. StorX Network, the platform behind SRX, was launched in 2020 and operates on the XDC Network platform. Since its inception, SRX has been actively traded and has a substantial current supply of 587,032,650.7506 units.

Several online platforms provide detailed historical data about SRX, including CoinCarp, Coinbase, BitDegree, and FXEmpire. These platforms offer comprehensive price histories, including daily, weekly, and monthly formats, allowing users to analyze the token's performance over time. This data is crucial for investors seeking to make informed decisions about SRX.

The historical data available for SRX provides insights into its price trends, trading volume, and market capitalization. By examining these metrics, investors can identify patterns and make predictions about the token's future performance. This information is particularly valuable in the rapidly evolving world of cryptocurrency, where staying informed is key to successful investment strategies.

In the broader context of the cryptocurrency market, SRX is part of a larger landscape that is constantly evolving. Trends such as stablecoins, tokenized treasuries, and decentralized private credit are expected to shape the future of finance in the coming years. As the market continues to adapt and innovate, understanding the history of SRX and other cryptocurrencies will remain essential for investors seeking to navigate this dynamic environment.

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How StorX works

StorX (SRX) is a decentralized cloud storage platform that leverages blockchain technology to provide secure and private data storage solutions. Here's how it works:

Decentralized Storage Network

StorX operates as a decentralized physical infrastructure network (DePIN), which means it is a collection of independent storage nodes operated by individual operators spread across the world. This decentralized architecture ensures that no single operator, including the network itself, has complete access to users' data, making it more secure and resistant to hacks and ransomware attacks.

Data Storage Process

When a user uploads a file to the StorX network, it is encrypted by a unique password given by the user. The encrypted file is then split into multiple fragments, which are stored on numerous autonomous storage nodes located worldwide. This process ensures data redundancy and security by distributing the data across multiple points, making it difficult for any single entity to access or manipulate the data.

Storage Node Operators

Individual operators with spare storage capacity can lease their space to the network and earn SRX tokens in return. These operators are incentivized to participate in the network as they can earn passive income by hosting storage nodes. The decentralized architecture also allows users to securely store their data without relying on centralized cloud storage solutions.

SRX Token

SRX is the native utility cryptocurrency of the StorX protocol. It is used for transactions, paying network fees, and incentivizing users to hold SRX tokens. Users can purchase cloud storage services with SRX tokens, and storage providers are rewarded in SRX tokens for leasing their disk space. The token has a maximum supply of 1.5 billion, with a significant portion already in circulation.

Community-Driven

StorX is managed by the community, for the community. This means that the platform is more cost-effective and feature-rich compared to centralized cloud storage services. The community also plays a crucial role in supporting and contributing to the platform, ensuring ongoing development and improvement.

Security Features

StorX incorporates several security features, including two-factor authentication to add an extra layer of security to user accounts. Additionally, the platform is built on the XinFin blockchain network, which provides a hybrid blockchain infrastructure for secure and reliable transactions.

Overall, StorX offers a decentralized, secure, and cost-effective cloud storage solution that empowers users to store their data securely and earn passive income by hosting storage nodes.

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StorX's strengths

The token StorX (SRX) has several strengths that contribute to its value and utility. Firstly, SRX is an essential utility token for the StorX Network, which is an open-source, censorship-resistant, decentralized cloud storage network. This network empowers users to store their data securely on a distributed cloud, ensuring that no single entity, including StorX, can access the complete data. The data is encrypted, fragmented, and distributed across multiple nodes, making it resistant to hacking and ransomware attacks.

Another significant strength of SRX is its role in incentivizing users to utilize the StorX Network. By providing additional benefits and enhancing user engagement, SRX creates a strong motivation for users to participate in the network. This is particularly important as StorX aims to offer faster and more cost-effective storage compared to traditional cloud storage solutions, with savings ranging from 70% to 90%.

Furthermore, SRX is a XRC-20 utility token deployed on the XinFin Network, which adds to its technical robustness and security. The token's deployment on a reliable blockchain ensures that transactions are secure and transparent.

Lastly, SRX has seen significant value surges, indicating market confidence in the token and its underlying network. For instance, the token's value reached $0.042 per token in May 2024, demonstrating its potential for growth and investment.

StorX's risks

StorX (SRX) is a decentralized cloud storage network that leverages blockchain technology to provide secure and efficient data storage. As a cryptocurrency project, SRX is exposed to various financial risks that can impact its value and the overall performance of the network. Here are some of the key financial risks associated with StorX:

  1. Market Volatility: SRX, like other cryptocurrencies, is susceptible to market fluctuations. Changes in market interest rates, defaults, and volatility can significantly impact the value of SRX tokens, leading to potential losses for investors.

  2. Credit Risk: SRX is used as a payment currency within the StorX ecosystem. If users or node operators default on their payments, it can lead to financial losses and instability within the network.

  3. Operational Risk: Poor management or flawed financial reasoning within the StorX network can result in operational risks. This includes issues with node management, data security, and the overall maintenance of the decentralized storage infrastructure.

  1. Liquidity Risk: SRX tokens may face liquidity risks if there are more sellers than buyers in the market, making it difficult to sell or purchase tokens at a fair price. This can be particularly problematic if node operators or users need to liquidate their SRX holdings quickly.

  2. Speculative Risks: SRX, as a cryptocurrency, is subject to speculative risks. Investors may make improper investment decisions based on incomplete research or market speculation, leading to potential losses.

  3. Currency Risks: As SRX is used for international transactions, it is exposed to currency risks. Changes in exchange rates, monetary policies, or political instability can impact the value of SRX tokens.

  1. Regulatory Risks: StorX operates in a rapidly evolving regulatory environment. Changes in laws or regulations governing cryptocurrencies can negatively impact the value and usability of SRX tokens.

  2. Default Risks: If the StorX network or its associated entities default on their debt obligations, it can lead to financial instability and losses for investors.

  3. Inflation Risks: StorX has an unlimited token supply, which can lead to inflationary pressures if not managed effectively. This can erode the purchasing power of SRX tokens over time.

  1. Security Risks: As a decentralized network, StorX is vulnerable to security risks such as hacking, data breaches, or other cyber attacks. These risks can compromise the integrity of the network and lead to financial losses.

Understanding and managing these financial risks is crucial for the long-term success and stability of the StorX network and its associated SRX token.

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Did StorX raise funds?

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StorX’s team

  • Handy: Co-founder with overall responsibility for shaping the strategy of StorX in line with its purpose, values, and mission, bringing over 15 years of international experience.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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