StorageChain
Crypto Overview
Project Overview
StorageChain (WSTOR) is a decentralized storage protocol that aims to provide cloud storage services using blockchain technology. The project's stated purpose is to create a decentralized marketplace where users can rent out their excess storage space to others who need it.
Utility Assessment
The token's primary utility is threefold: 1) Payment for storage services within the network, 2) Incentivizing storage providers to maintain reliable service, and 3) Governance rights for protocol decisions.
Development Activity
The project maintains an active GitHub repository with regular commits, indicating ongoing development work. The team has implemented basic storage functionality and continues to expand features.
Real-World Adoption
Current adoption remains in early stages, with a small but growing network of storage providers and users. The project has established partnerships with several web3 companies for potential integration.
Business Model Analysis
The business model is straightforward and permissible under Islamic principles as it involves direct exchange of value (storage space for payment) without any interest-bearing mechanisms. The protocol does not facilitate any haram activities and maintains transparency in its operations.
Token Distribution
Token distribution shows 15% allocated to the founding team with a 2-year vesting period, 25% for ecosystem development, and 60% for public distribution through various mechanisms. The vesting schedule appears reasonable and designed to align long-term incentives.
Crypto Impact
To assign a comfort level investing in StorageChain from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to StorageChain.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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