Storj (STORJ)

About Storj

Storj (STORJ) is an Ethereum token that powers a decentralized cloud storage network for developers called Storj DCS (Decentralized Cloud Storage). After a customer uploads a file to Storj DCS, pieces of each file are distributed to a global network of independent nodes. When someone requests the file, it is then recompiled securely and made available for download. This means that anyone can store files on Storj DCS without having to trust a centralized data center. Developers can purchase cloud storage services with STORJ. Network participants earn STORJ in return for providing unused hard drive space and bandwidth to the network.

What is Storj?

Storj, pronounced as “storage,” is an open-source cloud storage platform that leverages a decentralized network of nodes to host user data. It seeks to provide a unique approach to data storage by utilizing the unused hard drive space of participants in the network. Unlike traditional cloud storage solutions that store data in large data centers, Storj operates on a network of independent computers globally. This decentralized network connects users who need cloud storage space with those who have hard drive space to spare. The platform compensates these space providers, known as nodes, with Storj tokens. This system strives to protect user data against potential threats and eliminates the risk of storing data in a few isolated data storage units.

How does Storj work?

Storj operates by using its Tardigrade software installed on node computers to create and secure user data. Each file is encrypted before being dispersed to the network of independent hosts. Each node only receives a random fragment of a whole file, with decryption keys split among each node and the host. This is designed to resist hacking attempts. Node operators are compensated for hosting data and confirming the safety and retention of the hosted files in a process known as mining. The Storj token is used for this purpose. Individuals or organizations who want to store their data on the network provide the Storj tokens paid to nodes. This system strives to protect user data against hacks and other malicious attacks.

What are the potential use cases for Storj?

Storj seeks to provide an alternative to traditional cloud storage solutions. It could be used by anyone with extra terabytes of space and a strong, consistent internet connection. This makes it a potential solution for individuals, businesses, and organizations looking for a decentralized approach to data storage. It can be particularly useful for those who value data privacy and security, as the platform’s encryption and decentralization features strive to protect user data from potential threats. Moreover, Storj could be a solution for those looking to contribute to a distributed digital economy, as it compensates participants for providing storage space.

What is the history of Storj?

Storj was first introduced as a concept in a white paper published in December 2014. It was founded by Shawn Wilkinson and John Quinn, who published the first white paper in late 2014. The platform was launched in late 2018. Wilkinson, a software developer based in Atlanta, saw how blockchain technology could be leveraged to build a decentralized cloud storage network. The current version of Storj, V3, was launched in the middle of 2019. The platform raised funds in its early years.