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Storj Crypto STORJ is one of the first decentralized cloud storage solutions, which divides uploaded data into smaller fractions and distributes it around the network in order to prevent any single firm or organization from having access to all uploaded data.
What Is Storj Crypto STORJ?You have not selected any currency to display
Storj Crypto STORJ is an open-source blockchain-based platform for decentralized file storage that allows users to rent unused hard drive space from any machine running its software. Users that demand online storage of data and assets can use the Storj network to rent storage resources from the ecosystem’s renters (“farmers”). The payment is made using blockchain-based STORJ tokens, and their use is intended to encourage consumers to become small-scale cloud storage providers.
Storj Crypto STORJ is a distributed cloud storage alternative to Amazon Web Services (AWS), in which data storage is spread throughout a user-supported worldwide network for improved privacy, security, and value. This ground-breaking decentralized system encrypts, splits, and distributes files to thousands of statistically unrelated nodes and ISPs all over the world. For users who want to own their data and control its use, integrity, and access, decentralization provides the highest levels of security and privacy.
How Does Storj Work?
Storj Crypto STORJ allows and encourages two types of users to participate in the network: those with additional bandwidth and storage space on their computers to host Storage Nodes, and those in need of this excess capacity to use Storj Decentralized Cloud Storage (DCS). It operates in the following manner:
- Data Encryption: When you upload data to Storj, it is encrypted before it is sent out into the network. Strictly symmetric encryption (AES-256-GCM) is deployed, which assures that files cannot be viewed without the usage of private keys (including the Storj devs). You have complete control over who has access to your files and when they can be accessed.
- Data Split: The data is broken down into 80 smaller parts that are indistinguishable from the pieces of any other item. With no single point of failure and no single copy of your information, data breaches are ruled out as an option with cloud storage.
- Data Distribution: Data bits are dispersed over 80 Storj nodes on a global scale (there are 10k nodes in total). Because only 29 pieces of information are required to obtain the file, you will still be able to access your data even if some nodes are down. Nodes are chosen on the basis of their reputation and performance.
- Data Retrieval: You have complete control over the data. It’s not an issue if a few nodes fall down; but, if too much data is lost, Storj will start its automatic repair process.
Advantages of Using STORJ
- Lower Costs: The decentralized solution presented by Storj could reduce the current infrastructure expenses spent by centralized storage systems. The Storj team intends to market its platform as an economical cloud storage solution by focusing on decentralization. The cost savings promised by Storj should reduce the current pricing offered by centralized storage providers by at least 1/3 by eliminating the necessity for hosting data centers.
- Secure and Private Storage: Only the owners of files would be granted access to their data, rather than having the firms exert complete control over the data. End-to-end encryption would provide security and privacy, as only the owners of files would be granted access to their data. At the same time, the global distribution of files provided by Storj is marketed as a more dependable solution when compared to much more centralized storage solutions.
- Better Scaling: With the help of its sharding technology, encryption, and data distribution across the nodes, Storj expects to outperform traditional on-premise storage solutions and provide greater performance and reliability across the board. As a result of its long-term storage support, it should be ideal for creating archives and archiving backup and recovery data for regulatory or compliance requirements.
STORJ is an Ethereum network utility token that adheres to the ERC20 standard. STORJ tokens enable you to buy storage or earn money by renting out your free hard drive space regardless of where you are in the world. The only exceptions are countries currently rendered inaccessible by the US government, which Storj Crypto STORJ Labs cannot serve for legal reasons. STORJ token can be used directly on the Ethereum blockchain for Layer 1 transactions, and zkSync for Layer 2 transactions.
Approximately 500 million $Storj coins were produced using the Ethereum blockchain when the Storj network was established. The network later decided to hold a token sale, which resulted in the burning of 75 million tokens. The token’s current circulating supply is little around 425 million units. However, there is no set maximum supply on the network. The system has 245 million tokens in its reserve before the token sale in 2017. Following that, a token sale was launched, which resulted in the distribution of 70 million tokens.
The cryptocurrency STORJ was first published on Coinbase in July 2017, at a price of $0.52. The price began to decline nearly immediately after the stock was listed. Although it fell drastically in the following month, it rose sharply in the following month and reached a local high of $2.52 on August 12, 2017. The second increase occurred towards the end of the same year, bringing the price up to $3.13 per ounce of gold. The crypto winter, which began in 2018, has not yet passed STORJ by, according to the company. From July 2018 to the present, it has been lower than its starting value. The price of bitcoin fell to an all-time low during the dramatic March 2020 market meltdown.
However, following that, the token price began to recover in tandem with the rest of the cryptocurrency market, eventually reaching an all-time high in March 2021. This was followed by a significant correction that lasted until the beginning of July. After that, the bullish trend took hold once more, but it was unable to push the price back up to the all-time high it had reached earlier.
Early in 2022, the trend shifted to the downside, and it has remained thus to this day.
Storj was founded in 2014 by Shawn Wilkinson, an American software developer, and John Quinn, an American economist and blockchain enthusiast. In December 2014, they released the project’s first whitepaper, which was well received. Ben Golub and Philip Hutchins are two other essential figures in the initiative that should not be overlooked.
Initially, the team included more than 40 professionals in total. Storj originated as a Bitcoin fork that made use of the Storjcoin X token (SJCX), which was crowdfunded in July 2014 and launched in August 2014. At the time, 910 Bitcoins (BTCs) were raised, equating to around $500,000 at the time.
On top of the platform, Storj Labs Inc. was established in May of that year. The network was then moved to the Ethereum blockchain in March 2017, and the corporation issued STORJ tokens in place of the prior SJCX token. The company’s headquarters are in the Georgia city of Atlanta, in the United States.
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