What is Storj?

STORJ is a popular altcoin among investors. However, before you Trade STORJ, it is vital that you understand what you are investing in. Let's find out what's STORJ and how it functions.

Pronounced storage, Storj is an open-source cloud storage platform. Essentially, it stores user information over a distributed network of computers. All hosted data is encrypted with a high level of security by the platform. Storj was originally presented to the public in a white paper published in December of 2014. It was supposed to function as an encrypted cloud storage network that relied on peer-to-peer communication.

A revised white paper came out after two years. This paper describes a distributed network that links those who want access to cloud storage with those who have spare hard drive space to rent or sell. The platform was launched in late 2018. Network participation is open to everyone who has sufficient storage space on their hard drive and access to the internet. When someone joins a network, they join as a node. Storj tokens are used as a form of payment for those who rent out their storage space.

How is Storj different?

There aren't many other cloud storage networks like Storj since it's decentralized. Storj, for one, operates on a network of thousands of decentralized computers instead of centralized data centers like other cloud storage options.

By downloading and running Tardigrade, any user with a few terabytes of free space can participate in the network as a node. A reliable internet connection is all that's needed. As a result of the network's efficiency, hosts may save a lot of money on data storage compared to using conventional cloud services.

How many Storj tokens are there?

Storj has a maximum supply of 425 million STORJ tokens, which were initially distributed through an ICO (initial coin offering) in 2017. The tokens were distributed as follows:

• 35% of the tokens were sold in the ICO
• 15% were held by the Storj Labs team.
• 10% were reserved for advisors and early contributors.
• 40% were kept in reserve for future network growth and development.

Network security

Storj Labs Inc. creates and secures user data with its Tardigrade software, which is installed on node computers. This decentralized system of unknown nodes eliminates the need to put faith in cloud storage service providers to protect user privacy.

Each file is encrypted before it is sent to the network of autonomous hosts, making the system also peer-to-peer encrypted. To make it nearly hard to hack, the decryption keys are distributed across all the nodes and the host, and each node only receives a random segment of the whole file

Node operators are compensated for hosting data and randomly checking the safety and preservation of the stored files, a process known in the crypto industry as mining (PoW). This is done through the Storj token. The Storj tokens used to compensate nodes on the network come from individuals and businesses who wish to use the system to store their data.

All user information is safe against intrusion and other threats thanks to this technology. It also eliminates the risk of relying on a small number of data centers, each of which runs the risk of being hit by a concerted attack and losing all of its users' data.

Founders

Storj was created in May 2014 by Shawn Wilkinson. Wilkinson worked as a developer in Atlanta. He realized that blockchain technology might be used to create a distributed cloud-based data storage system.

In late 2014, he and fellow founder John Quinn released their first white paper. Both the overall concept and the specifics have evolved since then. Storj V3, the most recent release, was introduced in the middle of 2019.

Quinn was passionate about blockchain technology, and he also had a wealth of experience in business development. He worked in investment banking before starting his own businesses, one of which being Storj. In May 2015, the idea was formalized as a corporation called Storj Labs Inc.

Wilkinson was the first chief executive officer of the corporation. Soon after, he stepped down to allow Ben Golub, the company's current CEO, to take the reins with his extensive expertise. Wilkinson is currently the CSO of the firm, while Quinn is the CRO and also sits on the board of directors.

Where can you buy STROJ?

STORJ is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice