What Is Storj (STORJ)?

Storj (STORJ) is a decentralized platform that allows users to safely store their files or data on the global cloud network. Using Storj DCS (decentralized cloud storage), files are encrypted, split into parts, and distributed throughout a global cloud network. Storj DCS automatically encrypts all files before uploading them, ensuring that only users and those with whom they share their information have access to it.

As mentioned on the website, every file is encrypted using AES-256-GCM symmetric encryption. This is a standard on every file, which ensures that no unauthorized user can access it. Also, users have complete control over their data. They can give and take away permission at any time. 

Furthermore, every file gets split into 80 parts. However, retrieving a file requires only 29 parts. Each of the 80 parts is stored on a separate node, each with its own set of operators, power supplies, networks, and geographical locations. Splitting of files provides unparalleled performance and longevity. This way, the network’s decentralized structure improves security and privacy for users, enabling a reliable performance compared to centralized storage providers.

Next, the split parts are individually stored over a global network of storage nodes.  Thousands of nodes collectively make up this global network, and the nodes are selected by reputation and local latency. These reputable nodes are selected at random, weighted by network diversity, and then tried to upload to a bigger set of those selected nodes. The fastest nodes from this set of nodes are selected to store files.

Storj token, with the ticker STORJ, is the utility token of the platform. The whitepaper states that the token is and Ethereum-based token that follows ERC20 standards, which define the common set of rules for new tokens to function in the Ethereum ecosystem. The token is used for making payments by clients who store data on the platform to the satellite they use.

History of Storj (STORJ)

Storj Labs is the company behind the Storj platform, which was founded in 2014 by Shawn Wilkinson and John Quinn. The whitepaper v3.0 was launched on October 30, 2018.

In a public crowdsale in 2014, Storj Labs raised 910 BTC (about $460,000 at the time). The firm raised $3 million in seed funding in early 2017, and later that year, Storj held a token sale, raising $30 million.

How Are New STORJ Tokens Created?

STORJ tokens can be created through mining, which is a process that Bitcoin and several other cryptocurrencies use to create new coins. The process requires a vast, decentralized network of computers around the world that verify and secure blockchains. In return, the computers are rewarded with new coins. For mining the coins, the proof-of-work consensus mechanism is utilized. In this, virtual miners compete from all around the world to solve a math problem in order to secure and verify proof-of-work blockchains. 

The Storj platform uses this mechanism to form the nodes on the blockchain. For mining STORJ, instead of providing computing power, users provide HDD space. The users are rewarded based on the program for their participation on the platform.  

How Many STORJ Tokens Are There?

STORJ tokens, like many other cryptocurrencies, have a finite supply, which means that there will only ever be 500 million STORJ.

How to Buy STORJ Tokens

Users can buy STORJ tokens at several cryptocurrency exchanges like Coinbase, which is quick, secure, and easy.