Storj

Storj is a decentralized cloud storage platform that is affordable, easy to use, private and secure.

What is Storj?

  • Storj’s objective is building a cloud storage infrastructure on Ethereum blockchain with end-to-end encryption and multiple service providers.
  • Storj files are not uploaded in centralized data systems; they are encrypted, split into multiple pieces, and distributed to multiple storage providers.
  • Storj audits its network through a random file verification every hour; storage nodes consistently verify the files.
  • STORJ token is used to pay the storage services on the Storj network. Likewise, the storage services providers or Node operators can also earn STORJ tokens as they provide empty storage space and bandwidth to the network.

Key Metrics

TickerSTORJ
Token NameStorj
Token Type/ProtocolERC-20
Total Token Supply424,999,998
Current Circulating SupplySee Coinmarketcap
Market CapitalisationSee Coinmarketcap
Token Creation DateDecember 2018
Can it be mined?Yes

Who is behind Storj?

Storj was started by Shawn Wilkinson; he created the first prototype at the Texas Bitcoin Hackathon. Storj received the first funding to build the Decentralized Cloud Storage network in 2019. Storj Decentralized Cloud Storage (DCS) currently stores 4PB across over 13,000 active storage devices (Nodes) in 87 countries worldwide.

What is the purpose of Storj?

STORJ was created with the purpose of storage service payments on the Storj network. Users can spend STORJ tokens in order to store files, and store nodes would receive and sell for compensating their extra space and bandwidth. STORJ token payments also provide a transparent, stable, fast and easy payment solution for users.

Insights

Storj DCS (Decentralized Cloud Storage) is a cloud storage platform similar to centralized cloud object storages like Amazon Web Services or Google. However, instead of a company owning and maintaining the software, Storj uses software and a network of computers to manage its data storage. In this protocol, there are 4 stages in the data storage on the Storj network, including encrypt, shed, spread, and audit of data:

  • Encrypt: All files are automatically encrypted using AES-256-GCM symmetric encryption before being uploaded.
  • Shed: The encrypted data is split into many shards, which can not be investigated
    backwards on the device.
  • Spread: Encrypted shards are stored on different Storj nodes, different operators, power supplies, networks, and geographies.
  • Audit: The periodic audit algorithm ensures data integrity and availability.

When users need to retrieve an object, only 29 of 80 pieces are required to reconstitute the object. With no central point failure, the data is quickly available. Even though one node going offline will not impact any files since the network’s automatic maintenance process reacts when many pieces for any files are lost and repairs them. The Storj DCS is able to deliver security and privacy to protect data from malicious attacks.

Risks

  • Storj does not launch its platform as a mobile application in case of users downloading and sending files via a mobile device. If users would like to store their files into the Storj platform, they have to upload them via only computers.
  • There is no free trial of Storj DCS as other competitives like the centralized cloud storage platforms have the free version for new users.

News and Updates

  • Storj launched a new product in April 2021, S3 gateway enables developers to easily take advantage of the unsurpassed privacy and security made possible with Storj DCS.
  • Storj has been integrated with many other open source software tools used by developers including FileZilla, Filebase, MongoDB, MariaDB, Plesk, Pydio and more.
  • Storj enables free decentralized, automated video streaming and management for Tesla Vehicle footage using open source software and Storj DCS.

Community & Whitepaper Links:

Disclaimer:
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment. 

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