The Storj platform, which is pronounced as “storage,” is a dedicated open-source platform for storage. The system essentially uses a form of a decentralized network of nodes that have the responsibility of hosting the data of users of the platform. Additionally, Storj also provided a proportional amount of security via an advanced encryption protocol.
According to the system’s white paper, which was officially published in December 2014, the platform was initially introduced to the world as a concept. Its team at the time stated that it was meant to be a peer-to-peer network that was decentralized and secured to serve as a cloud storage platform.
After two years, the statement of the white paper was updated and republished. According to its new statement, it serves as a decentralized network that facilitates the connection of users who require cloud storage space with other users willing to provide hard drive space for sale. The platform was later launched in 2018. Individuals on the platform who have hard drive space to offer, as well as good internet connectivity are allowed to participate and transfer on the network. When they become participants on the network, they are then known as nodes and earn rewards in the fork of Storj tokens.
Who are the Founders of Storj (STORJ)?
The Storj network was established in May 2014 by Shawn Wilkinson. Wilkinson is a well-respected technology enthusiast based in Atlanta. As a professional software developer, Wilkinson saw the extensive applications for blockchain technology and discovered how it can be leveraged and used in the development of decentralized cloud storage platforms.
Along with John Quinn, his co-founder, Wilkinson facilitated the publishing of the first white paper in late 2014. Ever since the basis and entire concept has changed. The current version of Storj in use was launched in mid-2019.
Apart from being generally known as a blockchain enthusiast, Quinn is also extensively experienced in business development. Before establishing platforms of his own, he was previously involved in the investment bank industry. Later, the system was incorporated as a company with the name Storj Labs Inc.
At the inception of the company, Wilkinson was in its service as the CEO, but later stepped down for Ben Golub to take over as he was more experienced in the blockchain world. Presently, Wilkinson serves as the Chief Strategy Officer while Quinn is the Chief Revenue Officer and also serves as a board member in the company.
What is Storj (STORJ) used for?
STORJ is the dedicated cryptocurrency of the Storj network and the token obtains its value from the use of the network. Due to the token being the preferred means of payment within the ecosystem, thus earns the token its value. This implies that clients are able to buy and spend STORJ to facilitate file storage and for this function storage nodes may be entitled to receive and sell STORJ to serve as compensation for the extra bandwidth and storage.
The Storj network is not the only cryptocurrency platform that is aimed at disrupting the storage market, thus implying that the platform could be faced with competition that will put pressure and extensively affect the price of the token.
What Is the Unique Point of Storj (STORJ)?
The decentralized cloud storage feature of the Storj network makes it unique in more ways than one. For starters, unlike most of the traditional cloud storage platforms that base their data storage on large-scale data centers, the Storj network is operated by a network of thousands of independent computers connected.
The platform makes it so anybody with some extra storage space can participate in its operations by becoming a node via the installation of the Tardigrade protocol. The only other requirement for this is a stable internet connection. In general, the Storj network is considered efficient, and this is mostly because the payments on the network pay a reduced amount for the storage of their data while they employ traditional cloud storage services.
How many Storj (STORJ) coins are in circulation?
When the Storj network was created, there were about 500 million $Storj tokens minted via the Ethereum blockchain. Later, the network decided to hold a token sale, before which 75 million tokens were burned. Currently, the circulating supply of the token is just slightly below 425 million. However, the network does not have a specified maximum supply.
Before the token sale took place in 2017, the system locked up a total of 245 million tokens in its reserve. Later, a token sale that was held released a total of 70 million tokens into circulation.
Is the STORJ (STORJ) Network secured?
The mother company of the Storj network, Storj Labs Inc., makes use of a protocol known as the Tardigrade software which is usually installed on node computers and is used in the creation and security of user data. This network made up of anonymous nodes operates by eliminating the need to trust traditional cloud storage service providers to secure their data privacy.
Additionally, the network is also encrypted on a peer-to-peer basis which implies that each of the files is encrypted before they can be dispersed to the available independent hosts. Each of the nodes singularly receives a random section of a whole file with the decryption keys to the file distributed among the nodes and the host, thus making it impossible to hack. The operators of the nodes earn rewards from their data hosting services while also confirming the retention and safety of the files that have been hosted are randomly processed in a process known in the cryptocurrency world as mining. The Storj token also serves this purpose. Essentially, people interested in storing their data on the Storj network must provide the STORJ tokens to be used to pay the nodes.
How do I buy Storj (STORJ)?
The Storj network provides a series of opportunities for its users. Apart from its basic provision of storage spaces for interested users, with incentives for the providers, the STORJ native token can also be exchanged with other pairs of cryptocurrencies such as ADA and XRP to earn a profit for STORJ holders. Because of this, its tokens are more mainstream and available across several platforms. STORJ tokens can be easily purchased by the following steps.
- Firstly, create an account with the crypto trading platform,
- Next, transfer a specific amount of fiat money to your crypto account through the funding options.
- Wait till the transaction is confirmed and then you can purchase your STORJ tokens.
Which Cryptocurrency Wallet Supports Storj (STORJ)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Storj (STORJ). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Storj wallet because offers a simple and interactive interface making it easy for people to navigate its system.