Storj

Storj ICO

Storj is a decentralized cloud storage solution designed as an alternative to services like Dropbox. However, Story has some similarities with the torrent: the data is divided into blocks, encrypted and distributed among the “farmers” — the participants of the project.

The distributed nature of the service, as Storj Labs says, provides a higher level of reliability and information security. Network members where you can rent out unused or specially allocated hard drive space to other users in exchange for SJCX coins[1].

ICO start date: 2017-05-25

Contents

Storj Review

What is Storj & How Does It Work?

The company was founded in December 2013 with the aim of creating the largest, most secure platform for decentralized open source cloud storage. People can rent the hard drive space with the help of platform, furthermore, there is a special Storj calculator to know the price of data storage.

Storj calls their tokens, respectively, STORJ. These are digital tokens based on the Ethereum platform. You can exchange tokens for cloud storage in the Storj ecosystem. The company’s goal is to provide a cloud storage solution that is faster and 50% cheaper than traditional cloud storage companies.

Storj (pronounced: storage) aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Storj is a platform, cryptocurrency, and suite of decentralized applications that allows users to store data in a secure and decentralized manner. It uses blockchain features like a transaction ledger, public/private key encryption, and cryptographic hash functions for security. Furthermore, it will be way cheaper (10x-to-100x), faster, and more secure than traditional cloud storage services. Storj is working hard to solve data security issues with the help of its own web app, Storj Share, and Libstorj. It is a decentralized, end-to-end encrypted cloud storage that uses blockchain technology and cryptography to secure online files. There is no need to trust a corporation, vulnerable servers, or employees with your files. Storj completely removes trust from the equation[2].

More information in the project whitepaper: https://storj.io/storj.pdf

The functions of the Storj market

It is obvious that Storj is a unique cryptocurrency system based on tokens. Here are some of the key features of STORJ:

  • Partnership with channels: the Company collaborates with Microsoft Azure and Heroku to offer Storge integration with PaaS providers that are already in use by their customers.
  • Enterprise Ready: in 2017, the company signed its first service agreement with Fortune 500. They have also doubled their development team.
  • Free software: Storge publishes its software to Github, and it’s all open source[3].
  • It is growing rapidly: the network of the company has 20,000 users and almost 19,000 farmers, and over the past year the company has achieved steady growth every month.

Market capitalization

STORJ market cap on 12 OCT 2017: $111,76M

STORJ price on 12 OCT 2017: $0.823068

STORJ price

Where to buy STORJ?

The Storj cryptocurrency can be bought on most popular exchanges – Binance, OKEx, Upbit, Bittrex, Huobi and others.

The advantages of tokens

Why did Storge decide to use tokens instead of collecting money in the usual way using bitcoins or currencies? Here are some of the reasons why the company went with its proprietary STORJ system:

  • Granularity: bitcoin is not divisible or flexible enough to maintain the stability needed for micro-payments, according to the company’s official website.
  • Stability. Separating Stord from other cryptocurrencies, the company builds a layer of protection against volatility of large markets.
  • Scalability: STORJ tokens help companies identify and fix problems on a scale, which means a larger, more stable network in the long run[4].
  • Insensate: community members receive technical support and development at level one with Storj, which means that they are rewarded for their hard work.
  • Micro-payments: low transaction fees mean cheaper service for all[5].
  • Future growth: Storj can use its tokens for future purposes. The company explains that they”plan to use the token in ways that bitcoin or ether cannot be used.”
  • A healthy ecosystem: one of the key features of the company is that users can earn STORJ to share disk space or spend STORJ to rent disk space from others. This creates a positive feedback cycle and an independent economy.

See Also on BitcoinWiki

External links

References

  1. ↑ Storj – Reddit
  2. ↑ GitHub – Storj Labs
  3. ↑ Crunchbase – Storj Project Review
  4. ↑ TokenMarket – Storj
  5. ↑ Former Docker CEO Ben Golub joins Storj as Executive Chairman – Techcrunch