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The STORY of STORJ

‘The needs for cloud storage are pretty simple. Data was supposed to be private, hack-proof and always available.’ Storj delivers on this promise, while delivering the world’s first decentralized cloud storage service. Better yet – you can now trade STORJ tokens on ZebPay!

Before we begin, I’m just going to come out and say it. I’ve been saying storrj all week as I did my research for this post. With that crucial piece of information delivered, let’s dive in!

How does Storj work?

One way to think about Storj is as the Uber of cloud storage. The Atlanta-based startup does not own a single storage disk. Instead, it provides a decentralized experience by crowdsourcing excess capacity from companies and individual people.

With Storj’s Decentralized Cloud Storage, files aren’t stored in centralized data centers. They’re encrypted, split into pieces, and distributed on a global cloud network:

  1. All your files are automatically encrypted using AES-256-GCM symmetric encryption before being uploaded. 
  2. Next, each object is split into pieces which cannot be traced backwards. Imagine trying to assemble a jigsaw puzzle without a picture to guide you. Same principle.
  3. Each file gets split into 80 pieces. Each of the 80 pieces is stored on a different Storj Node, all with different operators, power supplies, networks, and geographies.

Since the company doesn’t need to maintain its own data center infrastructure, it can provide a significantly cheaper service than say Dropbox or Google Drive.

Storj’s pricing is one-sixth or one-seventh of what public cloud providers charge for static data storage. Factor in bandwidth cost, and itIt’s even more affordable if you factor in bandwidth costs.

Want to be part of the decentralized cloud?

By operating a Node, you can use your existing hardware and allocate a portion of your storage and bandwidth for Storj DCS. 

Here’s what you need:

  • One processor core
  • 550GB of available disk space
  • 2TB of available bandwidth a month
  • Upstream bandwidth of 5 Mbps
  • Download bandwidth of 25 Mbps
  • Keep your node online 24/7

You will receive compensation for the storage and bandwidth dedicated, once your Node is set up and verified. Here’s where the STORJ token comes in!

Who uses the STORJ token, and how?

STORJ is a utility token on the Ethereum network which follows the ERC20 standard. Its primary function is to provide compensation to individuals renting their free hard drive space. 

“We are, first and foremost, a decentralized storage network and community; the STORJ token is simply an efficient and effective means to facilitate the transfer of value between those who contribute excess storage capacity and bandwidth to the network and those who utilize that excess capacity for the storage and retrieval of data.”

Storj CEO, Ben Golub

That’s not all, though:

  • Offers users an additional payment method, as they can choose to pay their storage fees directly in tokens. 
  • Allows Storj Labs to efficiently and effectively conduct the network.
  • Provides demand partners with incentives for driving demand to the network.

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