The Decentralized Blockchain Platform for Storage

Storj blockchain platform was founded in 2014 by Shawn Wilkinson and operates with more than 10,000 active nodes. A Storj token is required to pay for the storage space on the platform.

“Storage” is an ERC-20 token that works on the Ethereum blockchain. It is an open-source cloud platform. To host user data, it uses a decentralized network of nodes. The platform secures the data with advanced encryption code.

Founders and History of Storj

Shawn, along with co-founder John Quinn, published a white paper in 2014; the concept and the details of it have changed now. The current version of Storj was launched in the middle of 2019.

Quinn is a blockchain enthusiast. Before founding Storj he had been involved with the investment banking industry. At the time the company was made, Shwan served as CEO. Later, he stepped down with Ben Golub. Shawn now serves as chief strategy officer (CSO) while Quinn serves as chief revenue officer (CSO) as well as a member of the company’s board.

In a public crowd sale in 2014, the platform raised 910 bitcoins worth $460,000. Three years later, in a seed funding round, they raised $3 Million. They held a token sale that generated an additional $30 Million that same year.

How it Works

This decentralized cloud storage network stores data in huge data centers. It runs on a network of thousands of independent computers. The efficiency of the network is highlighted by fewer fees for the storage of data.

Tardigrade software is used for securing the data on the platform. The system is also peer-to-peer encrypted, meaning that each file is encrypted before dispersing to the network of independent hosts. Hacking is almost impossible because each node receives a random fragment of a whole file with decryption keys split among each node and host.

Files are stored in an encrypted format on nodes. Specific minimum performance is required by the node owner to participate, including more than 93% uptime.

The node operators are rewarded for hosting the data and confirming the safety and retention of the hosted files. This process is known as crypto mining. The Storj token is used for this purpose. The organization and the individual who wants to store their data on the network provide the Storj token paid to the nodes.

This system enhances security and saves the data from hacks and malicious attacks. It also removes the risk of storing the data at a single storage unit which causes loss of data in mass in case of an attack.

Storj is a cryptocurrency designed to solve problems with cloud data storage. Use cases include video storage, backups, and cloud nature apps. Like other cloud storage solutions, users can pay to upload their files beyond a free tier. 

As this currency operates on the Ethereum network, anyone with an Ethereum wallet can buy, sell, or exchange the Storj token. Anyone can trade the Storj currency without participating in the Storj network.

Future of Storj

Storj has a sustainable business model. To improve the file storage performance, Storj recently released its third version. This shows that the platform is well-maintained and supported indefinitely. Storj rewards all the participants who connect to the network based on their contributions.

How to Mine Storj and Earn Through it

Proof of work and proof of stake are two consensus mechanism by which coins are minted. These systems reward miners for putting their resources into the network. In Storj, the node owners are paid 60% of all revenue generated by the network while the company retails the remaining 40%.

Node owners earn payment in Storj based on the amount of data stored and 

Bandwidth use per month. Anyone with a computer and internet can mint them but it requires minimum requirements to participate in the Storj network to earn money. 

The amount of earning the rewards depends on several factors. After calculating hardware costs, electricity, and bandwidth users may not make a profit. Unless the user has vast storage space participation in the network, it will not yield profits.

Current Market Analysis of Storj

The current market analysis of Storj shows that it has a market cap of $283,848,516. By market valuation, the coin was 137th on CoinMarketCap. It has a circulating supply of 382,172,463 STORJ. The token has a total supply of 424,999,998 STORJ. The fully diluted market cap is $315,593,509.

STORJ has a lower cryptocurrency fees and dedicated customer support.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.