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Storj: Everything you need to know

Source: G2

Over the past couple of years, virtual currencies have taken over the market on a global level and have been progressing rapidly towards completely revolutionizing the entire global payment system. In the recent past, the crypto industry has absolutely outperformed and has managed to make a name for itself which I don’t think will fade soon!

Seeing its extraordinary growth and popularity over the years, I am forced to assume that, a majority of you present here today are already aware of the crypto world and are well versed with its functioning and overall operations but like always, for some of you who are still not aware of the entire concept of digital currencies, let’s me just brief you on that first.

Crypto is nothing but a decentralized blockchain-based platform that serves several purposes including buying and selling of goods and services while also being used for the purpose of trade and exchange over cryptocurrency exchanges online. Not just that, digital currencies are also popular because of the fact that they are portable, very convenient, really simple and easy to use, transparency as well as its intuitive interface.

But again, don’t be misguided by all these positive factors as just like every coin has two sides, the crypto industry is no different. Not going into the minor details, the major factor that often proves to be the downside of the industry is its uncertainty and highly volatile nature which makes it even more difficult to predict the price changes as it is. In addition to this, as we know that crypto provides its users with a platform to earn significantly high profits, it is extremely important for you to know that, if not done right, you can end up having significantly huge losses as well.

Source: iStock

If you are following cryptocurrency through its initial phase, you would probably agree with me on the fact that, when the industry was first introduced globally, not many currencies were available back then and people were confused as well as scared to invest in virtual currencies, naturally, as not many of us were aware of its capabilities, it’s working and reliability.

But on the other hand, if you look around today, you will come across several currencies in the marketplace to choose and you should know for a fact that, with each passing hour, newer currencies are being introduced and several potential customers join in from all around the globe.

Speaking of a lot of currencies available today, some of the most popular ones that you can invest In right now include Ethereum, Bitcoin, Cardano, Dogecoin, Binance Coin as well as Baby Doge to name just a few. Now that you know much more about cryptocurrencies, I sincerely believe that you will be able to have a much better understanding of what we have with us today, Storj.

To know more, I suggest you read further!

Everything to know about Storj (STORJ)

Source: Forex Academy

Storj is nothing but a decentralized open-source cloud storage platform, founded by Shawn Wilkinson about seven years ago, back in May 2014. In other words, Storj (STORJ) is an Ethereum Token that is known to power a cloud storage network for developers, often called Storj DCS (Decentralized cloud storage).

The platform makes use of file sharing, encryption as well as a blockchain-based hash table in order to store files on a peer-to-peer network. Basically, the main focus of the network is to make cloud file storage private, faster, and much cheaper. Also, Storj is one such platform that provides its users with a decentralized environment that is open-sourced in order for them to store their data with access to top security and full privacy.

Not just that, as mentioned previously, Storj is a decentralized platform which means that it is very well capable of operating without any central authorities. Also, you should probably know that, the platform stores data by dividing or splitting it into smaller parts and distributing it across the entire Storj global cloud network.

In addition to this, with the help of peer-to-peer servicing, Storj is said to present an alternative to centralized cloud storage providing users with a second choice other than Amazon cloud services as well as Google cloud for instance, while also allowing users to rent and make use of redundant disk space in a completely decentralized fashion.

For some of you wondering, why is there such hype about the platform? Apart from other reasons, the primary reason for Storj to gain such popularity and success is the fact that it is said to be the very first platform in the marketplace with decentralized cloud storage and is among very few of its kind. Also, it is vital for you to know that STORJ is known to be the native utility token of the platform which also acts as an official method of payment on the network.

Source: Cryptocurrency Hub

Furthermore, Storj is often pronounced as “storage”, which wonderfully combines blockchain technology with cloud-based storage and majorly provides users with the benefit of renting out free disk space available for rent. The users who provide available disk spaces for rent in the ecosystem are known as “farmers”.

Looking some of the major goals that Storj has set for themselves comprises of several factors including providing users with the most secure and private storage in the marketplace, establishing itself as a platform for backup platform and media transfers as well as promising users with a more flexible scaling model, especially in the age of rapidly increasing demand for data storage resources.

Having said that, in the platform’s whitepaper published back in December 2014, Storj was initially introduced on a global level as merely a concept. About two years later, a revised whitepaper was published, where a decentralized network was described connecting users who have disk space to sell with those who are in need of it. Officially the platform was launched about two years ago, in late 2018.

Apart from that, people having a good internet connection and available hard drive space are eligible to be a part of the network. Through this, users become a unit in the network, often known as a node. Space providers on the network that we previously talked about are also rewarded by Storj tokens. As far as the working of the network is concerned, mentioned previously when a user uploads a file to Storj DCS, the files are segregated into small fragments and each of these pieces are then distributed to a global network of independent nodes.

Next on, if say, someone on the platform requests the file, it is then made available for download after being recompiled securely. As a result, anyone on the network can store files on Storj DCS without even having to trust a centralized data center. Other than this, STORJ can be used to purchase cloud storage services, while participants on the network also earn STORJ for providing bandwidth as well as unused hard disk space to the network.

What makes Storj special?

Source: Storj

Being a decentralized cloud storage network, Storj is special in more ways than you can possibly think of and that is one of the reasons that, it is currently the most popular platforms of its kind in the crypto marketplace. To begin with, unlike several solutions for traditional cloud storage that is known to store data in huge data centers, Storj on the other hand runs on a network of thousands of independent computers.

Anyone on the platform is capable of becoming a node by simply installing Tardigrade, given that they have a couple of extra terabytes of space, where the only requirement is a consistent and strong internet connection. In addition to this, the fees paid by users for the storage is far less as and when compared to traditional cloud storage services.

Investing in Storj

Source: TheNewsCrypto

As of today, the price of Storj is about 1.43 US dollars with a twenty-four-hour trading volume of 85,324,180 dollars. Not just that, in just the past twenty-four hours, the value of the STORJ has gone downhill by 2.61 percent, and with a market cap of 503,320,099 US dollars, the platform is currently placed at 130th position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Storj is nearly 350,880,813 STORJ coins but unfortunately, the maximum lifetime supply of the currency is not yet available. In just the past week alone, the price of Storj has gone uphill by 19.68 percent. 

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Storj is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Storj can prove to be a worthy investment in the coming future and can provide you with good returns but again, nothing can be said for sure!

Source: Nomics

But again, as mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is extremely important for you to understand the fact that just like any other currency in the crypto marketplace, Storj does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Storj? Let me help you with that. Currently, Storj is available on all major crypto exchanges but some of the popular exchanges that have STORJ listed on them include Binance, OKEx, FTX, Mandala Exchange as well as Huobi Global to name a few. 

In conclusion, What are your thoughts on Storj? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: XYO: Everything you need to know