Have you ever heard about Storj? Of Course many times. Storj is popularly known as “Storage”. With Storj decentralized cloud storage, files and other personal information are not stored in the centralized location, instead, your data is encrypted, divided into multiple pieces and distributed on the global cloud network.
Want to know more about Storj? Yes! Stick till the end of the article. Let’s begin with what is storj and the founders of storj.
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What is Storj (STORJ)?
Storj is the open-source cloud storage destination. Basically, the platform makes use of a decentralized network of nodes for hosting users’ information. With advanced encryption techniques, Storj offers even more security for the hosted data.
The white paper of Storj was published in Dec 2014. STORJ was the first decentralized p-2-p encryption cloud storage program. After two years, Storj published the white paper with major updates. Storj helps for connecting user’s who are in a need of cloud storage location with the users who hold hard drive space to sell. After many updates, Storj was launched in 2018.
Storj works in a straightforward way. People who have hard drive space, better internet connection and show enthusiasm for cryptocurrency can become a part of the Storj network. Space providers will be rewarded with Storj (STORJ) tokens.
Who created Storj (STORJ)?
The organization behind the Storj (STORJ) platform is “Storj Labs”. Storj was founded by John Quinn and Shawn Wilkinson in 2014. Shawn was a software engineer based in “Atlanta”.
The latest version of Storj was introduced in 2019.
John Quinn is a blockchain technology enthusiast and has experience in business development. Therefore, Quinn showed interest in the investment banking sector. The concept of Storj was included as the company i.e Storej Labs in 2015.
At the initial stage, Shawn Wilkinson had worked as CEO. Currently, Ben Golub is the CEO of Storj Labs. Wilkinson is working as chief strategy officer. While Quinn is working as a chief revenue officer and a board member of Storj Labs.
What makes Storj (STORJ) unique?
As mentioned above, Storj is a well-known decentralized cloud storage network. Simply put, the Storj platform has several unique things. There are thousands of cloud storage services available in the market, these cloud services will store information in massive data centres. But, Storj will run on the network of hundreds or thousands of computers independently.
If you’ve extra storage space, you can become a “NODE” on the Storj platform. All you need to do is install Tardigrade. With the software, you need safe and secure internet connectivity. Storj hosts will pay less fee for storing their information. It’s an open fact that traditional cloud storage solutions charge huge money for storing information.
How many Storj (STORJ) coins are there in circulation?
At the time of launch, 500 million Storj coins were minted on the ETH blockchain. Around 75 million Storj tokens were burned after “Storj Labs” hosted the sale. Currently, there are 425 million Storj tokens available in circulation. Before the Storj coin sale, Storj Labs had locked around 245 million Storj tokens. The Storj token sale has released 70 million coins into circulation. The current price of Storj is 1.52 dollars.
How does Storj (STORJ) work?
There are three primary components that contribute to empowering the Storj network. It includes storage nodes, uplinks and satellites.
Storage nodes: The storage nodes on the Storj network enables the users to rent out space on their hard drive. Users can reliably store and also return information for a fee.
Uplinks: Uplinks on the Storj network will run on the client system and upload necessary data to the Storj. Also, uplinks can coordinate with other peers to store and get the information.
Satellites: These play a major role in Storj. They coordinate existing traffic in between uplinks and storage nodes. Satellites responsibility is to store metadata and keep the storage nodes reliable. Every user on Storj has an individual account on the satellite.
Segments and stripes
Once the individual user’s uplink gets permission from the satellite to store their files or other information on the network, the Storj files will be segmented. During the segmentation process, the file will be compressed and encrypted according to Storj guidelines. Later, these files will be shared, which means they will be split into multiple segments and also stripes.
Here the stripes of an original piece of files will be distributed and later stored across the Storj network. Users will receive private keys, these keys are used during decryption and retrieval of their files. Keep a note, when the segment is not big, then it will be stored in the satellite itself, rather than storing files on the storage node.
How is the Storj (STORJ) network secured?
The answer is straightforward! Storj uses Tardigrade software, users need to install this software on their node system or create to secure the user’s file or data. No third-party cloud storage solution is required to ensure additional security for the data.
Storj is a peer-to-peer encrypted platform. It means every file or data is encrypted before being separated to the Storj network of individual hosts. Every node on the network will receive the random part of the complete data with decryption keys that split around every node and also host. This process will make it impossible for a hacker to access the file.
Storj ensures that their user’s files are protected against unauthorized access and malicious attacks. On the other hand, Storj removes the hazard of storing information in isolated places.
Conclusion
Storj is just like Amazon and Google cloud storage solutions. Storj was created by John Quinn and Shawn Wilkinson in 2014. It allows the computer that runs its software to rent its hard drive space to the people who are planning to store their files or data. Storj depends on its software to handle its data storage. User can access their file according to their choice. Also, download the files in no time. Another benefit of choosing Storj is, it’s an open-source platform.
