Storj (STORJ) – the decentralized cloud storage network
In today’s sharing economy, there are always a number of options for earning a little extra income with the things you already own. You can rent out your spare room on AirBNB, or sign up as a Grab driver if you own a car. Even if you only own a bike, you could even make a decent pay as a rider for FoodPanda.
What a lot of people own in their homes however–are computers. And with sufficient storage memory and network bandwidth, you can also put up your free disk space to earn passive income.
This is all made possible by Storj (STORJ) (pronounced as “storage”), a decentralized cloud (DCS) platform that makes use of blockchain technology to allow ordinary people to rent out their own computers at home via high speed internet to other users in need of digital storage space.
So instead of paying subscriptions for conventional cloud storage solutions from companies like Apple, Google, Microsoft, or Amazon, you can instead support independent individuals who just happen to have the hard drive space you need.
How does STORJ work?
In the same way that blockchains like Bitcoin (BTC) or Ethereum (ETH) distribute the operational load of the entire network across their thousands of nodes around the world (instead of relying on a central server), STORJ also utilizes the same network architecture in aggregating its distributed storage space sourced from anyone willing to join the network.
To ensure data security, the Storj network itself has an encryption protocol that breaks up the files that users upload to the cloud, and divides them up for storage in different nodes. This is a safety mechanism to ensure user privacy, so even the owners of the computers themselves won’t be able to access any STORJ-fed data that they may be keeping in their hard drives.
To put it simply, think of it like having a picture (your file) broken down into tiny puzzle pieces, so that the actual content of the picture is obscured from view. But each piece is also encrypted so that all the pieces are indistinguishable from each other. And then finally, each piece is sent off to different storage nodes, so that no one except the actual owner of the file, has the means to reconstruct the file in its original form.
Furthermore, STORJ also employs a redundancy measure, storing duplicates of the fragmented data to ensure that even if some nodes go offline,
What is STORJ Used For?
STORJ is an ERC-20 utility token used for payments within the STORJ network. Users can purchase STORK to purchase space on the decentralized cloud. Conversely, users who rent out their hard drive space will also be paid in the form of STORJ.
Storj has a market cap of $129 million as of November 2022. There are 412 million STORJ tokens in current circulation with no established maximum supply. Even though STORJ does not have a supply cap, the team behind it has historically burned 75 million tokens from its initial supply of 500 million tokens to help keep it deflationary.
Ready to start with crypto?
Start your trading journey with PDAX.
DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
PDAX is a BSP-licensed exchange where you can trade Bitcoin, Ethereum, and other cryptocurrencies directly using PHP!