Founded in 2014, Storj (STORJ) is a decentralized, peer-to-peer (P2P) cloud-based storage solution. It allows users to rent or purchase unused digital space needed to store data. It is a direct competitor to projects like Filecoin and Arweave.
What is Storj
Storj is an open-source, blockchain-based cloud storage network that uses end-to-end encryption. To address issues with data loss and security in cloud-based storage solutions, it blends the advantages of cloud computing with blockchain technology. Storj intends to change the cloud storage industry by providing a platform that is immune to outages and cannot be filtered or monitored like those provided by Amazon and Google.
The Storj team
Shawn Wilkinson, a computer science graduate from Morehouse College in Atlanta, founded Storj after publishing a whitepaper in 2014 under Storj Labs. Shawn currently serves as the Chief Security Officer at Storj. Ben Golub is another key team member who currently serves as CEO. Ben is a renowned venture capitalist and alumnus of Harvard Kennedy School. Chief Revenue Officer Mark Glasgow and Chief Financial Officer Dorie Chung are both financial experts with experience working for Dell and Acuity.
How does Storj work
Storj encrypts, shards, and distributes data to nodes all over the globe for storage. Sharding refers to the process of splitting a blockchain into several parts. As a result, a single organization can't gain access to all of the data that has been uploaded. Sharding ensures that network members keep complete control over their data and retain ownership of it.
Storj incorporates a variety of security techniques to ensure that the blockchain is safe and protected from hacks. These techniques include a zero-trust architecture, high availability across several regions, default encryption, and edge-based access restrictions.
How is Storj's network protected
Tardigrade storage deployed on Storj Labs nodes creates and secures user data. This network of anonymous nodes eliminates the need to rely on cloud storage service providers to protect our data confidentiality.
Storj’s native token: STORJ
Operators of storage nodes on the Storj platform are eligible to receive STORJ tokens, the native ERC-20 utility token of the platform, as compensation for the long-term storage and bandwidth they provide to the network.
STORJ tokenomics
STORJ has a total supply of about 425 million and a maximum supply of 500 million. Each Storj was sold for $0.50 in an ICO that saw the project raising about $30 million in 2019.
The road ahead for Storj
Storj is revolutionizing data storage through a decentralized approach. Leveraging latent storage capacity worldwide, the team aims to democratize access to energy-efficient storage resources. Ongoing security enhancements and a commitment to fostering innovation within the ecosystem drive Storj's development.
Noteworthy projects like Tribe Social, an online community's social learning hub, harness Storj to achieve rapid content rendering and delivery. This results in substantial time savings compared to conventional Content Delivery Networks (CDNs). Additionally, Gab Wireless employs Storj to cut costs and enhance customer data security, showcasing the diverse applications and advantages of the platform.
