Storj: Next Generation Cloud Storage Network
Storj is a cryptocurrency blockchain platform that utilizes a decentralized system for digital file storage. The Storj network uses nodes, which are computers all over the world, and requires the use of the Storij (STORJ) digital currency to make payments.
Storj, founded in 2014, is a company that has more than 10 thousand active nodes and over six petabytes of available storage space. Users are able to pay for the storage they use with Storj tokens. These tokens are ERC-20 tokens that work on the Ethereum blockchain. As of right now, the total value of all Storj tokens adds up to more than $200 million dollars, which currently ranks it as one of the top 150 digital currencies by market capitalization.
Storj is a one-of-a-kind cryptocurrency that was designed to address issues with cloud data storage. Some examples of how it can be used are for storing and streaming videos, distributing software, making backups, and hosting cloud-native apps. As is the case with other similar solutions, users need to pay a fee if they want to upload files past the free tier.
Files are encrypted and stored on different nodes located in your chosen region, such as the United States, European Union, or Asia Pacific. To ensure quality service, node owners must meet specific minimum performance requirements, including maintaining more than 93% uptime. In return for storage space and network bandwidth among other things that come with running a node, they are paid in Storj tokens.
The Storj cryptocurrency uses the Ethereum network, which makes it easy for anyone with an Ethereum wallet to buy, sell, or exchange the Storj token. You don’t even need to be part of the network participate in trading the currency.
Some cryptocurrencies are known as meme coins and don’t have any underlying use cases. Storj, on the other hand, is part of a sustainable business model which gives it a better chance for long-term success than some others.
Storj’s recent release of its third major version designed to improve file storage performance across the network is11 a good sign for Storj’s future. With proper maintenance and support, it’s likely that Storj will be used indefinitely.
Filecoin is the most popular storage-related cryptocurrency by market capitalization.
If you’re familiar with Storj, then you’ll know that there are some similarities between the two services. However, they also differ in a few key ways. It’s sort of like comparing Dropbox to Amazon S3. They both offer reliable storage solutions, but different users might prefer one over the other for certain reasons.
Filecoin operates on its own blockchain, while Storj is an Ethereum-based token. The main difference lies in their usage of a system: Filecoin grants users more mining rewards if they provide extra storage space whereas granted to all participants based off contributions with Storj.
Storj’s primary aim is “to enable the decentralized future.” The company allows users to store and access data without anyone being able to control or censor it. The team of over 70 employees in 20 countries strive to make Storj a payment solution and use the Storj token for more widespread adoption.
Storj coin miners don’t use proof of work or popular proof of stake to be rewarded for their efforts in putting resources into the network. Around 60% of all revenue generated by the Storj node goes to its owners, while the company keeps 40%.
Node operators get compensated in Storj monthly, based on the sum of data stored and bandwidth used. If you don’t have a lot of extra storage space at home, running a Storj node probably isn’t going to make you rich. Although, it can be engaging to take part in the cryptocurrency community and earn from your unused computers.