Storj (STORJ) is a decentralized and open source solution for file storage. It uses file sharding, encryption and even a Blockchain-based hash table for file storage on a peer-to-peer network. The main goal of storj is to enable faster, cheaper and more private storage of cloud files.
There are some limitations to cloud storage solutions known as Google Drive or Dropbox. These limitations include the fact that while files are simply backed up redundantly, file access can be limited by unexpected interruptions or bandwidth from a data center. There is also the problem of privacy.
What the Storj project does is that it uses peer-to-peer networks and Blockchain technology to solve these problems. This ensures that you are the only person who can actually access your files. It also distributes the files in such a way that the redundancy is well established.
Storj (STORJ): Delving Deeper
One of the main features of Storj is File sharding. File sharing means that the files must first be divided into many smaller pieces before they can be stored on Storj (STORJ). This feature has two important advantages. The first is the fact that no single entity holds all of your files; only the owner knows where all the fragments are. The second advantage of this feature is that it is possible to send and retrieve file fragments in parallel, thus allowing faster file transfer.
The Storj network has over 8 petabytes of storage or about 450 gigabytes per farmer, not long ago, they made the switch to Ethereum, which now houses its application and hash table. Storj (STORJ) is very convenient, since it is based on the pay for what you use the model. You can even compensate for the cost of your storage by providing hard disk space alone.
Storj (STORJ): a brief look at the token
The token storj, known simply as STORJ, is the means by which the payment is made on the network. The fees that pay tenants go to farmers, which then contribute with storage space and bandwidth to the network. Although Storj labs' implementation Storj (STORJ) exclusively uses the token, the open source is independent of payment. While it is possible to implement ETH, BTC and other coins, STORJ is assumed.
The total token supply is 500 million. Up to 25 percent of the tokens were distributed during the ICO in June 2017. No new currencies have yet been created, it is based on the Ethereum blockchain with a labor proof consent.
It was founded by Shawn Wilkenson, who was first involved in Bitcoin and mining in 2012. The official team is made up of about 40 employees and a larger community supporting open source initiatives.
Storj (STORJ): Conclusion
We have seen so far that decentralized storage is very important when it comes to its role in peer-to-peer networks and distributed ledger technology. We can also deduce that Storj (STORJ) seems to be promising in terms of usability and adoption.