Storj is a distributed cloud storage, encrypted facility. Using blockchain designs, as well as end to end encryption, you have data access that is elusive. They are changing the way cloud storage works. The distributed infrastructure gives you end to end encryption. The peer to peer technology makes everything incredibly fast. You also get higher availability. Most people today, when they think of cloud technology and storage, think of storage inside networks owned by Google or Amazon, way up in the clouds quite literally. Instead, this company is bringing that storage to communities of users, more grounded and secure. It is potentially the biggest, cheapest, and most secure cloud storage available. What you share is what you get. You can also get paid for renting out extra storage space that you have. The keys stay in your pocket, not another company. Thanks to sharing, there is no issue of slow download speed coming from one place. Instead, all users are helping to make the system incredibly fast. If you have extra space, you get paid by users who need more space than they can share, similarly to renting out a room in your home that you are not using. Security, no down time, and high speed at a fraction of the cost is the philosophy of Storj.
How Storj Works
Storj, pronounced “Storage”, is a cloud storage platform that cannot be monitored, cannot be censored, and will not have any downtime. It is the first decentralized and end to end encrypted cloud storage which uses cryptography to keep all of your files secure. This is not only a platform but a cryptocurrency and a collection of decentralized apps which you can use to store your data securely. All of the files are encrypted and cut up into little pieces called “shards” and then stored inside of the decentralized network around the world. This means that no one will ever have a complete copy of your files, not even a complete copy of an encrypted file. It is because of this that you get faster and more secure options for cloud storage compared to traditional methods. All of your files are secure because of the encryption and the shredding. You don’t have to try and find a company you trust, employees you trust. Trust is actually removed from this equation. This company uses blockchain features like public and private key encryption, cryptographic hash functions, and a transaction letter to guarantee security. The company works hard to find solutions to data security issues by way of the web application they have created. The decentralized components mean that files are encrypted before they are uploaded and then split up into multiple sections distributed across the network. You remain in complete control of the keys to your files.
You only pay for what you use. There is no minimum usage requirements nor do you have to pay a setup fee. The storage is 0.015 per gigabytes, per month. Your bandwidth charge is 0.05 per gigabyte that you download. This company is passionate about decentralization which is why they prefer open source software. The mission of the company is to rethink the way cloud storage works by building an open source cloud platform whose aim is to fundamentally alter the way people own data. They have free and open software designs in which you can get involved. If you sign-up it takes less than 60 seconds and then you are well on your way to getting the protected storage you need for your data and renting out storage space that you have. As people start putting more and more of their documents on blockchain based systems, using blockchain based enterprises, and transferring encrypted data across global networks using blockchain algorithms, this storage space is in high demand. Therefore it is easy to see why so many people and companies have found it revolutionary.
In order to get started with the company and rent out space or receive payment for space you are renting, you need to use the company tokens. You will have to purchase company tokens through a cryptocurrency exchange after which you can start using them immediately for cloud storage. The tokens are now being distributed and tokens can be sent or received to different hardware wallets or mobile wallets. Right now they have approximately 51 million tokens in circulation after their complete distribution they will have 125 million tokens. Once you have these tokens you can use them to purchase storage space on the network, to pay for power applications, and the ecosystems that you want to build on the platform. You also get access to other services they provide like server contracts with your tokens. The tokens essentially let you purchase storage or earn money by renting out hardware space your self.
Storjcoin X is the first token they produced which allowed their users to purchase storage space or earn money by renting storage space. They have converted to a different name and dropped the word “coin” and exchanged it for the word “token”. The reason for this is that instead of using bitcoin blockchain they now use Ethereum blockchain.