What is Storj (STORJ)?
We all have used cloud storage, and why shouldn’t we, for its seamless integration with our device storage on the go. Most of these cloud storage providers start with the word drive, e.g., OneDrive and Google Drive. Quite interestingly, we have another cloud storage that is unlike the common cloud services available: Storj. What is Storj and how is it different from the other cloud storage providers (other than in its name, of course!)?
In this article, we will review this new addition to the Web3 technology and figure out what sets it apart from other cloud storage platforms.
Storj is a decentralized cloud storage system that uses blockchain technology.
A blockchain is a digital ledger of data that stores information throughout a vast network of computers called nodes. It does not only help to keep the data safe and secure, but it also avoids other disadvantages of centralized computing, e,g., costs.
Core Concepts of Storj
Because Storj is decentralized, there is very little risk of losing data. It has more than 150,000 nodes of computers used for storing data.
By harnessing the power of distributed networks, individual users and businesses rent their unused storage on their devices to other users who need it.
That way, the validators earn rent through the token. You can use this type of cloud storage for storing your personal data, business data, and even dApps for seamless syncing on the go.
The Team Behind Storj
The mission of the team behind Storj is to leverage blockchain technology for different purposes in the future.
It all began in 2014 when Shawn Wilkinson started with his dream of utilizing unused storage to help other users keep their data not only safe and secure but also affordable. He has more than a decade of work experience in blockchain technology and is an entrepreneur and an angel investor.
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A Brief History of Decentralized Storage Systems
Storj is not the only provider of decentralized cloud storage, it is one of many. When did this race of decentralized storage start? Before we get into that, it was the limitations of traditional cloud storage that pushed the world into Web3 technology.
The Traditional Cloud Storage Dilemma
Cloud storage dilemma or cloud storage entitlement, in other words, refers to the trade-off between accessibility and security. Traditional cloud storage platforms do free up space on our computer devices, but it always has that threat of security which modern decentralized storage does not: all the storage is stored in one system. That was a big drawback in the sense that if that single system was compromised, the data of every user was put at threat. Due to the constant threat of breach or loss of data came the rise of blockchain-based solutions.
The Rise of Blockchain-based Solutions
Arweave, Bittorrent, Safe Network, and Sia are just some of the other providers of decentralized storage. For example, Arweave is similar to Storj but it has a model based on proof-of-access consensus algorithm. This type of algorithm ensures that no data is corrupted.
BitTorrent, on the other hand, is a peer-to-peer file-sharing system. The files are stored in many different computers just like a blockchain network.
Sia is an open-source blockchain-powered cloud storage platform. It gives its users an affordable solution for storing data on the cloud.
As technology progressed, decentralized storage providers made standalone servers redundant. Now, storing data on several servers is preferable because of more security and affordability.
Decentralization in the Storj Ecosystem
Storj boasts that no file on its network is stored in a single place. Its files are split into eighty smaller pieces and distributed on a worldwide network of nodes. Of course, the data is also encrypted. When a user requests to access his data, the data is automatically put back together by the network. So why is it important for data security and what is its significance?
How Decentralization Enhances Data Security
The distributed model of cloud storage has many benefits. Data is encrypted on both ends of receiving and sending to ensure data security. Since so many users have unused data on their systems, decentralized cloud storage can also be called affordable compared to a single server. If a single server fails, the data can still be accessed because of its availability over a global network.
The Significance of Peer-to-Peer Storage Solutions
P2P storage solutions employ a decentralized network model where each node acts as both a client and a server. This results in all peers contributing not only storage space but also other resources such as bandwidth and computing power. Consequently, an immutable network is created that is crucial for the seamless transfer of data.
Technical Framework of Storj
Now that you have learned about the main features of Storj, letโs now consider how it works. When you store your data on Storj, it goes through four distinct stages: encryption, sharding, distribution, and verification.
Data Encryption in Storj
The data is encrypted even before it is uploaded onto the network. The algorithm used in your device for encryption is AES256-CTR. The keys used to decrypt the data are stored on Storj bridge servers.
Shard-based Storage Approach
Sharding generally means splitting data into smaller pieces.
Shards of your data distributed through different nodes remain accessible all the time. This results in the high speed of the network. The Kademlia hash table knows the location of each shard of your data. When you want to retrieve your data, a private key will be used to decrypt this table first.
After encryption and sharding, the sharded data is finally distributed over the network. To ensure the safety and immutability of your data, Sotrj performs several checks and verifications. This is to make sure no loss or corruption of data has occurred in the process of sharding and distributing. It makes use of proof of retrievability which is an algorithm in which data is stored on a remote node within the blockchain. Farmers, who have rented their unused storage to Storj, must prove that they have all the shards that were sent to them and get audited.
Benefits of Using Storj Over Traditional Cloud Storage
Storj has several benefits over traditional cloud storage. The main benefits of using it are:
Enhanced Security and Data Protection
Since the data is broken into smaller pieces and distributed only after encryption, all data remains protected over the network. Even if a single shard is lost, it remains unreadable because of the key required for decryption.
Cost-effective Storage Solutions
Storj offers new users at most 150 GB of free storage which is more than enough.
It also has a variable price structure depending on your preferred storage space and bandwidth which is cheaper than conventional cloud storage platforms.
Data Sovereignty in a Globalized Era
Data sovereignty refers to the notion of a single authority controlling data storage, collection, and transfer. To comply with data sovereignty laws in their jurisdiction, Storj offers its users the option to designate where their data is stored by the name of the country.
Comparing Storj
How does Storj compare to other decentralized storage platforms, like Filecoin and BitTorrent? Letโs find out.
Storj vs. Filecoin
Both Sotrj and Filecoin are decentralized storage platforms and both use encryption. However, Filecoin does not support a peer-to-peer network to store data on nodes, it has its own proprietary protocol called InterPlanetary File System (IPFS) protocol. It also uses an EC algorithm.
Another difference is that Storj is based on the Ethereum blockchain which is open-source. The main features of Storj and Filecoin are still all the same; the only difference between the two is the technologies used. This comes down to the price and needs which vary from user to user.
Storj vs. BitTorrent
BitTorrent is older than Storj and perhaps more popular. BitTorrent File System (BTFS) is also decentralized like Storj. It uses the TRON network (not Ethereum like Storj). Like Filecoin, it employed IPFS for file transfer and storage. So applications that are compatible with IPFS are also compatible with BTFS.
STORJ Token: The Fuel of the Storj Network
STORJ is the own token of the Storj platform. Validators on Storj earn in STORJ tokens which are tradeable.
How STORJ is Used for Transactions Within the Network
STORJ tokens are created through mining, just like Bitcoin, where a vast network of nodes verifies data and gets rewarded with new coins.
However, for mining STORJ, instead of renting computing power, users rent their device storage and earn new STORJ coins.
The Role of STORJ in Incentivizing Data Storage and Retrieval
Storj tokens play a vital role in incentivizing users to rent their device storage. This helps keep the price of cloud storage affordable to users.
STORJ Tokenomics
One STORJ costs 0.45 US dollars (at the time of writing). Please note that the cryptocurrency market is highly volatile. Make sure to check the latest price before making any investment decision. Similar to other cryptocurrencies, the number of STORJ tokens is also limited. The circulating supply of STORJ tokens is 423 million.
How to Buy STORJ Tokens on Binance
Buying STOJ tokens on Binance is easy in many different exchanges. In this article, you can learn how to buy it on Binance. To buy STORJ, follow these steps:
- Register your account by clicking on the link below, which will take you to Binance’s registration page using a special Coin-Labs referral code
- Select your method of purchase
- Confirm your payment details
- Store your purchased tokens in your crypto wallet or hold them in your Binance account
Looking Ahead: The Future of Storj and Decentralised Storage
Storj’s team is actively working to make the platform competitive. There is a possibility of sharing files among the nodes because it is already using Storj bridge. If that happens, sharing files on Storj will become more similar to Google Drive and Dropbox. It is currently working on releasing version 3 of its storage network. It is in the testing phase and the world is waiting for its white paper. Furthermore, the idea of introducing object versioning is under progress on its roadmap.
Conclusion
The need for decentralized cloud storage is gaining traction. Users are also getting more security conscious. These pain points are addressed by the solutions that Storj provides. There is competition, yes, but the platform does not fare any less because of its new projects under the pipeline, like object versioning. Object versioning is expected to attract and retain enterprises working with the platform. If the demand for decentralized platforms continues to rise, Storj’s star is likely to shine even brighter in the cryptocurrency world.
We Coin-Labs.com provides only objective information about Storj.
Therefore, we are not responsible for the investment decision in Storj and the resulting loss.
Storj Basics
Here are some factors that investors should consider before investing in Storj.
| Cryptocurrency Features | Storj (STORJ) |
|---|---|
| Publisher or Developers | Shawn Wilkinson |
| Headquarters (Registration Number) | Atlanta, Georgia |
| Symbol | STORJ |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | No limit |
Reliability Score of Storj in 2024
These are indexes mesuring the investment reliability of Storj conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 9 Exchanges |
| Number of Available Pairs Worldwide | 250 Pairs |
| Market Cap of the Cryptocurrency | 256,437,544 USD (Rank #174) |
The table above shows the result of investment suitability evaluation for Storj.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Storj Price
Here are the price and recent trading volume of Storj. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Storj |
|---|---|
| Storj Price | 0.446 USD |
| Price Change 24h | -0.69% |
| Price Change 7d | -5.80% |
| Trading Volume 24h | 17,009,520 USD |
| Trading Volume Change 24h | -4.62% |
Cryptocurrency Metadata
You can check the development status and social media information of Storj through the links in the table below.
| Metadata Source | URL |
|---|---|
| ๐ Official Website | https://storj.io/ |
| ๐ White Paper | https://storj.io/storj.pdf |
| ๐ฐ๏ธ Source Code (GitHub) | https://github.com/storj/storj |
| ๐ฆ Twitter | https://twitter.com/storj |
| ๐ค Reddit | https://reddit.com/r/storj |
| ๐บ Message Board | https://community.storj.io |
Where to Buy Storj
Here are the top ten world crypto exchanges where traders can buy Storj in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/STORJ_BTC |
| Coinbase | Listed | https://pro.coinbase.com/trade/STORJ-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/storj-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/STORJ-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/storj-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/storj_usdt?type=spot |
| Bitstamp | Listed | https://www.bitstamp.net/markets/storj/usd/ |
| Bybit | Listed | https://www.bybit.com/trade/usdt/STORJUSDT |
| Gate.io | Listed | https://www.gate.io/trade/STORJ_BTC |
Frequently Asked Questions
What is the current price of Storj?
Storj price today is 0.446 USD. Furthermore, the price of Storj has fluctuated by -0.69% from 24 hours ago, and by -5.80% from a week ago.
Where is Storj listed?
Currently, it is listed on a total of 9 among the world top 10 exchanges.
What is the market cap of Storj now?
Currently, Storj has a market cap of 256,437,544 USD, which is ranking 174 among cryptocurrencies worldwide.
How much is the trade volume of Storj?
Currently, 397,840,257 STORJ coins are circulating through 250 market pairs. As a result, in the last 24 hours, 17,009,520 USD of STORJ coins were traded in the market.
