Storj STORJ

1. Summary

Ranks

Liquidity

96

Developer

-

Social

94

Momentum (beta)

14

Stack Rank™

-

Price

$0.52 +0.7%

Market Cap

$74.24M (#508)

Supply

143.79M / 425.00M

Tags

Storage Harmony Ecosystem Ethereum Ecosystem DePIN

More Metrics

Price
52W High price	$1.06
52W High date	18th Dec 2023 (4 months ago)
All Time High (ATH) Date	28th Mar 2021 (3 years ago)
ATH Price	$3.81
% From ATH	-84.22%
All Time Low (ATL) Date	13th Mar 2020 (4 years ago)
ATL Price	$0.05
% From ATL	1095.58%

Supply & Trading Volume
Trading Volume (24h)	$12.91M
Total Supply	425.00M
Circulating Supply	143.79M

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Description

Storj is a crypto-powered cloud storage platform that allows any computer that runs its software to rent any of its unused hard drive space to users that are seeking ways of storing their files.

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Storj is a crypto-powered cloud storage platform that allows any computer that runs its software to rent any of its unused hard drive space to users that are seeking ways of storing their files.

It is an alternative to centralized cloud storage options such as Google Drive, Mega or Amazon. The main advantage you’re getting here is the fact that the company does not own and maintain the software, but the network of computers does.

The STORJ Token Explained

To make all of this work and a possibility, the STORJ cryptocurrency is used. It allows users to essentially pay other users on the network to store their files. Users that want to sell excess storage space that they are not using as well as bandwidth have the opportunity of earning additional money from the resources through accepting the STORJ tokens. Storj has the added functionality of auditing the network through a random file verification process throughout each hour which ensures that the files are consistently being hosted by the storage nodes. Throughout this process, what Storj does is send a request to node operators that have to send cryptographic proof that the data is in their possession, and once this proof is received, the nodes get payment for storing as well as maintaining the files.

This process is of course developed to maximize the quality of the storage and it has succeeded so far.

Another important thing to note here is the fact that the cryptocurrency STORJ is limited, which means that according to the rules set by the software there can only ever be 500 million STORJ in existence.

Features of Storj

Here’s where things get interesting. You see, there are a total of three components that make all of the Storj networks operate. First, you have the storage nodes, that allow users to rent out their excess space that is located on their hard drive and reliably store and return the data for a fee. Then you have the uplinks that run on the client’s machine and upload the files to the network. They also have the responsibility of coordinating with peers to store as well as retrieve the data. Then you have the satellites that coordinate the traffic between the storage nodes and the aforementioned uplinks. They are responsible for the storage of the metadata as well as ensuring that the storage nodes are honest and that the payments are distributed. Every single user has an account on a satellite.

Now, when a user’s uplink ends up receiving permission from their satellite to actually store data on the network, Storj files go through a process which is known as segmenting. Throughout this process, the files are compressed, encrypted, and shred, which essentially means that they get split into different segments and stripes. The stripes of the original files are distributed and stored across the network, and to decrypt and retrieve them a user has to provide the same private key that was used to compress and encrypt the files. Note that there is also redundancy, which means that all stripes are replicated a certain number of times and sent to different storage nodes in the network, which prevents tampering as well as censorship, and avoids any issues if a node were to go offline or lose a stripe.

Founders of Storj (STORJ)

Discussing the founders of Storj, it was founded by Shawn Wilkinson. He was a software developer and wanted to leverage blockchain technology to build a decentralized cloud storage network.

However, there’s also his co-founder known as John Quinn, who has a background in business development.

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