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What Is Storj?

Storj which is pronounced as “storage” becomes a cloud storage platform that cannot be censored or monitored. Storj is the first decentralized end-to-end encrypted cloud storage that uses cryptography and blockchain technology which provide security to your files. Your files are encrypted, shredded into little pieces called “shards”. These shards are stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file not even in an encrypted form.

Storj is the cloud share by the community. It will be the largest, cheapest, fastest and the most secure cloud than the traditional cloud storage services. What you share is what you get. Storj is an open source project which provides the first fully decentralized, secure and encrypted cloud storage platform. Like a Bitcoin, Storj serves as a peer-to-peer payment system.

In order to provide better security, Storj uses blockchain features, cryptographic hash functions, and key encryption. With the help of Storj Share and Libstroj, Storj is trying to solve data security tasks. You can completely trust your files to Storj.

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Storj founder

Storj, which is pronounced as “storage” was founded by Shawn Wilkinson, Tome Boshevski, James Prestwich and John Quinn in December 2013. Their main goal was to create a first decentralized cloud storage platform.

How Does Storj Work?

Storj doesn’t have a single data center. Storj allows the users to sell their unused storage space on the Hard Drive. If you create your Storj account, you’ll need to create the decryption key, which will be available only for you. Be careful, because if you lose it, nobody will be able to restore it. That is why you need to take care of it. It will be better for you to write your password (decryption key) somewhere, in order to avoid difficulties with unpredictable events. The company is up to 10 times faster and 50% cheaper than traditional solutions for storing cloud data stores.

Users upload their data to the network. Then, data is broken into several shards. The process of encrypting starts. The shards are distributed across farming nodes in the data of the owner network. Because the farmers store the data in the network and provide it with safety, renters pay them in SJCX. With the help of SJCX farmers cover their costs and support the network.

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Storj cryptocurrency

Storj has developed a new encrypted platform which is based on the blockchain. Everyone, who has unused Internet bandwidth or hard drive space can invest in Storj.

You probably know that some people complain about the Storj which requires several weeks in order to rent more than 100 GB of Hard Drive disk space. The reason for this inconvenience is caused by the lack of popularity of the service. Storj knows it and does everything in order to improve it.

You need to know that renting 100 GB of HDD, you’ll not gain a great profit. If you want seriously engage in leasing and expanding your space, you can build your own Hard Drive with even 20 terabytes of space. You need to have a great and strong equipment in order succeed in Storj and get a great profit.

Currently, Storj is developing and its growth raises rapidly. It is believed that Storj will gain a great success in the nearest feature. That is why a lot of people are interested in it.

The Main Problem

It is not a secret that the Internet users are concerned about security in the last few years. Large sites which store files gradually fail. National Security Agency and government organizations have access to the files in the cloud storage. That is why a lot of people who store their personal information on the Internet are concerned.

Solution

Storj is a protocol, a cryptocurrency and a set of decentralized applications. Storj helps users to store their data in a decentralized way. It uses bitcoin features, encryption keys, and cryptographic security hashes.

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The main idea of the coin is to allow people to rent out and make a profit from the unused space on the hard drive and the Internet bandwidth.

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Storj allows you to store your files in an encrypted form with the help of DOS. Distributed Object Storage (DOS) encrypts the file and sends pieces of that file to the Storj network nodes. You may be sure that your file is safe because only you have access to your stuff. No hacker attack can affect your files since they are stored in a decentralized network. Storj is backed up by a real and functioning product.

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Storj uses a blockchain technology and cryptographic hash functions. They keep your data safe and decentralized. Storj offers more secure storage than centralized cloud service. It means that the company owners do not have access to your data. Moreover, it is cheaper. The Storj protocol allows users to enter into contracts, verify integrity, transfer data, verify the access the removed data and pay for other nodes in the network.

Storj Share

Storj Share is a new application that allows users to rent out their free storage space on the Hard Drive in order to exchange it for STORJ (tokens). Storj is more than a data center system. It is a reliable tool and platform for developers whose aim is to create better tools for their users. Storj Company is a service provider that doesn’t operate a single datacenter.

Storj-Share allows users to rent out their extra Hard Drive space to the Storj network. Farmers (users who rent out their Hard Drive space) receive ERC20 tokens in return.

Storj Share software can be used on different platforms. Storj Share software can run on internal storage devices, external storage devices and Network Attached Storage (NAS). It is a large benefit for the users because they can increase their profit, devoting underutilized containers to Storj.

What is Farming?

Farming is the process which leads in renting out extra hard drive space. Storj’s farming is an easy process. The first thing you do is to download the client. Then, you install it. When the client is installed, you need to determine the storage location and your payment address.

The user’s file (document) is encrypted into several chunks. These chunks are stored in the free space of the hard drive. Farmers can’t open the file because it is safely encrypted.

Storj Share GUI will help you to choose the suitable amount of storage space you want to share. It will help you to add payment address and point a Storj node to use. When the renters upload their files through the Storj, they will be encrypted into equal chunks. If your node is online, you’ll receive a reward for them.

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There are farmers and renters. Those who are engaged in farming are called “farmers”.  Those who buy a storage space on the hard drive from the farmers are called “renters”.

Farmers are similar to bitcoin miners. But instead contributing their resource to the pool, they lease their spare hard drive space and bandwidth, setting up and maintaining nodes in Srorj.

Each farmer holds a small piece of your scrambled file. They are not able and they cannot unscramble tour file without a unique key that belongs to you. Storj makes your files difficult to be broken by hackers because the Storj system is complicated, reliable and deep.

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Renters are those who buy this space and bandwidth from farmers. The process of renting doesn’t include an easy-to-use graphical user interface client. It is clearly aimed at targeting developers.

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Renters and farmers can work closely with each other in order to increase the data amount and data usage in the network. Moreover, the farmers and the renter may cooperate in order to assist data downloads to third parties. As a result, they will receive more views because the receiving of the larger views of the renter’s content leads to the higher profits for farmers. It can lead to the new methods of content distribution.

Benefits of the Storj System

  • Blockchain

    Storj uses blockchain. It helps to keep your data encrypted, safe and decentralized.

  • Decryption Key

    If you decide to create a Srorj account you’ll notice that its decryption key is visible only for you. It guarantees a full safety for your data. Write it on the piece of paper or somewhere else and hide it in the safe place. It will be necessary for you to be sure that if you lose your key, you’ll be able to restore it.

  • Great Access

    Storj has another benefit. It is a variety of devices that provide you with access to your data. Being at any point in the world, you will be able to check your data with the help of PC or mobile devices. There is no central point of failure like in the other traditional centralized cloud storage networks. Storj provides its users with a larger access to the files when it is necessary.

  • File Encryption

    Files are client-side encrypted on your computer before being unloaded. It ensures more security and confidence that your files will be better protected from hackers’ attacks or breaking. Each file is divided into several chunks. Each chunk is encrypted and then distributed for storage through the Storj network.  This network consists of Storj node which is run by the users. These users rent out the storage space on their hard drive disk. In return, they receive Storj Token.

  • Decentralization

    It is the first decentralized encrypted cloud storage platform that uses blockchain technology and cryptography which provide your files with safety and reliability. Storj stores your data in a decentralized manner.

  • Perfect Privacy

    Mostly all traditional cloud storage can be broke down by hackers. Storj system is another. You files that are stored on Storj are encrypted, decentralized and well protected. Your data is stored in the decentralized network. It guarantees a perfect privacy so that nobody can access your data. It belongs to the user and only the user has access to it. Only the user may encrypt or decrypt his data with the help of mobile device or computer.

  • Zero-knowledge System

    Storj has a zero-knowledge system. It means that it does not require knowledge of the data stored information to start working (or to be able to work). No one but you has an access to your files. But third-party service providers, developers, and apps that want to use Storj network can restrict the types of files and uploads which may be stored on the network through their interface.

  • Storj Share Nodes

    Each file is divided into shards and then it is encrypted and distributed for storage across the Storj network. Sharding has a number of benefits that provide privacy, security, and availability. A shard is a part of an encrypted file which is stored on the network.  This network consists of Storj Share nodes. They are managed by users who rent unused space on the hard drive in exchange for Storj Token (STORJ). STORJ allows you to buy storage and to earn money for renting your free Hard Drive space. STORJ uses the Ethereum blockchain for transactions.

  • Speed

    Storj works on a P2P network.  It allows the users to connect with the numerous peers. Files can be stored or withdrawn quickly. That makes this Storj cloud faster than the other traditional network clouds.  A lot of machines are serving your files simultaneously. Chunks of the file come from different farmers simultaneously as fast as you can download them.

  • Low Price

    Storj is cheaper because you rent spare hard-drive space, instead of paying for a purpose-built data center.

How to Set Up Storj?

Create a wallet.

Write down your unique seed somewhere (it may be an ordinary piece of paper) and hide it in the safe place.

Download the Storj app.

Into the Payout Address field, put up your wallet address.

Move to your Hard Drive which you are aimed to use.

Create a new folder.

Select that new folder in the Storj file browser.

Choose the necessary amount of GB that you want to rent.

Click “Start”.

What Are Tokens?

The token is a coin-shaped piece of plastic or metal that can be used instead of money.  Storj has launched its own cryptocurrency, which is based on the token system. You can buy Storj tokens (STORJ) and exchange them into the cheap cloud-based storage space.

STORJ (tokens) are digital tokens which are based on the Ethereum platform.

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Tokens are useful for exchanging them into the cloud-based storage space in the Storj system, which is less expensive than traditional cloud-based storage companies. Moreover, Storj is more secure.

Storj Review

What is SJCX?

SJCX was a formal name for the tokens. SJCX was a first Storj’s token, which allowed its users to buy extra storage or/and earn money for renting out free storage on your Hard Drive space. SJCX used Bitcoins for its transactions. Now SJCX is no used by Storj. From June 2017 Storj went from Storjcoin X (SJCX) to Storj Token (STORJ). STORJ uses the Ethereum blockchain for its transactions.  Ethereum is an open software platform which is based on blockchain technology. It allows the developers to build and develop decentralized apps.

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STORJ tokens are used to buy the storage on the Storj network. Moreover, it provides its users with the access to other services which are offered by the Storj platform.

How Much Does Storj Cost?

You pay only for what you use.  You pay 0.015 dollars per GB monthly for storage and 0.05 dollar per GB for bandwidth. The cost for usage is calculated every month. Your bill will be generated from your usage.

What are the other costs? What do you need for it?

If you decide to share your drive you’ll need some equipment. Firstly, it is a computer. Secondly, it is the stable Internet connection. Probably you have already it. It should be mentioned that for sharing your storage space on the hard drive, you’ll have some electricity costs. You will pay some money for the electricity in order to leave your computer on for Storj. And the last, it will be costs for one, two or more hard drives.

Key Features of STORJ:

Low Payments

STORJ requires low transaction fees.

Growth

The creators and developers say that Storj will use its tokens for more purposes in future.

Protection

It has a strong layer of protection from the volatility of larger markets.

Scalability

STORJ tokens help the company solve or fix various difficult or easy tasks and problems at scale.

What Is Useful About Storj?

Storj is a very effective and useful open source project.

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  • to provide decentralized and secure cloud storage service for the files
  • to serve as a peer-to-peer payment system (similar to Bitcoin)

If you have some secure files that you want to store you need a safe, reliable and strong store system. Storj is one of them.  All the control over personal files is in the user’s hands. Storing the files in Storj is safe. You may be sure that no one will open it and read. Moreover, you can store your files in the Storj and withdraw them from any other app. Even when the user’s information is sharing between two apps, you may be sure that the process is very reliable and secure. Only you can control the information. Only in your hands is the decryption key. And only you can affirm the sharing information between the apps.

Best Storj Wallets

If you decide to be engaged in Storj process, you need to know everything that concerns of this. Now you know that the STORJ is a token which the renters pay farmers for the storage space on the hard drive.

Where to store the tokens?

You need to store the tokens in an ERC-20 compatible Ethereum wallet to which you hold your private key.

That is why there are several options for the wallet choice:

  • Parity

    Parity is a node wallet, which allows you to store the blockchain on your computer. Parity is available for OSX, Docker, Ubuntu, and Windows. Parity allows you to store receive and send the tokens.

  • Mist

    Mist is one of Ethereum wallets that can be used to store coins in a safe and secure way.  Mist wallet has a very easy interface which makes it easy to manage. Mist provides the user with full-time control of their funds.  Mist is a desktop client, which means that the user needs to download it onto their computer. It is a multi-signature wallet, which ensures its users with a stronger security system.

  • MyEtherWallet

    If you want to create a new wallet without downloading the blockchain, you can use MyEtherWallet web-based app. It is not a standard web wallet. It doesn’t allow you to store your Ether on their servers. It allows you to create a wallet and to distribute your transactions on the blockchain. MyEtherWallet is designed to automatically identify the new STORJ token.

  • imToken

    imToken is a simple light-wallet, which is designed to will automatically recognize and show your STORJ tokens. imToken supports various tokens, HDWallet, DApps and more.

  • MetaMask

    MetaMask has no ability to display your token balances. But having an ability to allow any site to interact with a blockchain, MetaMask allows you to use any token interface which may be comfortable for you to check, view and send the tokens.

[wpsm_titlebox title=”FINAL THOUGHTS” style=”3″]Because Storj is a new project you should not wait for great results at once. It requires some time to be completely tested. But today every one may observe its developing, growth and progress. So, if you have some free hard disk space which you would like to put into circulation, and then Storj can help you with it.[/wpsm_titlebox]