In the simplest sense, STORJ is a cloud storage platform and a combination of blockchain technology with encryption functions for security.
Storj is a suite of applications that allow you to store your cryptocurrencies and data in a centralized way. Your files are encrypted, divided into small parts called “shards”, and stored in a decentralized network all over the world. Nobody else has a copy of your file, even in encrypted form.
Storj is faster, cheaper and safer than traditional cloud storage platforms. It's faster because more than one computer delivers your file at a time. It's cheaper because you're renting people's free hard disk space instead of paying for a data center. It’s safer because it's encrypted and fragmented. There is no need to rely on company servers or people. Storj’s decentralized feature means that you don't have a central server to keep, and you control the keys on your files encrypted on the client’s side.
Keeping your files secured is a process called "sharding". In this process, the files you upload are divided into small parts and stored in a decentralized network of computers. Even if you have many small parts everywhere, the installer is the only one who can receive a complete copy of the file. It also works as a peer to peer payment system like bitcoin. Another important note is that STORJ and FileZilla has a partnership that helps STORJ concentrate more on all fields.
To best protect your data, files are encrypted on the client side of your computer before they are installed. Each file is first encrypted and then divided into pieces that are distributed to the Storj network. The network consists of Storj share nodes that are run by the worldwide community of users who lease unused hard disk space for Storj tokens (STORJ).
Anyone can do Storj mining. The process is the same as mining proof-of-work crypto money, such as Bitcoin or Ethereum, except that users provide hard disk space instead of providing computer power. If you have extra space you don't use, you can take advantage of it and start mining. It is possible to do Storj mining in your existing mining unit to increase your profits and install hard disk equipment.
- 10 times faster and cheaper than traditional cloud solutions
- Secure against hacker attacks (not enough for hackers to find only the key to decrypt the platform)
- Need to collect small pieces of the system from thousands of nodes in the network (this process makes these attacks impossible)
- Open source
- End to end encryption
- No official Storj apps, need to use third-party tools
- Minimal data on the disk space you are renting
- Web interface needs improvement
How to buy and where to buy?
The cryptocurrency STORJ is mainly traded on stock exchanges such as Binance, Bittrex, Huobi, and Poloniex. However, there is still no way to buy STORJ directly. If you are new to the world of cryptocurrencies, you must first buy a certain amount of BTC or ETH. You can do this through Coinbase by bank transfer or credit card payment. Subsequently, the purchased coins can be exchanged for the desired amount of STORJ on one of the major exchanges listed above. Since the price is still relatively low, anyone can invest in STORJ with little financial input.
Since Storj is based on the Ethereum Blockchain, you need an ERC-20 compliant wallet to keep STORJ. The best option is MyEtherWallet, but you can also use other providers like Parity, Mist or MetaMask. When configuring MyEtherWallet, you can choose how you want to access the wallet, using a private key, keystore file, Ledger Nano S, TREZOR, or any other mediums.
StorJ is certainly one of the more interesting blockchain projects with its concept of disk space renting. This project is having a very tight competition with Sia, Maidsafe, and Filecoin. However, if they are able to stay with its course and meet their roadmap milestones, chances of it being successful increases drastically.