Storj

Reasons to Buy Storj

• The encryption used in Storj makes it one of the standing players in the market.
• Users can earn STORJ by renting their unused storage space.
• Storj network has its cryptocurrency with the name of STORJ token.

Storj was founded in 2014 but in 2017, it was migrated to the Ethereum blockchain and was able to raise $30 million in its ICO early that year.  

It was started with a vision to provide an open-source platform for cloud storage services. Storj leverages the power of blockchain technology and allows for easy storage of files with encryption on a distributed Peer-to-Peer (P2P) network. With the latest technologies and methods, it provides cheaper, faster, and secure file storage than regular cloud services.

Things to consider before buying Storj

• It works on the Proof of Retrievability consensus algorithm.
• The users that share their available storage space for shards are known as Farmers and are nodes in the Storj network.
• Storj works on a similar mechanism as torrent by encrypting & distributing the divided files across the network.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.