What is Storj (STORJ)?
Future of STORJ Cryptocurrency and know how to buy STORJ

#1 - What is Storj?

Storj: The Basics

  1. Storj (pronounced “Storage”) is an open-source platform that leverages the blockchain to provide end-to-end encrypted cloud storage services. Instead of maintaining its own data centres, Storj platform relies on a peer-to-peer network of individuals or entities sharing their storage spaces. The Storj project is owned and developed by Storj Labs Inc.
  2. Storj intends to facilitate a faster, cheaper, and secure file storage solution than traditional cloud storage platforms. To achieve its goal, Storj deploys several innovative technologies and methods to make sure that users are able to store and retrieve data in a fastest possible way while not compromising the security and integrity of data.
  3. The Storj network uses its own cryptocurrency called the Storj token, which is represented by the ticker “STORJ”. The token serves as a unified means to access the services provided by the Storj platform. STORJ is also awarded to users renting their unused storage space.

Storj Development

  1. Storj Labs Inc was founded in 2014 by Shawn Wilkinson with co-founders John Quinn. The company is headquartered at Atlanta, Georgia in the United States. Shawn was previously appointed as CEO, but in March 2018, he stepped down from the post to serve as CSO of the company.
  2. Shawn was replaced by Ben Golub (Ex-CEO of Docker) who currently serves as the Executive Chairman & Interim CEO. Co-founder John Quinn has been appointed as the Chief Revenue Officer.
  3. In its initial years, the Storj network was based on the Bitcoin protocol and used the SJCX token. The company held its crowd sale in July 2014 and managed to raise 910 BTC, which was worth about $500,000 at that time.
  4. In April 2016, a beta of the Storj platform was officially announced by the company. Initially, the beta release was only for crowd sale participants and a few others who were invited.
  5. In March 2017, the company announced the migration of the Storj network to Ethereum blockchain and subsequently replaced the previous token with current STORJ token. Storj Labs minted a total of 500 million STORJ tokens to replace its previous token.
  6. The company launched its initial coin offering (ICO) of the new tokens on May 19, 2017. At the end of the token sale on May 25, 2017, the company had raised about $30 million.
  7. Storj Labs allowed SJCX holders to exchange their tokens with the new ones in a 1:1 ratio through a token conversion campaign which lasted till October 2017.

 

#2 - What are the benefits of Storj?

Storj Technology and Features

The Storj network works in similarity with torrents, which means every file that is stored on the network is divided into several small parts and distributed to peers in the network for storing. But unlike in torrents, on the Storj network, each part of the file is encrypted. No one except the file owner knows anything about the data that file contains.

Sharding Process

  • Files as Encrypted Shards: Every file is divided into several smaller, encrypted parts that are called Shards. The encrypted shards have to be in a standardised size of 8 or 30 MB. Sharding is performed to enhance the security, privacy, availability of data, and the overall performance of the network itself. The clients are required to encrypt the file before the sharding and uploading processes to protect the data from other parties.
  • Kademlia Hash Table: A significant advantage of encrypted sharding is that only the file owner knows about the shards of data and locations of all the shards that are stored in the network. Storj leverages the blockchain to store information about shards locations in a distributed hash table, in this case — Kademlia. The file owner can locate shards and retrieve his data from the network with a private key.
  • Drive Farming: Similar to how Bitcoin, Ethereum, and most other cryptocurrencies rely on miners to sustain their networks, the Storj network also depends on several nodes. The nodes in the Storj network are called “Farmers” and are the users who share their available storage space for the shards. Farmers are used for storing encrypted shards. This also ensures that no farmer has access to a complete file. If a farmer tries to access any encrypted shard stored on his drive, it is identified as a malicious node and dropped from the network. Farmers are paid in the STORJ token for storing and maintaining shards.
  • Parity Scheme & Erasure Coding: Since the Storj network relies on several peers, there’s a good chance of hardware failure or any number of reasons that can cause a node or farmer to go offline, which can lead to the loss of data that is stored on the offline node. When breaking a file into shards, users can manually set parity schemes on some shards, which is essentially setting a redundancy level on those shards. This is done via the Reed-Solomon erasure coding algorithm. In the case of a missing parity shard, the erasure coding algorithm can recreate an entire file from the remaining shards. A minimum of 50% of the total number of shards are required to rebuild the file.
  • Proofs of Retrievability: To verify the existence and integrity of all shards stored with the farmers, Storj issues proofs of retrievability by performing hourly audits on files. The network sends a Merkle challenge to farmers which can only be answered if the shards are still intact on their hard drives. Farmers then reply with the answer to that challenge and get paid. This way, the data owners can be assured about the integrity and existence of their data in the network.

 

#3 - How to buy and store Storj token?

How to Purchase Storj Token?

Storj Labs pre-mined its entire supply of tokens at the inception; no new tokens can be created via STORJ mining. Nevertheless, users can obtain STORJ tokens by becoming a farmer in the network. Another obvious way to acquire STORJ is through trading on a cryptocurrency exchange.

  1. Storj cryptocurrency is available for trading on several leading cryptocurrency exchanges. Some popular options are Binance, Upbit, OKEx, Liqui, Huobi, Gate.io, Bittrex, etc. STORJ can be exchanged with Bitcoin, Ether, Tether and few other currencies.
  2. Since Storj is available on many cryptocurrency exchanges, finding the best rate for your trade can be a time consuming task. CoinSwitch is an ideal solution to this problem.
  3. CoinSwitch is the largest cryptocurrency trading platform, which allows trading of more than 350 cryptocurrencies with over 45000 possible pairs. Users can compare STORJ rates and trade across all leading exchanges at one place. CoinSwitch aggregates live price and performance charts of cryptocurrencies, enabling users to make an informed decision.

How to Store STORJ Token?

STORJ is based on Ethereum so only ERC-20 compatible wallets can be used for storing Storj tokens. Some wallets that are recommended on storj.io are:

  • MyEtherWallet
  • Parity
  • Jaxx
  • imToken
  • MetaMask
  • Mist
  • Hardware wallets: Trezor and Ledger Nano S

 

#4 - What is the future of Storj?

Trend So Far

Also Read: Complete Analysis of Storj | Live Storj (STORJ) Price Charts And Predictions

  1. As of August 13, 2018, Storj has a market cap of over $46 million, which makes it the 123rd largest cryptocurrency by market capitalisation in the global cryptocurrency market.
  2. As we just pointed out, Storj Labs minted 500 million STORJ tokens, but after the token sale, 75 million tokens were burned. This limits the total supply to 424,999,998 tokens. As of August 2018, more than 135.7 million tokens are in circulation.
  3. On July 02, 2017, Storj cryptocurrency went live for trading at an initial price of $0.522091 in the market. A significant hike in the price was observed during August 2017 when it crossed $1.8 price mark.
  4. From the last two months of 2017, Storj price followed growth at an increased rate, which continued till January 2018. On January 09, 2018 the price reached its all time high of $3.13. As of August 2018, Storj is trending somewhere near the price of $0.33.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Aug 12, 2018

0.330628

0.345779

0.325473

0.338025

2,137,580

44,895,196

Jul 01, 2018

0.479926

0.493257

0.465403

0.484607

1,476,670

65,167,968

May 01, 2018

1.16

1.16

1.08

1.14

10,146,800

157,969,664

Mar 01, 2018

0.885942

0.940735

0.858182

0.933124

3,687,830

118,207,272

Jan 01, 2018

2.42

2.42

2.14

2.27

22,519,300

320,079,168

Nov 01, 2017

0.385036

0.459085

0.367374

0.438695

1,183,880

38,809,836

Sep 01, 2017

0.995697

1.02

0.916932

0.933382

2,323,570

95,868,872

Jul 02, 2017

0.522091

0.577690

0.439085

0.548470

211,542

-

 

 

#5 - How is Storj different from other cryptocurrencies?

  1. Unlike Bitcoin, Storj is a decentralized cloud storage platform. The Storj token serves the primary purpose of facilitating the access of services and paying storage providers.
  2. Storj uses a proof-of-work consensus, which is also used by Bitcoin and Ethereum. But it deploys the Kademlia distributed hash table to store the information about shard locations in the network.
  3. Storj is often compared with other blockchain-based cloud storage platforms, especially Siacoin, which is a mineable cryptocurrency, unlike STORJ. Due to use of the centralized bridges to interact with its APIs, Storj is considered less decentralized than Siacoin.

 

#6 - Should you invest in Storj?

  1. If we looked at its performance in the cryptocurrency market, Storj has performed relatively well. On some occasions, it has delivered a high return on investments. Additionally, it is projected to provide a reasonable profit opportunity in the future.
  2. To some extent, the success of any cryptocurrency depends on the people behind it. This is where Storj poses some concerns to its investors. It is not that the team is incapable of handling the project well, but a recent shuffling of the staff has not been taken with much appreciation by the investors.
  3. Another major concern is the use of centralised bridges that are controlled by Storj Labs, which also holds all the metadata of files. This means, in a state of the failure of these bridges, the entire network can become redundant, which goes against the concept of decentralization.
  4. Storj allows users to manually set redundancy levels on shards, which can be a difficult task for people with less technical knowledge. On the other hand, the Storj platform has direct competition with already established platforms like Google Drive, Dropbox, and others.
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