Storj provides an open-source decentralized ecosystem in which users may store their data while maintaining complete privacy and security. Storj cloud storage runs without a centralized authority and saves data by breaking it down into smaller chunks and spreading it throughout the Storj global cloud network. It is a peer-to-peer cloud storage service that allows users to rent and use redundant disk space in a decentralized manner, as opposed to centralized cloud storage providers such as Google Cloud and Amazon cloud services. Storj is one of the first decentralized cloud storage systems, and one of only a handful in the crypto industry. STORJ is the platform's native token and fuel, as well as the network's payment method. Users may host nodes and earn money based on the shared disk space paid for by platform renters, resulting in a decentralized P2P cloud storage marketplace.

Storj cloud storage is more cost-effective, private, and secure due to its design, while restoring data ownership to consumers and cutting cloud service prices.

History

Storj was initially discussed in the original whitepaper published in 2014 as decentralized cloud storage based on blockchain. The whitepaper's second edition was released in 2016. Storj Labs, the firm behind the cloud protocol, was founded by John Quinn and Shawn Wilkinson.

Storj Labs has gone through three rounds of funding since its beginnings, and the protocol was eventually deployed in 2018. The protocol's second version, known as V3, was published a year later in 2019. Storj was previously hosted on top of the Bitcoin blockchain before debuting in 2018. In 2017, it switched to Ethereum. Storj raised 910 BTC in the initial fundraising round and about $30 million in the token sale.

How does it work

Storj is one of the first decentralized cloud marketplaces and cloud storage networks, with the goal of eliminating the need for centralized authority. The platform is built on blockchain technology, which provides security, decentralization, privacy, and transparency to the system. Storj divides submitted data into smaller chunks and distributes it over the network, ensuring that no single firm or organization has access to all uploaded data. As a result, Storj gives data ownership to users, as network participants are in control of their own data, aided by automated protocols that operate the network. The act of separating data is known as sharding, and it allows users to download data in chunks from several sources at the same time. This implies that Storj downloads are quicker than standard cloud storage providers such as Amazon or Google Cloud.

The cloud storage is built on a peer-to-peer cloud service market in which users can rent out extra disk space to other network users. Users that rent out their redundant disk space can earn STORJ tokens based on the amount rented. Uplinks, Storage Nodes, and Satellites are the three basic components of the network.

Total supply and circulation

Storj has a total quantity of 425 million STORJ tokens. The circulating supply is 143,787,439 tokens. No additional STORJ tokens should be issued once the total quantity has been depleted. However, if the protocol is changed to allow for the minting of more STORJ tokens, the dev team may raise the limit.