What is Storj (STORJ)?
Storj (STORJ) is one of the potential cryptocurrencies based on blockchain platforms 2.0 STORJ is a token of Storj decentralized cloud storage platform, built on the Ethereum platform according to ERC-20 standard. This project and similar platforms based on blockchain technology are competitors to cloud storage platforms like Google Cloud Storage or Dropbox.
Storj’s goal is to support cloud file storage faster, cheaper and more private.
How does Storj work?
In order to disrupt the cloud storage industry by lowering costs for users, Storj pays incentive fees to storage space providers in the form of a “dual-purpose token based on blockchain technology”. . Moreover, Storj also supports storing information about file integrity and storage location. The system will automatically issue, collect and distribute tokens to help users pay for storage space and provide new storage space. This system works faster, costs lower but still ensure safety. The data is encrypted before uploading and prioritizing clint-side; Storj is like a data storage mechanism of users, allowing control over data and privacy rights for users.
What are STORJ tokens used for?
STORJ tokens are used for payment within Storj’s network.
In the future, users are not required to stop STORJ to pay but can use BTC, ETH, Visa.
- STORJ tokens are used to pay for storage nodes.
- STORJ tokens are used to provide incentives to demand partners to motivate the network to expand.
- STORJ tokens are used as a medium of exchange on non-tardigrade networks.
Shawn Wilkinson: Storj founder and CEO of Storj Labs. He started participating in Bitcoin in 2012 and has grown in the cryptocurrency industry. In 2014, he started to build Storj.
Ben Golub: Executive Chairman and CEO
JT Olio: Deputy Technical Director
John Gleeson: Deputy executive director
Jon Sanderson: VP of marketing
Matthew May: Chief Financial Officer
Pros and cons
- It does not require additional disk space to upload files.
- It consumes low memory.
- Fast encryption and hashing speed.
- It does not require the installation of any other software.
- It is more secure by using the seed to encrypt files.
- High security because all keys are encrypted.
In addition to the aforementioned advantages, STORJ still has its disadvantages as it currently has less integrated functions than core-CLI. However, Libstorj is still in the pre-release phase of Alpha and more functions will be added in the near future.
This is a security token with high security, user-friendliness and high processing speed and cost savings. A highly experienced development team outlines a clear business plan.
STORJ is decentralized, autonomous, can implement many different blockchains, so the token is capable of withstanding service disruption and different levels of risk.
However, besides that, STORJ still has some limitations, such as being vulnerable to DDOS due to fragmentation structure. There is no market for systems with variable pricing and storage inferior to SIA.
You can check STORJ price here.