Storj

What is Storzh?

Storj Token or STORZH This native token belonging blockchain-based cloud storage provider – Warden. This is based on ERK-20 token standard and is deployed on Ethereum blockchain.

STORJ mainly serves medium of exchange for storage is provided on the Storj platform and also serves as an incentive for storage providers.

There are a total of 425,000,000 STORJ tokens, all of which have been pre-mined at startup.

Given that the overall supply is deflationary, it is possible that the price of Storj will rise as there are fewer and fewer STORJ tokens available.

Storj tokens can be obtained by providing storage space in the Storj DCS or through major exchanges.

Before making any purchasing decisions, you may want to take a closer look at Storj’s price history and the current price of STORJ in the chart above.

What are the main features of Storj?

As discussed in the “What is Storj” section, we have established that Storj acts as a peer-to-peer (P2P) cloud storage provider based on blockchain technologies. Being a P2P platform, Storj does not provide storage itself. Instead it’s connects users who have free storage space with users who need this space, facilitating the creation of computer networks.

Users can contribute their free storage space by simply hosting a node and becoming a host. All they need is a Storj account, a stable internet connection, and free storage space. After setting up the node the hoster just needs to keep it online 24 hours a day, 7 days a week. – Storzh will do the rest. Based on the storage space and bandwidth provided, hosts are rewarded with Storj coins.

In addition, hosts are also responsible for confirming the status of the hosted data. This confirmation process occurs by mining through Proof of Work (PoW) consensus mechanism.

Before storing data, Storj encrypts it using AES-256-GCM symmetric encryption. This ensures that no one can view the information without granting access, which can be revoked by the user at any time. This then the data is segmented into smaller parts and distributed among random network nodes – hosts..

This type of data encryption and distribution serves as protection against any attacks. Because chunks of data are distributed across multiple hosts, they are virtually impenetrable.

Those who need storage space can rent it out for free. Although the free plan has a few limitations such as maximum storage and bandwidth of 150GB per month.

Storj is an open source project. This means that anyone can view the project’s source code and suggest improvements. These suggestions can be implemented in the Storj platform after a thorough code review.

Who developed Storj?

The crypto project Storj was founded Sean Wilkinson And John Quinn in 2014.

Sean Wilkinson successfully completed his studies at Morehouse College and received a bachelor’s degree in computer science. Immediately after graduation, Sean co-founded Storj Labs. He initially held the positions of CEO and CTO, but left at the end of 2017 to become director of security.

On the other hand, John Quinn had a lot of experience under his belt before he founded Storj, which was mainly associated with the investment banking industry. He received a bachelor’s degree in economics and Russian from Wake Forest University. After Sturge, he also founded Decentral Park Capital, a research-based investment firm focused on cryptocurrency.

The duo presented their first White paper for the project in 2014. However, it has undergone some major changes over the years. The whitepaper for the current version, v3.0, was published in late 2018.

During the creation of Storj, they held a public sale that resulted in 910 BTC being invested. At that time, this huge amount of BTC was worth about $460,000.