Storj: A Distributed Cloud Storage Platform

May 14, 2017

Storj is that allows users to securely store files in an encrypted, decentralized manner. Storj currently uses the Counterparty protocol built on top of the Bitcoin blockchain, but will be migrating to Ethereum at the end of this token sale.

Storj is most similar to Siacoin in that it gives users the ability to store their files in what’s called Distributed Object Storage. DOS takes a file that a user uploads, encrypts it, and sends pieces of that file to nodes on the Storj network. This ensures that the file owner is the only one that can ever read or access the file. Users who run Storj nodes and allocate a percentage of their computer’s storage space to the Storj network are paid for their contribution in SJCX tokens. It currently costs users $0.015 per GB per month to store files on the Storj network. Bandwidth is billed separately at $0.05 per GB downloaded, so you are charged for your total storage size as well as every time you download your files.

Storj offers more secure storage than existing centralized cloud service providers and is also cheaper. For comparison, it costs $0.023 per GB per month to store data on Amazon Web Services and $0.03 per GB per month for Microsoft Azure. This combination of improved functionality and price efficiency positions Storj as a potential leader in the future of the cloud storage landscape.

STORJ will be used to pay the farmers that share their hard drive space on the network. Users of the Storj space may elect to pay with STORJ, but the payment has to be done manually at the moment. Until migration takes place, farmers still earn the old SJCX tokens, in the future they will earn STORJ.

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So what is storage?

Storj has experienced excellent growth, but a business needs more than just growth to be sustainable and successful in the long term. Business are one organisation in an ocean of similar providers offering the same products and services. Growth needs to be competitive to be sustainable. Check out the ICO Alert reports for more insights.