Storj is a decentralized and open source solution for file storage. It uses file sharding, encryption and also a Blockchain-based hash table for the storage of files on a peer-to-peer network. The primary objective of storj is enable a faster, cheaper, and more private storage of cloud files.
There are certain limitations to known cloud storage solutions such as Google drive or Dropbox. These limitations include the fact that while files are simply backed up redundantly, access to your files can be restricted by unexpected outages or bandwidth from a data centre. There is also the issue of privacy.
What the Storj project does is that it uses Peer-to-peer networks and Blockchain technology to solve these aforementioned problems. It thereby guarantees that you are the only person who can actually access your files. It also distributes your files in such a way that redundancy is well established.
Storj: Delving Deeper
One of the major features of Storj is File sharding. File sharding means that files must first be divided into many smaller pieces before it can be stored on Storj. This feature has two major advantages. The first is the fact that no single entity holds the entirety of your files; only the owner knows where all the shards are located. The second advantage of this feature is in the fact that you can send and recall shards of the file in parallel, thus enabling quicker file transfer.
The Storj network has over 8 petabytes of storage or roughly 450 gigabytes per farmer, not long ago, they made the move to Ethereum, which now hosts its application and hash table. Storj is very affordable, since it is based on the pay for what you use model. You can also offset the cost of your storage by providing hard drive space yourself.
Storj: A Brief Look at The Token
The storj token, simply known as STORJ is the means by which payment is made on the Network. The fees that the tenants pay goes to the farmers, who then contribute storage space and bandwidth to the network. Although Storj labs’ implementation of Storj exclusively makes use of the token, Open source storj is payment agnostic. While ETH, BTC, and other coins can be implemented, STORJ is assumed.
The total supply of the Token is 500 million. Up to 25 percent of the tokens were distributed during the ICO on June 2017. No new coins are still being created, it is based on the Ethereum Blockchain with a Proof of Work Consensus.
It was founded by Shawn Wilkenson, who first got involved in Bitcoin and its mining in 2012.the official team is made up of about 40 employees, and a wider community in support of the open source initiatives.
We have seen so far that decentralized storage is highly important when it comes to its role in Peer-to-Peer networks and distributed ledger technology. We can also deduce that Storj seems to be promising in terms of usability and adoption.