What is Storj

Blockchain and cryptocurrencies have revolutionized many industries, and “file storage” has been no exception. Using blockchain, now we have access to decentralized, peer-to-peer, efficient file storage systems. One of these systems is Storj. In this article, we will go through Storj and the way it provides it users with decentralized file storage. Stay with us.

What is Storj?

Storj is a solution that uses “encryption” and “sharding” for storing files in the cloud space and in a peer-to-peer network. Storj aims to be more efficient, faster, and cheaper than its rivals. It also has a strong focus on the issue of “privacy”.

The traditional cloud storage systems suffered from limitations like low security, the loss of users’ data in centralized datacenters, and the unpredicted loss of connection. Another challenge users faced in the traditional storage systems was the weak privacy. Centralized companies like Dropbox and Google Drive control users’ personal data and have access to them.

Storj, using blockchain and peer-to-peer networks, lets any computer that runs the Storj application rent its unused hard disk to other users who need space for storing files. This way, users who have free hard disk can earn some money, and users who need free space can gain it.

How does Storj work?

In the previous part, we explained the total aims and functions of Storj. In this part, we can go through the technical aspects in more detail. The main technologies Storj is based on include:

The sharding of files

Sharding means breaking into smaller pieces. When you want to store a file, this technology lets you break it into smaller parts. Sharding of files has two benefits. First, it accelerates the process of sending files. Second, it ensures that no single entity can access your whole data. only you know where all shards are. Data hosts in Storj are called “farmers”, and users who rent the hard disk are called “tenants”. So, we can say that no farmer can access the complete version of your file.

You, as the owner of the data, can find all shards using a distributed hash table called Kademlia. Kademlia is the foundation of Storj. It needs the private key for finding different shards of a file. Without the private key, guessing where all shards are is practically impossible.

The peer-to-peer encryption technology

The peer-to-peer encryption is an innovation for more privacy and security. In the previous part, we mentioned that no farmer can access the complete version of the file. By the way, imagine that one specific shard contains critical data. In this situation, for encrypting that shard, you can use the peer-to-peer encryption technology. This shard then has a unique key that only you have, and is stored on your system. When the farmer receives the shard, he/she cannot access its content without the key.

Bridge

The latest innovation of Storj is its Bridge server. Previously, users saved their private keys on their local computers. Then, if they wanted to change their computers or access their files from another computer, they faced a serious challenge. Bridge has come to solve this problem. It is a server for saving the private key in a completely secure way. Using Storj, users can access their data from multiple devices.

Who created Storj?

Two developers called Shawn Wilkinson and John Quin founded a company called Storj Labs in May 2015. The present version of Storj we know today was released in mid-2019. Shawn Wilkinson was the CEO of Storj at first, but this position was later on transferred to Ben Golub. Wilkinson now works as the Chief Strategy Officer and Quin works as the Chief Sales Manager.

The STORJ token

STORJ is an ERC-20 token. At the time of writing, each unit of STORJ is being traded at $0.65 (with its all-time high being $0.71). It has the rank 115 among world’s cryptocurrencies in terms of market cap. Its market cap is more than $258,000,000 (at the time of writing). Nearly 400,000,000 units of STORJ are in circulation now. This token does not have a supply cap yet. SRORJ has key functions in the Storj ecosystem. For example, tenants use STORJ for paying the farmers.

STORJ wallets

Since STORJ is an ERC-20 token, you can use all Ethereum wallets for storing it. Some of the best options you can consider include:

  • Ledger
  • Trezo
  • MetaMask
  • Trust Wallet
  • MyEtherWallet
  • Atomic Wallet
  • Guarda Wallet
  • SafePal
  • ImToken

Conclusion

In this article, we went through the unique design of Storj and its technologies. The development route of Storj is publicly announced, and this has increased the users’ trust in this decentralized file storage system. By the way, we shouldn’t forget that Storj is not the only decentralized file storage option. It has rivals like Filecoin, Arweave, and Sia. Only time can tell which of these rivals can succeed and surpass the others in terms of popularity.