Storj (STORJ) is an open source cloud storage platform for digital file storage.
What is Storj (STORJ)?
Storj (STORJ), whose whitepaper was published in May 2014, was written by software developer Shawn Wilkinson. It was put into use in 2018. Storj (STORJ) is an open source cloud storage system for storing user data. The word means “storage”. It is derived from the English word “storage”. Storj (STORJ) distributes the storage of digital data over a global network.
Decentralized storage solutions such as Storj (STORJ) express the characteristics of a token-based economy on a blockchain-based platform, enabling it to operate effectively. Key to its structure is a nested incentive system that lowers costs for users, compensates for storage nodes, and aligns all actors in its ecosystem. The Storj network is powered by computers worldwide called Nodes.
Its native token is STORJ coin. The utility token used for payments on the platform cannot be mined. Storj brings together those who need storage space and those who have free hard disk space. Independent users with free disk space create nodes in the system and are rewarded with STORJ coins. Because it is a network of many independent computers, Storj offers a secure environment against cyber attacks.
How Storj (STORJ) Works
Storj network consists of three components. Storage Nodes, Uplinks and Satellites.
Storage nodes provide storage and rotation of data. Also, any device that meets the Storj prerequisites can be run as a storage nodes.
Uplink refers to software that uploads and receives data. Storage clients run this software on their own machines.
Satellites act as a mediator. It determines which storage nodes will store which data. It performs a number of functions that include paying for storage nodes and hosting Storj’s reputation database. The three components that make up the Storj network work together to provide private and secure data storage.
What are the Advantages of Storj (STORJ)?
Storj can be accessed anytime, on almost any account. The Storj Platform includes low transaction fees for cross-border clearing and transfer between wallets. Also, storage space on the Storj network can be offered for sale, thereby earning tokens. However, with a transaction other than trading, the advantage of earning tokens is captured.
