Similar to how Amazon or Google provides its users with cloud storage, Storj; pronounced as storage is also a crypto-powered cloud storage platform. The platform allows any computer running its software to rent unused hard drive space to users looking to store files.
To put it simply, Storj uses a decentralized network of nodes to host user data. The STORJ ecosystem also secures those hosted data using advanced encryption. During this process, Storj sends requests to node operators, who must send cryptographic proof that the data is still in their possession. Upon receipt of this proof, nodes receive payment for storing and maintaining the file.
Initially, in December of 2014, Storj was introduced to the world as a mere concept. With more advancements and an updated whitepaper by 2016, Storj was described as a platform for connecting users who need cloud storage space with those who have hard drive space to sell.
Shawn Wilkinson, a software developer based in Atlanta analyzed how blockchain technology could eventually be leveraged to build a decentralized cloud storage network and founded Storj, with his co-founder John Quinn, in May 2014.
The first white paper of Storj was published in late 2014 and since then, the concept and details have changed significantly. The current version of Storj.V3, was launched in the middle of 2019.
To understand how Storj works to provide storage space to its users, let us take a step-by-step understanding of each process.
Storj is a one-of-a-kind storage platform due to some of its unique properties. They are:
To learn more, visit storj.io
Use these three-step processes to buy your first STORJ using the CoinDCX crypto and bitcoin investment app
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