Storj (STORJ) Price

What is Storj?

Storj, pronounced as "storage," is an open-source decentralized cloud storage platform introduced in its whitepaper in December 2014. Unlike traditional cloud storage solutions that rely on centralized data centers, Storj operates on a decentralized network of independent computers called nodes. Through its Tardigrade software, Storj enables anyone with hard drive space and a stable internet connection to become a node in its network. Data stored on the Storj network is secured using advanced peer-to-peer encryption, making it difficult to hack.

History of Storj

Storj was initially conceptualized in 2014 by its founder, Shawn Wilkinson, and later co-founded by John Quinn. An updated white paper was released two years after the initial one, further refining the concept. The platform went live in late 2018, and it has seen multiple iterations, with the current version being V3, launched in mid-2019.

Team & Funding

Storj was incorporated as Storj Labs Inc. in May 2015. Initially, Wilkinson served as the CEO but later stepped down for Ben Golub, who is currently the CEO. Wilkinson now serves as the Chief Strategy Officer (CSO), and Quinn is the Chief Revenue Officer (CRO) and a board member. The platform raised about $460,000 in Bitcoin during a 2014 public crowd-sale and garnered an additional $30 million through seed funding and a token sale.

Unique Selling Propositions

Storj disrupts the traditional cloud storage landscape by being cost-efficient and providing better data security. Node operators are incentivized with Storj tokens to host and secure user data. This decentralized network eliminates the need for users to trust traditional cloud storage providers with their data security.

Network Security

Storj employs Tardigrade software to encrypt user data before it's dispersed across the network. This results in each node receiving only fragments of a file, making it almost impossible to reassemble and hack the data. The decentralized system also mitigates the risk associated with storing data in centralized units, which can be prone to coordinated attacks.