Storj (STORJ)

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STORJ offers decentralized, open source, end-to-end encrypted, cloud storage where only the end user has access to their personal data. The CEO is Ben Golub.

Our Joke Name

Storj = Rent Your PC

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (STORJ)

Coin or Token

Circulating Supply (133 million)

Total Supply (425 million)

Block time (Under 60 Seconds)

Market Cap Ranking

Review

The idea behind STORJ

STORJ offers decentralized, open-source, end-to-end encrypted, distributed cloud storage where only the end-user has access to their personal data. The data is stored in a decentralized way, where payments for hosting the data are done via a blockchain. In other words, Storj is providing a peer-to-peer cloud storage network implementing client-side encryption which allows users to transfer and share data without relying on a third-party storage provider.

Key Points

  • What problem does STORJ solve
  • Encryption for cloud storage
  • Files as Encrypted Shards

What problem does STORJ solve?

The removal of central controls potentially mitigates most traditional data failures and outages, as well as significantly increase security, privacy, and data control. Existing cloud storage solutions rely almost exclusively on large storage providers acting as trusted third parties in transferring and storing data and is fully based on trust.

Encryption is nonstandard for existing cloud storage services

Using client-side encryption is nonstandard when using existing cloud storage services, the traditional cloud is vulnerable to a variety of security threats, including man-in-the-middle attacks, malware, and application flaws that expose private consumer and corporate data. The Equifax hack, where hackers have stolen personal information from 143 million US consumers, including names, Social Security numbers, birthdates, addresses, driver’s license numbers, and some credit card numbers, shows this is a real problem.

Files as Encrypted Shards

A ‘shard’ is a portion of an encrypted file to be stored on this network. This system protects the content of the data from the storage provider storing the data. The owner of the data retains complete control over the encrypted key, and hence has full control over the data.

Main Team

  • Ben Golub
  • Shawn Wilkinson
  • John Quinn
  • Philip Hutchins

Summary

Storj is not a proof of concept or and ICO promising innovation down the road but is already operational. Storj has their own ERC-20 token, currently operating on the Ethereum blockchain. Pay-outs are done in their native STORJ token, and the token can then be used to buy storage on the Storj network. Due to the fluctuation of the value of the STORJ token, prices are set in dollars. Storage costs $0.015 per GB per month, and $0.05 per GB downloaded file.

Pros

  • Secure storage
  • Low cost data storage

Cons

  • Possible data loss
  • Not as fast as other SSD cloud hosting