Data protection is nowadays a very serious and frequent topic not only for discussion but mainly for the solution. An attempt to prevent leakage or theft of data was the creation of the Storj project, which creates a decentralized data repository. Storj is not just a cryptocurrency/token, but rather a decentralized cloud data repository.
The goal of the Storj project is to maintain and guarantee the security of stored data, high network throughput and transaction speed – all at a minimal fee. The whole idea lies in the willingness of the participants connected to the network to share the space on their computer disk. Such farmers already have Storj more than 70,000.
What is Storj and how it works
The basis is a decentralized data store – the cloud. The data are not stored in one place but are transmitted between individual users of the blockchain network. At present, the network has 150,000 data nodes. This guarantees speed and security.
You will receive a private key to the data you send to the network, and no one else is able to alter or alienate your data in any way. Storj uses asymmetric encryption for data protection, which is the same as Bitcoin and other cryptocurrencies. Transactions are executed by users in Storj tokens.
How is Storj different
Storj offers a completely real product that can be used. It is part of the Total Commander software and Filezilla platform, which serves as an FTP client. You can pay for it in the Storj tokens.
It uses blockchain technology and encryption for secure data storage.
It allows its users to acquire tokens for providing disk capacity, which does not require such high computing power.
Many miners went to Stroj because of the great financial difficulty of extracting other altcoins.
Another advantage is that the Storj network can be connected without having to download the whole blockchain to your computer.
Competition Siacoin and MaidSafe
A similar SIA project uses blockchain technology for payment for data storage, and the Siacoin cryptocurrency has to be mined and the blockchain has to be downloaded for the connection. This is still becoming less practical.
The MaidSafe project has no real product yet, only the MaidSafeCoin token. The goal is also the decentralization of data repositories and also the decentralization of the Internet. This is a big goal and it will probably take some time for the public to get a new product.
How to safely store a Storj token
To keep the cost of running the entire platform as low as possible, while maintaining high performance and speed, Storj developers decided to use the Ethereum blockchain. This suggests that the safest storage is purses that support ERC20 tokens. The best and best known is MyEtherWallet.
Having everything safe is also to own a hardware wallet (such as a safe) in which you will keep your private key.
Where to buy and get Storj
Like most digital tokens, Storj can be bought on stock exchanges, which you can find at Coinmarketcap.
First, you buy BTC or ETH, and then you can buy the Storj token on most big exchanges. You can start, for example, on Bittrex or Binance exchanges.
How to get Storj for free
A welcome option is also to have data flow through your computer. For the capacity provided on your disk, you will receive a reward every month in the Storj tokens. The reward is dependent on your network activity and the size of your shared location. It is always paid at the current dollar value of Storj tokens.
The future of the Storj cryptocurrency
Storj has long been providing a real, trustworthy and practical product. The price for one Storj has been long enough to 0.5 USD, now it is around 0.9 USD. One important factor in the popularity of the Storj token is the ability to obtain it for the provided computing capacity.
It works hard on the whole project – news announcements have raised the price to $ 2 for the Storj token shortly. A significant plus is also a low cost and network speed. Investing in the Storj project may have the potential to be profitable in the long run.