What is Storj (STORJ)?
Storj (pronounced “Storage”) is an open source, decentralised file storage system that aims to make use of unused hard drives and bandwidth around the world. Storj hopes to make file sharing safer, faster and more cost effective. Developed by Storj Labs, the Storj company provides DaaS (Data-as-a-Service) to businesses and consumers alike.
Real World Example:
Users looking to store their data do so by uploading it to the Storj network. The data is then encrypted and distributed across the multiple nodes on the network. Anybody can participate as a node by providing the network access to storage and bandwidth capacities of their device(s). Nodes receive rewards for their participation in the form of $STORJ. At the time of writing, there are over 13,000 nodes spanning across 200 countries. The high level of decentralization vastly decreases the probability that data loss may occur.
Storj Labs were one of the first to attempt to tackle cloud data storage on the blockchain.
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