Storj Revolutionizing the cloud storage Industry

Storj is a cloud storage, decentralised platform that uses blockchain technology and cryptography to secure your files. Storj allows us to store the data securely and in decentralised manner. Storj can be faster, cheaper, and more secure than traditional cloud storage platforms.The decentralised aspect of Storj means there are no central servers to be compromised, and with client-side encryption, your are in control of the keys to your files. Storj is based on based on the Bitcoin blockchain technology and a peer-to-peer architecture.

Each cryptocurrency is invented to solve a particular problem. Here is what storj is aming to solve.

What is the problem Storj is solving ?

1. Data security issues with the help of its own web app called Storj. It lets you store your files, and client app.
2. Rent your hard-drive space for money, thus using idle resources available.
   3.Bring decentralised cloud storage to the average business and consumer.
3. Provides DaaS ( Data as a Service)

What Does Storj allow users?

1. Rent out their excess hard drive space in exchange for STORJ, a cryptocurrency similar to Ethereum. "Drive farming" is the term used by Storj to renting out extra hard drive space.
2. Allows users to create decentralised applications.
3. Allows users to store their files on storj platform.

Storj tokens:-

One can earn on Storj platform by Rent out their excess hard drive space in exchange for STORJ. These STORJ tokens can be used for:-

1. Buy storage on the Storj network.
2. Power apps and ecosystems built on the Storj platform.
3. As Storj tokens have market value it can be traded with other cryptos.

How Does Storj works?

1. Divides the file that is to be stored into pieces.
2. Encrypts the file and the key to decrypt this file is only with the owner of the uploaded file.
3. Stores the pieces of files in network with redundancy on dozens of system.
4. Only you have the credentials to make it available again so your file belongs only to you even though it is spread over the network.

What are advantages of Storj?

1. Storj platform is free from :- Monitoring, Downtime, Censorship.
2. Faster :- multiple machines are serving you your file simultaneously.
3. Cheaper :- you are renting people's spare hard-drive space instead of paying for a purpose-built data centre.
4. Secure :- your file is both encrypted and shredded

Threats to Storj:-

1. Google, Dropbox and many other big companies are in competition with Storj.
2. Maidsafe and sia coin also have same features which Storj provide.

Credits for threats of decentralised Cloud storage :- @nrajesh

Some threats that can bring down decentralised Cloud storage (Storj) are :-

1. If the encryption is disrupted and the files that are stored are illegal or of questionable nature this can become a federal issue.
2. This system can also become issue which cannot be controlled if it is used for all wrong reasons eg (Tor network).

Views of Vitalik Buterin co-founder of Ethereum on Storj

"Decentralized file storage systems like Storj have the potential to eliminate high markup costs and market inefficiencies and provide a much higher level of privacy, reliability and quality of service than we see today."