Article

Updated February 1, 2018

The blockchain is the building-block of the majority of crypto-currencies. The advantage of the blockchain in cryptography is the decentralisation of data, and now STORJ has developed a data repository using the blockchain technology. How will you benefit from decentralised storage, how does STORJ work, and how can you join the project? Find out in our article!

What do you learn about STORJ?

How does STORJ work?

STORJ is a project that aims to create a decentralized repository. Decentralised storage distributes data across an entire network (think torrent-downloading from multiple peers). The STORJ network ensures security because data-loss, damage, or getting hacked are no longer a concern; the data is spread out over many users. STORJ also provides an added level of security with data encryption, making your data impenetrable.

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Why use STORJ?

Imagine a power surge, or power outage temporarily disables your access to your files, or your network is hacked, or you just spill your coffee on your hard drive, the potential to lose all your data in one event is high in these circumstances. The STORJ technology renders this possibility impossible by distributing the data in packets across an entire network.

Given that all data stored on STORJ is distributed over the network, it is very unlikely that they will be lost.

STORJ delivers an extra level of security with asymmetric encryption applied to every transaction. This is same encryption technology as Bitcoin, Litecoin, and other popular cryptos. You are the only person who holds the "key," a private key, used to extract your data and coin. The digital landscape is plagued by attackers, making this heightened level of security mandatory.

STORJ vs similar projects?

SIA and MaidSafe are similar projects delivering decentralised storage and cryptocurrencies. The SIA project provides a decentralised repository, and it also uses the blockchain for secure online payments.

i The opinion of a long-term investor in the Storj project

Storj technology, product performance, and profit-based currency emitting (coin-to-value on the basis of the storage space that is profitable within the product) are factors that force the investor to think about the potential value of the entire project. However, the speed of performance and projection of usability in the world exceeded my expectations, and the market has been valued. In conclusion, I would add that I did not see this potential myself. It was awarded in 2013 by companies such as Microsoft, FinTech Stars, and Google.



Jiří Procházka Jiří Procházka's experience with cryptocurrency trading dates back to 2013. Currently, he is NakamotoX's Chief Financial Officer.

SIA and MaidSafe are similar, but SIA also uses Siacoin cryptos to pay for the storage. This is recoverable, but every user must download the entire blockchain which is very large. Because these projects are providing similar services, there are rumours floating about a collaboration in the future.

STORJ, SIA, and MaidSafe projects all have decentralised storage, but only STORJ makes it user-friendly and easy to use.

The MaidSafe project decentralises storage and the internet. MaidSafe has a digital currency for payment called MaidSafeCoin but hasn't yet developed a real product.

Where to store STORJ tokens best?

The STORJ project uses its own cryptos to pay for the storage of data, and the cryptos are applied to the Ethereum blockchain. Prior, STORJ used the Bitcoin blockchain but transitioned to Ethereum for cost saving purposes.

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Keep your STORJ tokens on the Ethereum wallet that supports the ERC20 tokens. For a list of these wallets, go to theethereum.wiki. Today, the MyEtherWallet is the most secure place to keep coin and keep your private key. A hardware wallet will provide the most security against computer viruses and hacker attacks.

How can I provide a place?

At the official storj.io website, you can download a client through which you can provide your disk space and become part of the STORJ project. With the downloaded client, you set the following parameters:

The folder address where the sent data will be stored

The capacity you want to provide

The port that can be randomly generated

The address of the wallet where the reward will be sent in the STORJ tokens

Your reward is relative to network activity and the size of the shared site, and we recommend operating with a stable connection to a device that is continuously switched on to ensure network access at all times. Each month, users who provide their capacity on disk are sent the equivalent of a dollar in STORJ tokens. This does not mean that if a user has received 10 STORJ units and the price rises over the next month, he will get the same number of units next month.

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How can STORJ be used?

The STORJ project is exceptional because, as one of the few projects based on blockchain technology, it offers a real product. The platform named Filezilla serves as an FTP client for sending and storing data on the Internet, as well the popular software called Total Commander. STORJ has integrated online payments for its use of STORJ digital tokens.

Easy to use! First, create an account at app.storj.io, where you can charge funds via credit card, bitcoins, and STORJ tokens, which also pay for your space. After you create an account here, download the Filezilla client on the filezilla-project.org website. To install this client, open it and select the Open Site Administrator icon.

Create a new place here. In the Host field, enter api.storj.io, select port 443, and enter the same credentials as when registering a resource account. In the Log field, choose Storj - Decentralized cloud storage. The user has the option of choosing or generating a list containing 12 different words. This list of words is used to restore your account and as a primary security factor, which is also used to secure cryptographic pencils. Once you click on Connect, you are logged in and you can use the STORJ project product.

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How can STORJ be obtained?

Stock exchanges and currency exchange - STORJ, as well as other digital tokens and cryptos, can be purchased at a number of stock exchanges and exchange offices. The most famous of these are Poloniex, Bittrex, Binance, and Huobi. An overview of all trading platforms including prices and couples can be found on the Coinmarketcap portal. Be part of the project - provide a place on your disk and receive a monthly reward in STORJ tokens. Purchase in person - There are many communities in discussion forums and social networks where you can arrange a personal meeting.

Just like cryptos and other digital assets associated with them, the value of STORJ tokens is very volatile. If you decide to invest for speculation, we recommend doing so wisely.