Storj (STORJ) is an Ethereum token that is the basis for an uncentralized cloud storage system for developers, dubbed Storj DCS (Decentralized Cloud Storage). Once a customer uploads an image into Storj DCS, pieces of each file are shared among an entire network of independent nodes.
If someone wants to download the file, it’s later recompiled and then made accessible to download. This means anyone can save files to Storj DCS without trusting a central data center. Developers can acquire cloud storage services using STORJ. Network users get STORJ by supplying unneeded hard drive space as well as internet bandwidth.
One of the competing cloud storage platforms that are powered by crypto, Storj allows any computer using its software to lease unneeded hard drive space for those who wish to store data.
This way, you could imagine Storj as a potential alternative to cloud-based storage services like the ones provided by Amazon and Google. But instead of a corporation running the software and maintaining it, Storj relies on software and a computer network to manage its data storage.
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The key element of the network lies in the STORJ currency that lets users pay other network users to store their data. Users who want to sell bandwidth or storage capacity could make extra money from these resources by utilizing the STORJ.
Additionally, Storj audits its network with a random file verification every hour. This ensures storage nodes are storing the files.
Storj sends out requests to node operators who must provide evidence that the data remains within their control during this process. After receiving this verification, nodes will receive payments to store and keep the file.
The auditing system is designed to improve storage efficiency on the network. And to date, it seems to be able to create the niche. Storj claims that it has a capacity of more than 100 petabytes and, in 2020, the number of active nodes is more than 6000 active nodes that store information.
For regular updates by Storj, check out the blog. Storj team, save the Storj blog with instructions and tips on the Storj network as well as its ever-changing technology.
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Who invented Storj?
Storj Labs is the company that developed Storj Labs, the company behind Storj software, founded by Shawn Wilkinson and John Quinn in the year 2014. The latest version of Storj, V3, was released in the fall of the year 2019.
Storj Labs has gone through three different financing rounds since its beginning. Furthermore, even though Storj was initially created on the Bitcoin blockchain, it moved onto Ethereum in 2017.
In 2014, Storj Labs raised 910 BTC (worth about $40,000 at the time) via an open public crowd sale. In the early part of 2017, Storj was able to raise 3 million dollars in seed capital, and later, in 2017, Storj was able to conduct an auction, which raised approximately $30 million.
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What is the process behind the Storj function?
Three main components contribute to powering the Storj network.
- Storage Nodes allow users to lease extra space on their hard drive and securely keep and retrieve data.
- Uplinks Run on the client’s system as well as upload files onto the internet. Uplinks also collaborate with peers to save and retrieve information.
- Satellitescoordinate the flow of data between uplinks and storage sites. Satellites are accountable for storing metadata as well as keeping storage nodes accountable and dispersing payments. Every customer has an account with the satellite.
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Stripes and Segments
When an uplink of a user receives approval from the satellite for them to store data on the network, Storj files undergo a process known as segments.
In this procedure, when files are compressed, they are encrypted and then shredded, which means they are split into various sections and strips. (A stripe is the division of an entire segment.)
The original files are then spread and stored on the internet. To access and decrypt their files, users have to use the same private key that was used to compress and decrypt their files in the first place.
It is essential to note that it is likely to be kept in a satellite when a segment is tiny enough and not at a storage point.
To account for nodes that go offline and possibly lose strips, Storj introduces the concept of redundancy. It is a technique where every stripe is replicated several times before being transferred to various storage nodes within the network. It is a function that blocks tampering and restriction by a tiny number of nodes.