Storj coin has completely transformed and revolutionized the cloud storage market with their peer to peer network storage technology.
It is on the way to become the largest storage provider and that too without owning a single server.
Storjcoin is trying to do what no other giant cloud storage platform such as Amazon Web Services, Microsoft Azure, Google Drive and even Dropbox could do. Current cloud storing platforms are flawed with data breeching and high cost, however Storj is working on trying to provide its users a decentralized cloud storage platform.
If you have got some free storage space in your computer, you can be a part of the storage network too. Storage network basically uses the unused disk space of various individuals who are willing to rent out that space for the cloud storing of data.
All they need to do is download a program called drive share they then tell drive share how much disk space and how much bandwidth they're willing to lend out to the network, this person then becomes a farmer which is the equivalent of a minor in Bitcoin and they're paid storj coins.
These farmers have zero access to the data they're hosting, they're not able to view or alter it and in fact no farmer even has a complete copy of any file hosted on their storage space.
This storage of data in the unused space of different individuals makes up the peer-to-peer network.
The data that is stored in the unused spaces of different farmers. Data being uploaded goes through four stages, first the data is taken from the customer’s end and is broken into tiny bits, then its encrypted with keys that only the customer who is uploading the data has access to. Data, then is spread over multiple storage spaces rented by various Individuals (Farmers) and that data is then constantly audited just to make sure that it is still available or it is in need of a storage space replacement.
Their aim is to provide privacy to the users, give them security, with their peer to peer technology give an excellent speed and also eliminate a central bottleneck strategy that most cloud storage platforms are based upon.
Data in a centralised cloud storing platform are vulnerable to hacking, whereas data in storj is more efficient and it's more spread out so think of the kind of security model they intend to provide as you have encrypted grains of sand( bits of data) that you spread amongst a beach of storage spaces.
Farmers here will have to compete to get the customer’s business, and the customer can choose farmers they find at a reasonable price with the very simple process of this technology.
It is up to storage consumers ( people who are storing their data in the network) to select the number of farmers they would want their data to be shared with, and also the period of time. Contracts with the storage space will remain effective for as long as consumers make their payments. If, a customer stops paying their files will simply be forgotten from the network.
So, what is the status of storj coins today?
Storj is backed up by top venture firms such as Google Ventures, Qualcomm ventures and Technstars. It has a market cap of $290,839,435 USD, and total supply of this coin is 424,999,998, circulating supply of the coin as of now is 132,342,914 Storj coin.
With $0.015 per GB per month, storj aims at a better price system, better security than many other cloud services, and a faster service.
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