Storj is an open-source cloud storage platform that utilizes a decentralized network of nodes to host user data. The platform ensures the security of hosted data through advanced encryption.

Originally introduced as a concept in a white paper published in December 2014, Storj aimed to be a decentralized peer-to-peer encrypted cloud storage platform. An updated white paper was published two years later, describing a network that connects users in need of cloud storage space with those who have available hard drive space to sell. The platform was launched in late 2018.

Individuals with spare hard drive space and reliable internet connectivity can participate in the network as nodes. These space providers are rewarded with Storj tokens.

Storj was founded by Shawn Wilkinson in May 2014. Wilkinson, a software developer based in Atlanta, recognized the potential of blockchain technology in building a decentralized cloud storage network.

Together with co-founder John Quinn, the first white paper was published in late 2014. The concept and details have since evolved, leading to the launch of the current version of Storj, V3, in mid-2019.

Quinn, in addition to being a blockchain enthusiast, has a background in business development with experience in the investment banking industry. Storj Labs Inc. was officially incorporated as a company in May 2015.

Wilkinson initially served as CEO but later transitioned to the role of Chief Strategy Officer (CSO). Ben Golub now serves as CEO, while Quinn holds the position of Chief Revenue Officer (CRO) and is a member of the company's board.

In terms of funding, Storj raised 910 bitcoins (approximately $460,000) in a public crowd-sale in 2014. Three years later, they secured $3 million in a seed funding round and conducted a token sale, generating an additional $30 million in the same year.

Storj stands out as a decentralized cloud storage network in several ways. Unlike traditional cloud storage solutions that rely on large data centers, Storj operates on a network of independent computers.

Anyone with available terabytes of space can become a node on the platform by installing Tardigrade, requiring only a consistent internet connection. The network's efficiency allows for significantly lower storage costs compared to traditional cloud storage services.

Initially, around 500 million $Storj tokens were minted on the Ethereum blockchain. Following a token sale by Storj Labs, 75 million tokens were burned. As a result, there are currently just under 425 million tokens in circulation.

Prior to the token sale in 2017, the company locked up 245 million tokens in a reserve. The token sale itself released 70 million tokens into circulation.

Storj Labs Inc. utilizes its Tardigrade software installed on node computers to create and secure user data. This network of anonymous nodes eliminates the need to trust cloud storage service providers with data privacy.

The system employs peer-to-peer encryption, ensuring that each file is encrypted before being distributed to the network of independent hosts. Each node receives only a random fragment of a file, with decryption keys distributed among the nodes and the host. This approach makes it nearly impossible to hack.

Node operators are rewarded for hosting data and confirming the safety and retention of the files through a process known as mining (PoW) in the crypto world. This process utilizes the Storj token. Individuals or organizations seeking to store data on the network provide Storj tokens as payment to the nodes.

This system guarantees the protection of user data against hacks and other malicious attacks. It also eliminates the risk associated with storing data in a limited number of isolated storage units, which could be vulnerable to coordinated attacks and result in the loss of user data.

Storj's token, $Storj, has liquidity as one of the early blockchain solutions. It is listed on over fifty exchange platforms, including Coinbase Exchange, Crypto.com, and Binance, in pairs with major currencies and cryptocurrencies. Kraken allows for direct conversion of USD and Euro to $Storj.

Discover how other platforms are leveraging the Ethereum blockchain for innovation.

Storj is an open-source cloud storage platform that utilizes a decentralized network of nodes to host user data. The platform ensures the security of hosted data through advanced encryption.

In December 2014, Storj was introduced as a concept in a white paper. It aimed to be a decentralized peer-to-peer encrypted cloud storage platform.

Two years later, an updated white paper described a decentralized network that connects users in need of cloud storage space with those who have available hard drive space. The platform was launched in late 2018.

Participants with hard drive space and good internet connectivity become nodes in the network. They are rewarded with Storj tokens for providing storage space.

Storj was founded in May 2014 by Shawn Wilkinson, a software developer based in Atlanta. Wilkinson recognized the potential of blockchain technology in building a decentralized cloud storage network.

Together with co-founder John Quinn, the first white paper was published in late 2014. Over time, the concept and details of Storj have evolved. The current version, V3, was launched in mid-2019.

Quinn, with a background in business development and investment banking, joined Wilkinson in incorporating the concept as Storj Labs Inc. in May 2015.

Initially serving as CEO, Wilkinson later transitioned to the role of Chief Strategy Officer (CSO), while Ben Golub took over as CEO. Quinn serves as the Chief Revenue Officer (CRO) and is also a member of the company's board.

In 2014, Storj raised 910 bitcoins, equivalent to about $460,000, in a public crowd-sale. Three years later, they secured $3 million in a seed funding round and conducted a token sale, generating an additional $30 million in the same year.

Storj stands out as a decentralized cloud storage network in several ways. Unlike traditional solutions that rely on huge data centers, Storj runs on a network of thousands of independent computers.

Anyone with available terabytes of space can become a node on the platform by installing Tardigrade. All that's required is a strong and consistent internet connection.

The network's efficiency enables hosts to pay significantly less for storing their data compared to traditional cloud storage services.

Initially, about 500 million $Storj tokens were minted on the Ethereum blockchain. Following a token sale by Storj Labs, 75 million tokens were burned, resulting in just under 425 million tokens currently in circulation.

In 2017, prior to the token sale, the company reserved 245 million tokens. The token sale itself released 70 million tokens into circulation.

Storj Labs Inc. utilizes its Tardigrade software installed on node computers to create and secure user data. This network of anonymous nodes eliminates the need to trust cloud storage service providers with data privacy.

The system employs peer-to-peer encryption, ensuring that each file is encrypted before being distributed to the network of independent hosts. Each node receives only a random fragment of a file, with decryption keys divided among the nodes and the host, making it highly resistant to hacking.

Node operators are rewarded for hosting data and confirming the safety and retention of files through a process known as mining (PoW) in the crypto world. Storj tokens are used for this purpose. Individuals or organizations storing data on the network provide Storj tokens as payment to the nodes.

This system guarantees the protection of user data against hacks and other malicious attacks. It also eliminates the risk of data loss associated with storing data in isolated storage units that can be targeted in a coordinated attack.

Storj's token, $Storj, has liquidity as one of the earliest blockchain solutions. It is listed on over fifty exchange platforms, including Coinbase Exchange, Crypto.com, and Binance, in pairs with major currencies and cryptocurrencies. Additionally, Kraken allows direct conversion of USD and Euro.

Discover how other platforms are utilizing the Ethereum blockchain for innovative purposes.