About Storj (STORJ)
Storj, pronounced âStorageâ, is a blockchain-based cloud storage platform that allows its network participants to share unused digital storage space.
When the first whitepaper for the network was released in 2014, the proposition was centered around developing a decentralized peer-to-peer encrypted cloud storage platform.
However, by the time of the updated whitepaper published in 2016, Storj, an alternative to centralized hosting platforms, would be described as a decentralized file storage platform and rewards users who share digital storage space with STORJ tokens.
STORJ is used within the Storj ecosystem to pay for storage space â users seeking storage pay hosts STORJ for these services, which undergo a random file verification process that operates on an hourly basis and ensures all files hosted through Storj are accurately, consistently, and securely stored.
Storj network nodes that participate in its decentralized file storage protocol must send cryptographic proof of storage when queried by the Storj verification system. When the proof is provided, hosts are rewarded with STORJ.
The Storj ecosystem consists of three types of nodes: storage nodes that allow network participants to rent out unused digital storage space, uplinks that upload data to the Storj network, and satellite nodes that coordinate traffic between nodes. Storj price is updated and available in real-time on Binance.