What is Storj? Storj is the world’s first open source, decentralized cloud storage platform. Storj wants to provide a secure, cost-effective decentralized cloud storage service that returns data ownership to users.
Let’s find out what is special about this project with Weakhand in this article.
What is Storj?
Most of today’s cloud storage software such as Google Drive, Dropbox, iCloud, etc. are centralized, meaning data is stored in data centers owned and managed by storage service providers. operating. Although these hosting providers have many data center locations located around the world. However, data is still controlled only by single entities.
One of the disadvantages of centralized hosting is that it is susceptible to censorship, as well as being vulnerable to hackers if they can access the centralized hosting provider’s server. This makes user data unsafe. So Storj was born to solve this problem.
Storj is a decentralized cloud storage platform that uses a peer-to-peer network to store and share data. Data is stored on a large network of thousands of storage nodes. These storage nodes do not have visibility into what is stored on their hardware because the data before being sent to the storage nodes is encrypted.
Storj gives users 120 GB of free storage and a few simple features. To use more capacity and more features, users need to pay additional fees to use it.
Storj Operating Model
The main components participating in the Storj network include:
- Storage Nodes: These are nodes on the network responsible for storing data. Storage nodes are run by individuals or organizations that contribute their excess hard drive capacity to the network in exchange for STORJ tokens.
- Uplink: This is a command line interface (CLI) tool used by customers to interact with the Storj network. It allows customers to upload, download and manage their data online.
- Satellites: Satellites are the central component of the Storj network coordinating data storage, retrieval and access. They are responsible for API access management, metadata management, storage node reputation, data auditing and data repair, as well as billing the storage node.
Here is an overview of the operating model on the Storj network:
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When users want to store data on the Storj network, they can use the Uplink CLI to upload their data to the satellite.
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When a file is uploaded, it is first encrypted by the Uplink Client (the uplink tool downloaded by the user to his or her machine) using the encryption key held by the client.
Next, the files on Storj will go through a process called “Sharding”, these files are divided into 80 parts of which only 29 of any part are needed to restore the data file.
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Uplink Client contacts the satellite to receive a list of data storage nodes. The satellite returned more than 80 storage node addresses. Uplink Client uploads data pieces to nodes to store data.
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When a user wants to download his data file. The Uplink Client requests a file from the satellite and the satellite returns a list of 35 storage nodes that the Uplink Client can retrieve.
The Uplink Client starts downloading data from all 35 storage nodes, and the process ends when the 29 parts needed to restore files to the user have been retrieved. The parts are re-encrypted and then decrypted by the Uplink Client using the encryption key because only the user has his encryption key.
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Users can use the Uplink CLI tool to access and manage their data on the Storj network.
When uploading and downloading files, users just need to issue a simple cp command, Uplink Client will do the rest. So users don’t need to worry too much about all the complexities of encoding and distributing parts across storage nodes on the Storj network.
What is the Storj Difference?
Storj is a decentralized cloud storage platform compatible with the Amazon S3 API. This means users can use Storj to store data in a decentralized way and access it using the same tools and libraries that users would use to access data stored on Amazon S3. This helps users feel as familiar when using Storj as using traditional cloud storage services like Amazon S3.
Storj has a “Sharding” mechanism where data is divided into 80 pieces and only 29 pieces are needed to form a data file for the user. Therefore, in case some nodes are damaged and cannot retrieve data, the data will still be aggregated by other nodes to ensure data integrity for users.
Storj has a system to evaluate the reputation of storage nodes to ensure the reliability of nodes participating in the network. Nodes with a higher reputation are more likely to be chosen to store data because they are considered more trustworthy.
Additionally, Storj also has a mechanism to check its network through random file verification every hour which ensures files are always stored by the storage nodes. During this process, Storj sends a request to any storage node and this node must provide proof of storage to prove it is storing all the data it is supposed to store. If a node fails to achieve proof of storage, it will be removed from the network.
To protect user data from hacking and malicious attacks, each node only receives a random fragment of the entire file. Merging data pieces and decrypting requires an encryption key held by the user. This ensures that data is stored in the safest and most secure way.
Core Team
The Storj project is developed by Storj Labs. Storj Labs is a company founded by Shawn Wilkinson in 2014.
The main members in the Storj project include:
Shawn Wilkinson: Founder & CSO
He holds a bachelor’s degree in computer science from Morehouse College. In 2014, Shawn Wikinson founded Storj Labs and is one of the people who helped Storj grow strongly until today.
Ben Golub: Co Founder & CEO
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January 2015 – March 2010: President and CEO of Plaxo Inc
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May 2010 – February 2012: Chairman and CEO of Gluster Inc
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April 2013 – 2017: He is the CEO of Docker Inc, a software with billions of downloads.
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March 2018 – present: He is the CEO of Storj Labs.
John Gleeson: Co Founder & COO
- January 2001 – December 2008: He was technology director at C4 Communications.
- January 2009 – August 2012: He was director of collaborative programs at Compuware.
- August 2012 – October 2017: He held a technical marketing role at Convisint company.
- October 2017 – present: Holding the position of COO at Storj Labs.
John Quinn: Founder & CRO
- 2007 – 2009: Managing Director of ALFA Capital Joint Stock Company
- 2010 – 2012: Director of global markets at Deutsche Bank
- July 2015 – present: Founder and CRO at Storj Labs
Matthew May: CFO
He studied at Hankamer School of Business from 1993 to 1997. He worked as an Auditor at Pricewaterhouse Coopers (PwC), Vice President of Finance at El Paso Global Networks Co and Auditor at Arthur Andersen LLP. Currently holding the position of CFO at Storj.
Investor
Storj has successfully raised $35M through 7 funding rounds.
Tokenomics
Basic information about tokens
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Token Name: Storj
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Ticker: STORJ
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Blockchain: Ethereum
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Decimal: 18
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Token Standard: ERC-20
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Contract: 0xb64ef51c888972c908cfacf59b47c1afbc0ab8ac
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Token Type: Utility
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Total Supply: 500,000,000 STORJ
Token Allocation
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Investors: 14.41%
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Founders & Projects: 8.5%
Token Release
Currently, the project has unlocked 100% tokens.
Token Use Case
STORJ is a token used to:
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Payments within the Storj network.
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Pay for Storage Nodes.
Exchanges
STORJ can be traded on both DEX and CEX exchanges such as: Biance, Coinbase, Uniswap (V2), Kucoin, …
Storj Project Information Channel
- Website: https://www.storj.io/
- Twitter: https://twitter.com/storj
- Medium: https://medium.com/@storjproject
- Reddit:
summary
Storj is a decentralized storage solution designed to improve the disadvantages of traditional centralized data storage services. Storj has positioned itself ahead of its competitors in the market by implementing a comprehensive system of checks and balances to ensure all data is stored accurately and in accordance with industry standards. Although there are still many limitations, Storj is still working to provide users looking for other projects with the necessary facilities to take project operations to the next level by providing businesses renewable energy the most advanced and efficient solutions available.
Let’s wait for the next development!