The blockchain technology is believed to revolutionize the world one day. While this belief may be a tad too extreme, it does root from the potential possessed by the technology. For long, industries have been ruled by corporate behemoths which exploit users in their quest for profit maximization but with nowhere else to go to consumers continue allowing themselves to be exploited. The blockchain technology contains the key to freedom from centralized institutions that have all the hegemony. One of the major use cases of the blockchain technology is cloud storage. Storj is a project aiming to deliver decentralized cloud storage.
What is Storj?
Cloud storage is the solution to the alarmingly increasing data in today’s digital world. However, the niche has been dominated by tech giants like Amazon and Google. Blockchain projects are emerging at a fast pace to deliver the services that Amazon provides but with a key difference – decentralization. Storj was originally presented as a concept in its whitepaper in 2014 which was aimed to deliver decentralized cloud computing. The whitepaper was subsequently revised in 2016 and Storj was improvised to a peer-to-peer marketplace for users with free hardware space and users in need to decentralized storage. The network was then launched in 2019 by Shawn Wilkinson.
Storj connects users with additional hardware space to those in need of storage services through its platform. The transactions are facilitated through the native token of the network by the same name, STORJ. Since the network is completely decentralized with no central authority overlooking the processes, Storj employs a random file verification every hour. Through this procedure, the network sends requests to node operators to send cryptographic proofs of the possession of files. Node operators are paid for providing their services once the hosting of the files is verified.
How does decentralized cloud computing work?
The process may sound risky because of the lack of central control. However, an in-depth study into the Storj network shows that the platform takes every measure to ensure the sanctity of data is maintained. Storage Nodes rent out space on their computers. The updating and retrieval of data is performed by Uplinks – softwares present on clients’ computers. Satellites store metadata, ensure the security of the data and payment to Storage Nodes.
Additional measures are taken for the security of data in the form of segmenting. Once Uplinks receive confirmation for the storage of data, files go through segmenting. During this process, files are compressed, encrypted and split into segments. The segments are distributed throughout the network and can only be accessed through a private key.
At the time of writing, STORJ stands at a price level of $1.11 with an upside movement of 5% in the past twenty-four hours.
