Storj is a decentralized cloud storage network. While traditional cloud storage services operate their own data centers, Storj takes a different approach. In this article, as Kriptokoin.com, “What is Storj?” We will answer the question. In addition, we will touch on other questions about the project.
What is Storj? What does it do?
Storj distributes the storage of digital data over a global network as opposed to silos in central warehouses. What makes decentralized storage solutions like Storj work effectively is a matter of tokenomics, which expresses the characteristics of a token-based economy on a blockchain-based platform. Key to its structure is a nested incentive system that lowers costs for users, compensates for storage nodes, and aligns all actors in its ecosystem.
What is STORJ coin?
STORJ coin is the native token of Storj. That is, it is a utility token used for payments on the platform. However, on the Storj network, you can rent disk space for free up to 150 GB/month. For more, you can pay $4/TB and $7/TB as bandwidth costs. If you host the files as a node, you will be rewarded with STORJ. Additionally, monthly average payments are $1.5/TB for disk space and $20/TB for egress bandwidth.
How does Storj work?
The Storj network has three main components:
- Storage nodes: Storage nodes store and return data. Also, any device that meets the Storj prerequisites can be run as a storage nodes.
- Uplinks: Uplink is software that uploads and retrieves data. Storage clients run this software on their own machines.
- satellites: Satellites act as a mediator between storage nodes and uplinks. That is, it performs a number of functions. These include determining which storage nodes store what data, paying for storage nodes, and hosting Storj’s reputation database.
The three components work together to provide private, secure data storage on the Storj network. Here’s how the storage process itself works when a client loads its data:
Storj DCS automatically encrypts data. The client’s uplink obtains permission from its satellite to store data. Encrypted data is divided into 80 encrypted parts. The satellite finds 80 storage nodes to store the data. Storj customers can pay for storage with STORJ tokens or by credit card. Storage nodes get paid in STORJ tokens. Clients can retrieve their data at any time, and it only takes 29 out of 80 parts to rebuild the encrypted file.
Storj network also has an automatic repair process when too many parts of a file are lost and repairs them with a healthy margin of safety. Storj regularly audits storage nodes and monitors how long they’ve been offline. Each node has an audit score and an online score based on this information. If a node fails too many checks or goes offline for too long, it will be suspended or disqualified from hosting on the Storj network.
What is Storj? How to buy STORJ coin?
The token is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. However, the exchanges where Storj is traded are listed as follows: Binance, OKX, BingX, MEXC. Users who want to invest in the project should open an account on one of these exchanges.
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