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What is Storj (STORJ)? How to buy STORJ Crypto in India?

Snapshot:

  • What is Storj (STORJ)?
  • Who are the founders of STORJ? 
  • How does STORJ work?
  • Key Attributes of STORJ
  • How to buy Storj (STORJ) in India 

What is Storj (STORJ)?

Similar to how Amazon or Google provides its users with cloud storage, Storj; pronounced as storage is also a crypto-powered cloud storage platform. The platform allows any computer running its software to rent unused hard drive space to users looking to store files. 

To put it simply, Storj uses a decentralized network of nodes to host user data. The STORJ ecosystem also secures those hosted data using advanced encryption. During this process, Storj sends requests to node operators, who must send cryptographic proof that the data is still in their possession. Upon receipt of this proof, nodes receive payment for storing and maintaining the file. 

Initially, in December of 2014, Storj was introduced to the world as a mere concept. With more advancements and an updated whitepaper by 2016, Storj was described as a platform for connecting users who need cloud storage space with those who have hard drive space to sell. 

Who are the founders of STORJ?

Shawn Wilkinson, a software developer based in Atlanta analyzed how blockchain technology could eventually be leveraged to build a decentralized cloud storage network and founded Storj, with his co-founder John Quinn, in May 2014.

The first white paper of Storj was published in late 2014 and since then, the concept and details have changed significantly. The current version of Storj.V3, was launched in the middle of 2019.

How does STORJ work?

To understand how Storj works to provide storage space to its users, let us take a step-by-step understanding of each process.

  • Step 1: All objects are encrypted. Storj DCS (Decentralized Cloud Storage) automatically encrypts all files before they are uploaded. The data is only in the hands of the individual uploading and the one selling the unused hard-drive space.
  • Step 2: The encrypted objects are then split into smaller pieces that are indistinguishable from pieces of any other object. This also gives the users constant availability of their data.
  • Step 3: All the pieces are then globally distributed. All the smaller pieces of an object are individually stored over a global network of Storage Nodes.
  • Step 4: All the objects are easily retrievable. Users only need 29 of its 80 pieces to reconstitute that object.

Key Attributes of Storj

Storj is a one-of-a-kind storage platform due to some of its unique properties. They are: 

  • Storage: Every file is encrypted, split into pieces, and stored on diverse Nodes, making data breaches a thing of the past. This decentralized approach also protects your data from malicious attacks. 
  • Private: Default encryption is standard on every file. Everything is encrypted before being uploaded—your data is only in your hands and those you share it with.
  • Available: Due to our decentralized network of Storage Nodes, your data is multi-region by default, always available when you need it, and can scale with your project as it grows.
  • Open Source: Storj is an open-source and always will be. They have a  transparent approach in all steps they take as an organization.

To learn more, visit storj.io

HOW TO BUY Storj (STORJ)?

Use these three-step processes to buy your first STORJ using the CoinDCX crypto investment app

  1. Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
  2. Verify the account: You need to complete your KYC, to buy STORJ on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
  3. Buy STORJ: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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