Storj Price

About the coin

Storj is an open-source platform that leverages blockchain technology to provide end-to-end encrypted cloud storage services. Unlike traditional cloud storage solutions that rely on centralized data centers, Storj utilizes a peer-to-peer network of individuals or entities who share their storage spaces. This decentralized approach aims to offer a faster, cheaper, and more secure file storage solution.

Storj Labs Inc., the company behind the project, was founded in 2014 by Shawn Wilkinson and co-founder John Quinn. The company is headquartered in Atlanta, Georgia, USA. Initially, Shawn Wilkinson served as the CEO but later transitioned to the role of Chief Strategy Officer (CSO) in March 2018. Ben Golub, the former CEO of Docker, took over as the Executive Chairman and Interim CEO.

Main features

Storj's primary goal is to provide a cloud storage solution that is not only cost-effective but also ensures the security and integrity of data. The platform achieves this through innovative technologies and methods that allow users to store and retrieve data quickly without compromising security.

Storj Labs conducted an initial coin offering (ICO) for its tokens on May 19, 2017, raising approximately $30 million by the end of the token sale on May 25, 2017. The company also facilitated a token conversion campaign, allowing holders of the previous SJCX tokens to exchange them for the new STORJ tokens at a 1:1 ratio until October 2017.

How it works

Storj pre-mined its entire supply of tokens at inception, meaning no new tokens can be created through mining. However, users can earn STORJ tokens by participating as 'farmers' in the network, contributing their storage space to the platform. Additionally, STORJ tokens can be acquired through trading on cryptocurrency exchanges.

The introduction of Storj aims to disrupt the traditional cloud storage industry, which has been dominated by companies dictating terms of service to users. By offering a decentralized alternative, Storj seeks to foster competition and provide users with more control over their data storage solutions.