Storj (STORJ)

Storj Token Profile (PDF)

Storj is a distributed data storage network launched in 2014 with a business model comparable to existing cloud services, like Google Drive and Dropbox. Instead of storing data on the cloud or a centralized server, data is encrypted, broken into small fractions and distributed across a decentralized network. The STORJ token is the medium of exchange between buyers of data, who are looking to store their files, and sellers, who rent out their unused disk space. By providing an economic incentive for participation, Storj aims to increase the pool of storage providers and reduce storage costs. The project differentiates itself from other tokenized data storage platforms by providing fixed prices rather than determining them on the open market. Storj currently charges $0.015 per GB per month for its data storage service and $0.05 per GB downloaded for its web storage solution. Once a file is uploaded to the network through the STORJSHARE client, it is then encrypted and duplicated so that two copies of the same file always exist. These files are then split into smaller fractions and distributed across the network. Although the token was initially built on the Counterparty protocol, in March 2017, the team announced it would migrate the token to the Ethereum network.