What is Storj (STORJ)? A beginner’s guide in 360 words.

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What is STORJ?

In the barest sense, STORJ (pronounced “storage”) is a platform that combines cloud storage with blockchain technology and cryptographic hash functions for security. It is completely decentralized, as well as being significantly more secure than many of the other cloud file hosting sites like Dropbox or OneDrive which many of us currently utilize in our everyday lives.

The way that it keeps your files so secure is a process called “sharding”. In this process, files you upload get broken up into tiny shards and stored in the decentralized network of computers. Though you have many little ‘shards’ everywhere, you (the uploader), are the only one who has a complete copy of the file. It also serves as a peer-to-peer payment system, just like bitcoin. Another thing to note is that STORJ and FileZilla have a partnership which has really helping STORJ soar in all areas.

The early issues with STORJ

No one ever grows without going through very painful experiences and learning from them. STORJ is a great example of this… Despite them raising over $30,000,000 from their Initial Coin Offering [ICO] well ahead of schedule, they have had their fair share of obstacles.

The turmoil they experienced started with their then-CEO, Shawn Wilkinson, stepping down from that position (against the wishes of ICO holders and the majority of the development team) to become the CTO. This was followed by them then losing their lead engineer (due to the leadership change). They also migrated from the counterparty platform onto Ethereum which in-turn forced a token conversion from the old StorjCoin (SJCX) to STORJ Token (STORJ) making a majority of the ICO token holders very upset and suspicious of the success of STORJ.

Suffice it to say, they had a few rough years that really helped them build the strong foundation they have today. You should be excited about STORJ because on top of having a working and useable product, they have established a way for people to take part in the token growth. Additionally, they have a STORJ DriveShare that rewards their ‘farmers’ that share their extra hard drive space.

What is a STORJ DriveShare / Farmers and how can you benefit from it?

STORJ DriveShare is the actual application that allows ANYONE with an internet connection and extra hard drive space the ability to rent it out in exchange for STORJ (the cryptocurrency). That hard-drive space that you rent out is what STORJ will utilize to grow the decentralized cloud storage nodes in the network. Hard Drive farming is STORJ’s take on what many of us know as “mining”. In this case, we call them “Farmers”.

Whether you are engaging with cryptos to make a lot of money or simply due to your belief in the technology, there should always be a reward to compensate you for your time and/or money.

With STORJ there are a lot of reasons for both.

How can you buy STORJ?

You first need to buy Bitcoin or Ethereum on Coinbase and then transfer it over to your account at Binance to exchange it for STORJ. If you get stuck or need help, send us a message through our Facebook page or use our contact page and someone on staff will walk you through the process.