What Is STORJ Crypto and Should I Buy It?

What Is STORJ Crypto and Should I Buy It?

Do you trust who’s storing your data? Do you get the creepy feeling that they may not be as safe as you think? You know how important encryption is, don’t you?

If this has struck a nerve, don’t feel too badly. It turns out that over 83% of organizations still don’t encrypt their sensitive files. And of those same companies, 40% have had a cloud-based data breach.

So, what’s the solution? Storj crypto offers a unique perspective into the data storage space. If you’ve never heard of Storj crypto and what they do, you’ll want to keep reading.

What Is Storj Crypto?

Storj crypto is a decentralized blockchain platform that allows anyone to rent and offer unused hard drive space.

Legacy competitors would include Amazon and Google. Rather than a large company taking ownership of the software, Storj takes advantage of its software and nodes to handle the data storage.

You use the Storj crypto as payment.

How Does Storj Work?

How does the Storj network function? There are three components to power it.

Nodes

In an encrypted format, nodes across various worldwide regions store files. Certain performance requirements must be met to participate. Storj crypto is then paid out to node owners.

Uplinks

Files are uploaded to the network via the client’s machine. Uplinks will also store and retrieve data by communicating with peers.

Satellites

Satellites help with traffic between nodes and uplinks. They are also able to store metadata.

Segments and Stripes

Once permission is met via the uplink and satellite, there is the process of segmenting. Compression, encryption, and shredding of the files are done.

The original files’ stripes’ are then stored throughout the network. A user needs to provide the right private key to be able to compress and encrypt their files. 

Mining Storj

You won’t be mining StorJ crypto with Proof of Work (PoW) or Proof of Stake (Pos). Instead, node owners will be paid ~60% of all revenue generated via the network and the company retains the remainder (~40%).

As a node owner, you’ll receive Storj crypto as a reward. Bandwidth and data stored determine payment. If you have any idle computers, this can be a fun experiment to earn passive crypto while helping to maintain the Ethereum blockchain. 

Can You Make Money With Storj?

If you’d like to make money with Storj, you are free to do so. Keep in mind, that you’ll need to factor in costs like hardware, electricity, and bandwidth.

Should You Invest in Storj Crypto?

Head to this cryptocurrency exchange to buy Storj. It’s always important to do your own research (DYOR) when investing in cryptocurrency. This means heading the Storj crypto project’s site, seeing who their team is and what advisors they may have.

Study the cryptocurrency market and make sure you believe in the project before investing.

What’s the Storj, Morning Glory?

So what do you think of Storj crypto? Will you invest in it and add it to your portfolio? Perhaps you’d like to be a node owner.

The future of data storage looks bright with Storj. Take your time to research more about Storj more about their team, advisors, and roadmap. To learn more about cryptocurrencies, read more posts right here on our blog.

Paul watson