Storj: A file storage coin rewarding storage nodes for sharing their HDD space to satelite operators

By quintomudigo | cryptoforex street | 5 days ago

$0.42 tipped


            STORJ.png  

Storj is a native token created on the Ethereum blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Storj was mainly created to  become a token for rewarding users for sharing their hard disk bandwidth space to file storage companies. By doing this, Storj was created to become a proof-of-capacity coin. As a proof-of-capacity coin, Storj was created to enable different storage nodes to be able to share their hard disk computing space in which data is being stored and retrieved thus in return they earn Storj token. Operating as cloud storage, storage nodes will be working with different satellites. If a given data is being requested by a given satellite, the storage node will return the data back in the form of engress bandwidth payment then in return they earn the Storj token. Each storage node will be required to support get, put and delete method such that in each method, there will be a piece ID, Satelite ID and signature related to different satellites and bandwidth allocation. The more bandwidth hard disk space you will provide as a storage node the more income you will be able to make.

Storj   transaction 

Storj transaction takes place on the Ethereum blockchain explorer based on block height and timestamp. Here is how the transaction looks like;   storj transaction.png

To view how the transaction takes place at Bitcoin HD blockchain explorer, simply follow the link below; https://etherscan.io/token/0xb64ef51c888972c908cfacf59b47c1afbc0ab8ac  

Date Launched  

Storj was created in 2014 but was officially launched in  2018 with the main objective of making it become a proof-of-capacity coin where users share their hard disk space to file storage companies where in return when the files are being retrieved from their storage space they get rewarded in form of Storj Coin.

Founder Of Storj

Storj was created by Shawn Wilkinson who is a US-based technologist. Shawn Wilkinson wanted to decentralize the cloud storage system thus allowing individual to participate by sharing their hard disk space to file storage company such that whenever those companies retrieve those file then they will get rewarded provided that the file is being retrieved from their storage hard disk space.

Process of creating Storj

Unlike cryptocurrencies like bitcoin and Ethereum which are proof-of-work thus are created through the mining process in the presence of power and internet when the miners are sharing their CPU or GPU computing power to validate transaction taking place on respective blockchains,, for Storj, that is not the case, instead, Storj was created to become a proof-of-capacity coin. It was not created to be mined. Storj was issued during its launch. A maximum amount of 425 million coins were issued. From this amount, 299 million is being held by the company while the remaining which is circulating is the one in which satellite operators can purchase to pay storage nodes for helping in storage and retrieving of their data. In this process, the verified storage nodes will share their hard disk bandwidth space to different satellite operators. When a certain satelite operator request for the data, a different storage node will retrieve the data if the are storing it and in return they will earn Storj token being paid by respective satelite operator. The more the storage hard disk space provided by storage node the more income they will receive. Here is how this works;   storj mining.png      

If you want to start sharing your computing hard disk space to  different satelite oparators, then you can join as a Storage node from below   https://tardigrade.io    

  Maximum ciculation of Storj

The maximum amount of Storj that should be in circulation is 425 million coins. Out of this amount, 75 million were sold during its crowdsale while another 51 million was not sold thus is in circulation and may end up being burned by the company. The remaining 299 million is being held by the Storj Lab. We may change this data in the future if their distribution is being changed. Here is how the supply of Storj looks like;   storj supply.png  

  Storj  Price

Currently, 1 Storj is worth more than $0.15 and its price is expected to increase over the next period of time.  Storj is being abbreviated as STORJ

 

Converting my Storj to other cryptocurrencies

To convert your Storj to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Storj to bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your Storj to your favorite cryptocurrencies;

https://www.binance.com/en   

https://www.hbg.com/en-us/

https://www.bittrex.com

https://www.poloniex.com

https://www.okex.com/        

Storing my Storj

To store your Storj, you need a  Storj  wallet that is compatible to ERC20. You can either store online or offline. To store your Storj online you can download the wallet or can use other online wallet that is compatible to ERC20 such as Myetherwallet. To secure your Storj  from being stolen by hackers, you can download  cold storage wallet like the Ledger Nano   

Transferring my  Storj to other Users

If you want to transfer your Storj to another user, the two of you must have trust in each other. The trust should be the Storj address provided for by the receiver while the sender must have the Storj balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated.Here is how it looks like;

 

 STORJ SENDER.png  

STORJ RECEIVER.png    

    Knowing more About Storj 

If you feel that you need to learn more about Storj cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Storj platform website   

 https://storj.io/ Now that you know, I think that it is time for you to start earning some Storj cryptocurrency by sharing your computing hard-disk space. The more hard-disk space you share, the more more your earning . If you feel that I should also own some Storj for helping you to know about it then here is my Storj  address that is compatible to ERC20;

  0x829a03ca847DD1Cbf1E4fc102337787B2e28800c


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more

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