Gaining complete insights into the future Cloud Storage service STORJ.
Introduction
When the people wear extremely furious with the centralized financial organization due to the incompetent decisions are taken in order to save the banks from falling out, Bitcoin was invented. The financial reserves which belonged to the people were utilized by the centralized financial agency of the United States without the consent of the people. After Bitcoin many other Cryptocurrencies were invented with a great concept behind them, one of which was Storj.
This act was a clear witness about the loopholes in the centralized financial governance and hence the cryptocurrencies were adopted in order to give the people the complete authority to own their funds. The decentralization of the cryptocurrencies has given the people a complete authority and control over their funds without the intervention of any other external agency and it is no surprise that they are widely being adopted.
STORJ
A multitude of cryptocurrencies has been developed until now, with over more than 1500 varieties of them available in the market currently. Decentralization seems to be getting incorporated into numerous fields. Storj is also one such cryptocurrency developed on decentralization. Below are some insights with respect to Storj so as to master it.
1. The Storj project provides for a decentralized cloud storage facility and is originally pronounced as ‘storage.’
2. In April 2014, Storj project bagged a whopping $250,000, in the Texas Bitcoin Conference hackathon from BitAngels fund.
3. Storj project’s main aim is to rent a space on the secondary storage devices of the members of its network and pay them in cryptocurrency, for their service they provide.
4. As decentralization of the cloud storage is made possible through the Blockchain Technology, major cloud storage service providing companies such as Dropbox and Google Drive will undoubtedly receive a major blow.
5. According to some reports, this decentralization of the Storj cloud storage will reduce the expenditure by almost 10-100X when compared to that of the traditional cloud storage services.
6. The Storj cryptocurrency project is looking forward to taking smaller but firm steps in its domain. The first development is called metamask. The first working prototype is nothing but a file drag and drop web application.
7. Further development in Storj would be initiated with the prototype named as DriveShare, where users can come forward to share the unused space on their hard drives along with their unused internet bandwidth.
8. For a real-time instance, the most famous cloud services storage service providing company Dropbox charges $99 to rent 100 GB of disk space for a year. On the contrary, in case of Storj project, the users can rent a Virtual Private Server from various Cloud Computing companies and can independently run a 100 GB metamask Webnode for $1.96 only.
9. Adding on to that, as we all know that the storage capabilities itself double every 12 months in the IT domain, hence the cost is going to decrease automatically.
10.The Storj crowdsale was conducted in August 2016 where 15% of the total was reserved for developers, other 15% was reserved for the community and the remaining 70% was opened up for the public.
11. One of the major points of concern in the centralized cloud storage is that all the Security Agencies gains an exclusive access to our personal data stored on their servers. Hence this concepts is highly appreciable and would observe widespread adoption in the future even though it is not that popular currently.
12. The project incorporates Distributed Object System or DOS mechanism in order to store a particular user’s file in the network. So basically when a file is stored on the network, the protocol encrypts the file, and then the file is divided into a number of pieces, which is then distributed among st the nodes of the network for their storage.
13. Renting out unused extra space on our hard drives is referred to as, Farming. The process as simple as downloading a client from the network, choosing the amount of space to be rented, and a wallet address to store the incentives received in the form of cryptocurrency.
14. Storj’s native cryptocurrency token is Storj, which can be stored in all of the Ethereum ERC20 compatible wallets.
Is it a good investment?
On a long-term basis, Storj project is highly promising. With the ever-increasing data, in this modern world, where billions of pictures are clicked on a daily basis, storage would be a major concern in the future. Hence this cryptocurrency project seems to be of a greater use in the future. But since the cryptocurrency market is highly volatile, anything might go out of expectations and losses might be incurred. Hence one must be highly cautious with their Investments.
