What Is Storj Token?
STORJ is an Ethereum-based token powering Storj Network, which serves as a commercially available decentralized cloud storage. Storj is one of the older blockchain projects, founded in 2014, initially envisioned as an encoded crypto storage platform, later transformed into the network model. Now it’s an open-source project, providing private, secure, highly available storage for individual or enterprise-grade projects.
Storj allows anyone with the extra disk space and bandwidth (there are some other requirements, but none of them are prohibitive) to run a node enabling them to share their resources with the users who need them. The objects that users put into the storage get encrypted and split into 80 parts, which helps keep the security level high. Note that to retrieve this information, a user needs to access only 29 parts of 80. This redundancy provides a fast and easy way to access the whole object, making the technology resistant to node failures. The network overall is secured using the Proof-of-Work consensus protocol. To make the user experience while working with Storj smoother, it’s integrated with some tools like file connectors and dashboards.
STORJ token is used to incentivize nodes providing resources and securing the network. It also serves as a means of payment for commercial storage services.
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