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Storj Token Fundamental Analysis
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.
Storj Token Live Price Chart
At the initial token sale and for some time after, in 2017-2018, Storj experienced a price surge when it reached up to $2.5. Around the time the project was launched in late 2018, the price settled into the ~$0.2-$0.3 range. It remained there until mid-2019, when it drifted even lower, sometimes getting under the $0.1 mark. In the summer of 2020, as the market uptrend was gaining momentum, Storj’s price grew too, again trading at around $0.3 or higher. The real breakout in price happened in early 2021 when the price first jumped higher than $0.8 in February and later beat its previous record by reaching a new all-time high on March 27. At that point, the market being close to the peak coincided with the token’s Coinbase listing, which brought Storj to the $3.91 mark. Later the same year, Storj’s price turned into decline, reaching ~$0.5. In late June 2021 Storj’s price turned up sharply, trading at up to ~$0.9, but there remains some doubt whether it’s a long-term trend reversal.
Storj Token Technical Analysis
Storj Token Price Prediction
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