What is Storj?

May 29, 2014

Storj is an open source project that aims to offer a completely decentralized, secure, and efficient cloud storage service, that also serves as a peer-to-peer payment system like Bitcoin.

The Problem

It's no secret that the last few years have been a turmoil for the security and privacy of web users. Enormous file hosting sites like Megaupload have been shut down. The NSA and other government organizations can access all files and data in “secure” cloud storage hosts like Dropbox and OneDrive. At this point, anyone with personal information on the Internet should be worried.

Bitcoin’s security and decentralization technology are revolutionizing payments all over the world. On top of that, they provide a roadmap for a host of future decentralized applications.

*The Solution *

Storj is a protocol, cryptocurrency, and suite of decentralized applications that allows users to store data in a secure and decentralized manner. It uses Bitcoin-inspired features like a transaction ledger, public/private key encryption, and cryptographic hash functions for security.

Storj nodes, or average computers running the software, sell resources to store and transfer information and earn Storjcoin X (or other cryptocurrencies) in exchange for their services. You in fact could run the software and earn some extra cash for leasing your hard drive and bandwidth.

By modeling after Bitcoin, we aim to create a data storage system that can’t be censored, monitored, or have downtime. Furthermore, it will be way cheaper (10x-100x), faster, and more secure than traditional cloud storage services.

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