what is storj coin?
One of several competing crypto-powered cloud storage platforms, Storj allows any computer running its software to rent unused hard drive space to users looking to store files.
In this way, you can think of Storj as an alternative to cloud storage platforms like those offered by Amazon or Google. However, instead of a company owning and maintaining the software, Storj relies on software and a network of computers to manage its data storage.
Key to the network design is the STORJ cryptocurrency, which allows users to pay other users on the network to store their files. Likewise, users looking to sell excess storage capacity and bandwidth can earn additional money from these resources by accepting STORJ.
Notably, Storj audits its network through a random file verification every hour, which ensures its files are consistently being hosted by storage nodes.
During this process, Storj sends requests to node operators, who must send cryptographic proof that the data is still in their possession. Upon receipt of this proof, nodes receive a payment for storing and maintaining the file.
The auditing process is designed to maximize the quality of storage on the network, and so far, it appears to have succeeded in carving out a niche. Storj claims to have a network capacity of over 100 petabytes, and as of 2020, there are over 6,000 active nodes storing data.
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