Storj is a blockchain-based, secure, easily accessible, decentralized cloud storage platform. It is developed by a community of farmers, developers and decentralization enthusiasts with the aim of becoming the world’s biggest cloud storage provider. It will not require a data center facility and can be used by anyone, from anywhere and on any device.
The cloud services today are dependent on third-party providers to store, archive, and transfer the customer information. There are several security vulnerabilities that include human error, online threats, and application loopholes that can put the client data at risk. STORJ aims to eliminate these risks by offering a decentralized solution as an alternative to the data center- based cloud storage.
Storj is a technology that enables P2P storage contract. It allows two entities (individuals or computer servers) to interact and exchange storage services without the need of knowing one another. The storage service provider is generally referred as “farmer” while the customer purchasing the service is called “renter”. The two entities meet and come to an agreement and the data is moved from the renter to the farmer.
Being an open market, Storj aims to cut down the expenses on resources and infrastructure that is involved in maintaining a data center. The idea is to build trust among two unknown parties using the blockchain technology without linking a third-party service provider. This had become important after several individuals and businesses were affected by the outage that had occurred in AWS. They were unable to access their applications. It had created a fear among the users about the safety of their data.
With a decentralized network, data security can be vastly improved by using a renter-side encryption. Data on a network can be more immune to tampering, regulations, censorships etc. STORJ uses the public key/ private key encryption method.
Storj offers more storage than what one is provided at a far lower cost. It uses the Distributed Object Storage (DOS) system which enables the renter to upload, encrypt and transmit their data in pieces to the farmer in a highly secured manner.
The idea of a decentralized storage has been welcomed as it allows people to transact with others without must fuss and any geographic restraints. The blockchain technology has a tremendous scope. Storj aims to be a more affordable platform since it does not host any infrastructure and rather uses its circulated network and connects the farmers and renters. Farmers are paid STORJ while the renters can choose their mode of payment.
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