What is Storj?

Storj Labs provides secure, affordable distributed cloud storage that gives data ownership back to the user instead of major corporations. The company’s open-source cloud storage platform utilizes spare disk drive space and bandwidth shared by its community members, called Storage Node Operators, to create a secure network for developers, operations teams, companies, and anyone else who needs secure cloud object storage. Storage Node Operators are paid in the form of STORJ cryptocurrency for providing storage and bandwidth.
The distributed architecture and end-to-end encryption on every file protect against attacks, improve reliability, increase download/upload speeds, and enhance performance compared to traditional cloud storage.

Where did Storj come from?

Storj Labs Inc. owns and operates the Storj Network. Storj Labs also created the world's first decentralized cloud object storage service called Tardigrade. The company's headquarters are now located in Atlanta, Georgia, USA, with employees working remotely from all over the world.
Shawn Wilkinson is the Founder and Chief Strategy Officer, Ben Golub is the Chief Executive Officer, JT Olio is the Chief Technology Officer, and John Gleeson is the Chief Operating Officer.
In 2014 the cryptocurrency was developed as a fork of Bitcoin and was called Storjcoin X (SJCX). Then, in March 2017, the company made the transition to the Ethereum blockchain. Shortly after, the company issued 500 million new STORJ tokens, replacing the previous SJCX tokens. Those who owned the SJCX tokens were able to exchange them for STORJ at the 1:1 rate. The STORJ token is a utility token used to pay Node Operators on their network. In the spring of 2017, there was an ICO of new utility tokens. The initial token offering brought in roughly $30 million.

What are the advantages of Storj?

  • Decentralization
    The cloud storage service doesn’t depend on a localized server, making it almost impossible to hack or provoke a data leak.
  • The opportunity to earn tokens
    To receive STORJ tokens, users can become Node Operators and rent out free space on their hard drives.
  • Enhanced encryption
    Using new technologies, the company encrypts every file end-to-end in such a way that it helps to increase the level of privacy significantly.

What are the disadvantages of Storj?

  • A limited number of STORJ tokens
    Most of the coins belong to the founders of the platform, which violates the principle of decentralized governance.
  • The unilateralism of STORJ tokens
    This cryptocurrency is used as a means of payment for services within the platform only. Thus, it is not a universal means of payment.

How to buy Storj on SimpleSwap?

You can use Bitcoin, Ethereum, Tether, and 300+ other fiat and cryptocurrencies to buy STORJ tokens on SimpleSwap. You are welcome to follow the detailed instruction below:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select STORJ in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. STORJ will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

Now you know a lot about the Storj project and its token, and SimpleSwap is happy to make you feel comfortable in the Crypto World!