How To Buy Storj (STORJ)?

A common question you often see on social media from crypto beginners is “Where can I buy Storj?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Storj on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Storj (STORJ)

First, you will need to open an account on a cryptocurrency exchange that supports Storj (STORJ).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Storj (STORJ) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Storj (STORJ)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Storj (STORJ) or Storj (STORJ) trading pairs. Look for the section that will allow you to buy Storj (STORJ), and enter the amount of the cryptocurrency that you want to spend for Storj (STORJ) or the amount of fiat currency that you want to spend towards buying Storj (STORJ). The exchange will then calculate the equivalent amount of Storj (STORJ) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Storj (STORJ) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Storj (STORJ)?

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 2022, there are over 13,000 active nodes storing data. 

How does Storj work?

There are three main components which contribute to the workings of the Storj network.

• Storage Nodes allow users to rent out extra space on their hard drives to store and return data reliably for a fee. 
• Uplinks run on the client’s computer and upload files directly to the network. They also coordinate with peers for seamless storage and retrieval of data.
• Satellites coordinate traffic between the uplinks and the storage nodes. They’re  responsible for storing metadata, ensuring the honesty of storage nodes, and disbursing payments. Each user has a dedicated account on a satellite.

After a user’s uplink gets permission from their satellite to store data on the network, the Storj files go through a unique process called segmenting.

Through this process files are compressed, encrypted, and then shredded or split into many stripes and segments. (A stripe is a part of a segment.)

The stripes of the original files are subsequently scattered and stored across the network. If a user wants to decrypt and retrieve their files, they must provide the same private key used during the initial compression and encryption process.

If a segment is small enough, it will most likely be stored within a satellite rather than on a storage node.

Storj offers the concept of redundancy to account for nodes going offline and potentially losing a stripe. In this case, redundancy means that all stripes are replicated a particular number of times and conveyed to various storage nodes in the network. This feature prevents tampering and censorship by any small collection of nodes.

Key Features of Storj

The most important thing to know about Storj is that it employs a fundamentally different method for storing your data than most other cloud storage services. Insteading of uploading copies of your files to a handful of servers, Storj uses a decentralized file storage algorithm. Following are some of the features of Storj that make it a viable storage platform.

• End-to-End Encryption
  Storj provides end-to-end encryption while uploading files using Rclone or Storj’s command-line interface. Both options allow you to connect to Storj’s server network directly via a secure gateway.
• No Risk of File Loss
  When a user uploads a file, Storj splits it into 80 overlapping pieces and places each one on separate servers across various countries. So, when a user wants to download or move their files, Storj only has to access 29 pieces of each file to reconstruct the whole thing. Thus, it becomes virtually impossible to lose files that you’ve uploaded to Storj.
• Maximum Data Storage Security
  Storj’s decentralized storage system is designed to make your data more secure. Even if an attacker could break into a Storj server, they wouldn’t be able to reconstruct a file without breaking into 28 more servers. Even then, they wouldn’t be able to access the file, as all file pieces are encrypted on Storj’s servers and cannot be cracked without your private encryption key.
• Quick File Access from Anywhere
  When users want to access their files, the platform automatically downloads pieces of the files from the servers closest to their location. With more than 10,000 servers, or “nodes,” spread across 84 countries, Storj can reach the pieces quickly, speeding up downloads. This high-speed access is particularly valuable for file sharing — users who need to share large files with a globally-distributed team.

What is the STORJ token?

STORJ is the preferred mode of payment within Tardigrade, its value is derived from the utility of its network.

Clients can purchase and spend STORJ to store files, and storage nodes can accept and sell STORJ as compensation for providing additional space and bandwidth.

Storj development updates in 2023

In 2023, Storj (STORJ) has undergone several significant developments. Here’s an overview of the most important updates:

• Token Management and Circulation: Storj made strategic decisions regarding its STORJ token, focusing on optimizing its token economy. In the third quarter of 2023, 61.3 million STORJ tokens were in rolling time-locked contracts, with 30.6 million tokens moved from long-term lock-up to operational reserves. By the end of September 2023, the total circulating supply of STORJ tokens was approximately 332.4 million, with an additional 31.3 million in operational and non-time-locked reserves held by Storj. These tokens are used to incentivize node operators and facilitate transactions within the Storj network.

• Organizational Changes: Reflecting the broader economic and crypto market challenges, Storj announced a reduction in its full-time staff by about 12.5% in early 2023. This decision, though difficult, was part of a strategic move to maintain a healthy financial runway and ensure the long-term viability of the project, especially considering the platform’s growing customer base and increasing data and revenue.

• Decentralized Cloud Storage Features: Storj has been focusing on enhancing its decentralized cloud storage capabilities. This includes end-to-end encryption, data sharding, and utilizing the STORJ token for payments and incentives. The platform’s design ensures data security and privacy, with data being stored across a distributed network of nodes, rather than centralized data centers.

• Node Operator Incentives and IPFS Pinning: To encourage participation in its network, Storj offers incentives to node operators in the form of STORJ tokens. These incentives are crucial for maintaining a robust and distributed storage network. Additionally, Storj has introduced an IPFS (InterPlanetary File System) Pinning Service, catering specifically to the needs of decentralized applications (dApps) and non-fungible tokens (NFTs) for secure and durable storage.

• Performance and Affordability: Storj aims to provide fast, reliable, and affordable storage solutions. The decentralized nature of the platform reduces operational costs, allowing for more competitive pricing compared to traditional cloud storage providers. The platform’s architecture, designed for compatibility with Amazon’s S3 data storage solution, ensures efficient data storage and retrieval.

These developments indicate Storj’s commitment to enhancing its decentralized storage platform, focusing on security, privacy, and economic efficiency, while adapting to the dynamic crypto market and economic environment.

Official website: https://www.storj.io/

Best cryptocurrency wallet for Storj (STORJ)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Storj (STORJ)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).