Draft:Storj

• Comment: References provided are not reliable sources. See WP:INVESTOPEDIA and WP:MEDIUM. Golden appears to be AI-generated content, which is also not a reliable source. Funnyfarmofdoom (talk to me) 21:48, 2 May 2024 (UTC)

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Storj

Storj is a distributed cloud storage platform that employs blockchain technology. and encryption to secure user data. Founded in 2014, Storj represents a notable paradigm shift in how data is stored, offering an alternative to traditional, centralized cloud storage providers.

Initially introduced via a white paper in December 2014, Storj proposed the vision of a distributed and community-driven cloud storage platform, connecting users needing storage space with those with hard drive capacity to offer. The platform launched its operations towards the end of 2018 with an updated model described in a second white paper released two years after the first.

Founders

Shawn Wilkinson, a software developer from Atlanta interested in using blockchain technology to create a distributed cloud storage network, conceived the concept of Storj. Together with co-founder John Quinn, they laid the groundwork for Storj through an initial white paper and established Storj Labs Inc. in May 2015.

Ben Golub now steers the company as the CEO, Wilkinson contributes as the chief strategy officer (CSO), and Quinn enriches the venture as the chief revenue officer (CRO) and board member.

Overview

Storj allows users to rent out unused hard drive space, contributing to a distributed and collaborative digital storage network. This model aims to harness the excess storage capacities globally, optimizing for both security and efficiency. The platform also integrates robust encryption to protect data, ensuring privacy and resistance to censorship

Development and Milestones

Storj Labs, the company behind Storj, has reached significant milestones since its inception:

• 2014: Launch of the Storj platform.
• 2017: Completion of an ICO (Initial Coin Offering), raising over $30 million in tokens.
• 2019: Launch of V3, a major platform update, including Tardigrade distributed Cloud Service targeting enterprise use.
• Recognition: Storj has been commended for its novel approach to secure, private, and cost-effective data storage solutions.

Security

Storj prioritizes security within its service offering:

• Data is secured through encryption at rest, in transit, and end-to-end.
• Unique encryption for each object, with no Storj access to encryption keys.
• Advanced access management with no vendor access to sensitive file names and metadata.

Sustainability

With an emphasis on reducing its carbon footprint, Storj's model is geared to be more sustainable than traditional data storage:

• Utilizing unused hard drive space lowers the demand for dedicated data centers.
• Storj has offset 50 million pounds of carbon through various environmental projects.

Partnerships

Storj has formed key partnerships to expand its reach:

• In a recent development, Storj announced a partnership with Portland.eu, becoming a value-added distributor for managed service providers in the Benelux region.

Key Features

Storj's platform is built around the democratization of cloud storage, offering distinctive features:

• Encryption: Client-side encryption ensures that files are secure before they leave the user's device.
• Sharding: Files are split into multiple pieces, enhancing security and reliability.
• Decentralization: What is Storj? Part 1 of 3: The Storj Network | by Storj Labs | Medium: Leveraging a vast network of independent nodes, Storj avoids the pitfalls of centralized data centers.

Token Supply and Economics

Storj began with an initial minting of around 500 million Storj tokens on the Ethereum blockchain. Following a token burn and the establishment of a token reserve, just under 425 million tokens are now in circulation. The token economics are intertwined with the platform's function, rewarding nodes for hosting and maintaining data integrity.