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Storj Labs is the provider of the Storj decentralized cloud storage network, and the company behind STORJ token, a cryptocurrency on the Ethereum blockchain that powers digital storage and data retrieval on its cloud storage platform.
The Storj network is decentralized and uses end-to-end encryption. The platform stores data for its customers’ applications across a distributed set of storage nodes, which utilize spare hard drive space from its community members, which it calls farmers.
STORJ tokens are utilized as a payment method on the Storj network. When customers utilize the platform’s services, a portion of the STORJ token revenue is sent to the individual farmers who store the data, compensating them for the service they provide. This is similar to other sharing economies, like Airbnb, connecting users and customers with a surplus of data storage.
In March 2014, Shawn Wilkinson won the Texas Bitcoin Hackathon using an early prototype of the Storj network.
In April 2016, Storj Labs officially announced the beta release of its cloud platform, which allows users to store data on a decentralized network. The beta was only accessible through an invite system and was later made available publicly after the platform’s initial testing phase.
In February 2017, Storj raised $3 million in venture capital funding.
In June 2017, the Storj Labs team raised $30 million through a second token sale.
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