The cloud, as it has been said, is just somebody else’s computer. Cloud storage, then can be easily hacked. It’s just a central server somewhere, and all of the security problems inherent with central servers come with it.
Storj is brining cloud storage to the blockchain and totally decentralizing how it works.
How To Buy STORJ
So you’re interested in buying STORJ? Currently, there is no way to buy STORJ directly with fiat, so the best way to buy STORJ is to first purchase Ethereum, transfer it to your chosen trading platform and change it to STORJ. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for STORJ/ETH and confirm.
3. On the STORJ/ETH trading section you can now choose how much STORJ you want to buy with your Ether. Once you have chosen your amount, press Buy STORJ and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of STORJ.
What is Storj?
Think of Storj as the AirBnb of cloud storage and you get an idea of how this works. Users that have extra hard drive space can rent it. Those users are called farmers. Other users, called renters, can access their data that they have uploaded to the “cloud” ie somebody else’s computer, from anywhere in the world.
Wait, how is this more secure than the centralized cloud if somebody else is hosting my files on their own computer?
Security is guaranteed through a process called sharding. A file is broken into bits called shards and only one shard is stored on a single hard drive. A file uploaded to the cloud is then spread across thousands of computers with the only full file in the computer of the uploader.
Advantages of the Blockchain with Cloud Storage
Since the blockchain is transparent, anybody can see exactly where those shards are being stored. Through Proof of Retrievability, a certain piece of data is guaranteed to be on a remote host.
Server outages is also no longer a concern when needing to access your files. Since the data is spread out over thousands of computers, you never need to worry about a server going down and losing access to valuable files.
Since there is less stress than you would find on a central server when too many people are trying to access their files at the same time, Storj is also much faster than a traditional cloud.
Response time is lightening fast and very rarely are there any timeouts.
There is also the possibility of Storj becoming a peer to peer file sharing service. Since it already acts like a bitorrent to host files, it can one day be adapted to share those files.
The other big advantage of using the blockchain is the cost. It will cost much less to use Storj over a traditional cloud. Since maintaining a larger server is not part of the equation, the expenses are much lower.
The native coin, called a STORJ, will be used to not only pay for the transaction fees across the ecosystem like smart contract creation, but, also for the cloud storage. To buy space, one will need to buy STORJ, an ERC-20 token. This token also served as a crowdfunding source to get the project off the ground.
The token also acts as a great incentive for farmers and renters to be rewarded for the hard work of maintaining a network. With any increase in the value of the token, this reward can grow.
Storj is just another great example of the democratization of the internet that would not have been possible without the advent of the blockchain.