Storj is a cryptocurrency that focuses on cloud storage. It is a cryptocurrency with a strong team that is constantly working on designing the technique.
Cloud storage is very important for both the business and personal market. A decentralized cloud storage would mean better document security and a lot more privacy for its users.
In addition, almost everyone has storage that they do not use on their computers or phones. Storj offers the possibility to rent out this storage.
There is currently no way to buy STORJ directly. So the only way to buy STORJ is to purchase BTC to use on an exchange, and then switch it to STORJ.
Step 1: Choose Your Trading Platform
Firstly you will need to decide on your cryptocurrency trading platform and create an account there. The choice of platform isn’t very important as a beginner, what really matters is a trading platform that you are comfortable using..
Choose one of these platforms and complete the follow steps to get started:
Go to Binance and create a new account if you do not already have one.
Once your account has been confirmed, log in to your Binance account and click on funds at the top right, then “Deposits Withdrawal”.
Look in the “Bitcoin” list and click the Bitcoin deposit button. Then a series of numbers appears in the “BTC Deposit Address:” field. You must copy this series for the next step. This is your bitcoin wallet address.
STEP 2: BUY BTC
The second step is to get your Bitcoin, you can do that at a broker such as BTCdirect .
If you’re buying BTC for the first time from these brokers, you will be asked to confirm your bank account.
Upon payment you will be asked to enter a bitcoin address. You must fill in the address that you have copied at Binance.
STEP 3: WAIT UNTIL YOUR BTC HAS ARRIVED
Once you have purchased Bitcoin and entered the correct BTC deposit address with the payment, you have to wait until the BTC arrives in your wallet.
This process can take up to ½ hour, so don’t worry if it’s not immediately visible on the exchange.
STEP 4: BUY STORJ
Once your Bitcoin has arrived at your trading platform, it’s time to buy some STORJ.
Go to the Binance trading exchange (click the top left on exchange and choose Basic) and use the search function within BTC Markets to find the STORJ/BTC trade.
Once on the STORJ/BTC trade page you can look in the left box marked with Buy STORJ. Here you can decide how much STORJ you want to buy using your Bitcoin.
If you then press Buy STORJ your order will be placed. When the order is filled you will see your number of STORJ on the right-hand box or on your balance page.
Congratulations you’re now the proud owner of STORJ.
What is Storj
Storj is the name of a peer-to-peer network that wants to offer a decentralized way for cloud storage.
WHAT IS CLOUD STORAGE
Perhaps the phrase cloud storage means very little to you, but the chances are that you have used it more often than not.
Unlike ordinary storage, where you save a file or document on your own computer or other local device. In the case of cloud storage, the documents are stored correctly on a remote storage. Your internet provides the connection between your computer and the database where your information or documents are stored.
Well-known providers of this are Google Drive and of course Dropbox. The advantages of cloud storage are obvious. It’s much more accessible than your own storage (you can use your documents outside your computer) and you only need internet to reach your documents.
WHERE STORJ COMES INTO PLAY
Cloud storage is still run by large companies, and contrary to what the name says, “cloud” is simply a database that these companies manage. In recent years we have become very aware of our privacy and our data. We want these to be kept safe and not that a company or person can use it for other purposes.
The fact that this cloud storage manages vendors centrally means that many governmental states such as the NSA or simply the government itself have access to the information we store there.
Storj realized that the solution to this had already been found in the creation of blockchain technology. Suddenly a decentralized storage was completely in hand!
How does Storj work?
Storj does not use a central database, but rather a combination database of all users in its network. Everyone who uses the network has the option to hire vacant storage on their device or computer from the network.
Imagine you have a home computer and only need 500 GB of your 1TB hard drive. You would like to rent out the rest to the Storj network. What you have to do then is download a program that is the Drive share. Once done you can use the program to indicate how much storage and bandwidth you are willing to rent out on the Storj network.
Then, according to the network, you are a farmer that is comparable to a miner at Bitcoin. The Storj network pays the farmer Storj coins the amount of data they host.
FARMERS DO NOT HAVE ACCESS TO THE STORAGE
In contrast to a central storage, the farmer has no possibility within the decentralized network to gain access to the storage that has been rented out. Better still, the farmer does not even have a complete copy of all the files from the rented warehouse.
The reason for this is because the files are first divided into pieces and then not encrypted by the network at the customer’s own computer before being sent to the farmers. In addition, the customers or users of the Storj network can decide for themselves how many farmers their storage goes and for how long. This contract will remain in place as long as the customer has the micro payments for as long as the storage is needed. Does a customer stop paying? Then these files are forgotten by the network.