Storj, pronounced as “storage,” is an open-source cloud storage platform. Basically, it uses a decentralized network of nodes to host user data. The platform also secures hosted data using advanced encryption.
In a white paper published in December,2014, Storj was first introduced to the world as a concept. It was to be a decentralized peer-to-peer encrypted cloud storage platform.
Two years later, an updated white paper was published. Here, a decentralized network — connecting users who need cloud storage space with those who have hard drive space to sell — was described. The platform was launched in late 2018.
People with hard drive space and good internet connectivity can participate in the network. They become a unit in the network, called a node. Space providers are rewarded by Storj tokens.