The Storj project is something people may want to start keeping an eye on. This company uses blockchain technology to let users “dedicate’ their free hard drive space on a computer. As a result, decentralized and distributed cloud storage can be achieved. Test Group C is currently live, and will provide the team with valuable feedback on real-world network conditions.
Albeit cloud-based storage solutions are becoming the new norm, there is still a central point of failure to be found. When using companies such as Amazon, Dropbox, or any other, data is stored on servers under their control. If something were to happen with the companies or the servers, users may find themselves in an awkward position.
Granted, these companies will – hopefully- make regular backups of user data and provide redundancy. But in the end, single companies should not hold so much power over other users’ data. This is where Storj comes in, with their decentralized and distributed approach to cloud-based file sharing and hosting.
Storj Does Cloud Storage Differently
Do not be mistaken in thinking illegal files are allowed, though. The Storj Project lets users share whatever they want, as long as it is legal content. Instead of relying on data centers around the world, individual users provide the storage space needed. Everyone who owns a computer has some hard disk space they never use, so why not monetize it?
Storj achieves its decentralization and distribution by using blockchain technology. A distributed ledger connecting people all over the world by installing a single piece of software. Moreover, the financial rewards, called SJCX, are issued over the blockchain as well. Participants can use this token to buy cloud space for themselves, or convert it to other currencies such as Bitcoin.
The Storj project has been in closed testing for quite some time now, and two out of three phases were completed successfully. Test Group C participants are eligible for a bounty of the 1 million SJCX reward. By simulating real-world conditions, the Storj Labs team will track performance metrics of their various software modules.
Payments for the participants will be sent out on a monthly basis, and processed automatically in batches. It is important to note that participants who hold over 1,000 SJCX will always receive full rewards. Those who hold less may see slightly lower returns. Once this testing phase has been concluded, Storj will officially launch in the Summer of 2016.
Header image courtesy of Storj