How to Buy Storj
Storj (said “storage”) is an open-source cloud storage solution that aims to be a decentralized alternative to other services, such as Dropbox. It uses blockchain technology to offer users end-to-end private cloud storage. Unlike other cloud storage platforms that use their own data centers, Storj uses a peer-to-peer network that shares their storage space.
The goal of Storj is to offer a faster, more secure, and more affordable cloud storage solution. Storj has its own digital token, STORJ, which gives users access to the services the platform offers. Additionally, those who rent out their storage space on the platform are rewarded with STORJ coins.
What is Storj?
As mentioned, Storj is a peer-to-peer, open source, decentralized file storage platform. Its goal is to serve as an alternative to traditional cloud storage platforms, such as Google Drive and Dropbox, and offers solutions to several of the issues that face these traditional cloud storage options.
On traditional cloud storage platforms, files are backed up regularly; however, they rely on data centers to do this. These data centers often experience outages, which can limit access to users’ files. Privacy is also an issue, as the companies that operate them have complete control over to the files and can access them at any time.
Storj intends to answer these issues. In order to do that, the platform utilizes blockchain technology and a peer-to-peer network. Files that are stored on the Storj platform are distributed so that redundancy is well-established. Furthermore, the distribution of files ensures that only the owner of those files can access them.
Storj is similar to Torrents, a peer-to-peer network that allowed users to download movies, books, music, and TV shows, at no fee. To do that, multiple users on the Torrents platform held copies of the same files. When other users (‘requesters’) wanted to access a copy of a specific file, they would send a request over the peer-to-peer network, and those who had the file (referred to as ‘seeds) would send the file to the requester.
Storj works much like the Torrents platform. Storage relies on sharding, which involves dividing files up into multiple small pieces. This allows the files to be transferred faster and means that no single entity has access to the entire file; the only person who knows where all of the shards of a file are located is the user who it belongs to.
Using the blockchain and cryptography, Storj uses a ‘distributed hash table’, known as Kademlia, which allows users to find all of the shards that belong to their original files. To access the hash table, users need to have a private key; without the key, it is virtually impossible to locate all of the shards of a file.
Shards of files are sent out to computers that are linked to the Storj network. Shards of files are stored on the devices that have extra storage space on them. In return for storing shards of files, users on the network are rewarded with Storj tokens.
Where to Buy Storj
Storj coins can be purchased on several online cryptocurrency exchanges. Some of the most popular exchanges include:
How to Buy STORJ
In order to purchase STORJ tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for STORJ. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts Storj
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for Storj Coins
- When your ETH has arrived in your Binance account, you can exchange it for STORJ tokens
- Select ETH currency
- Search for STORJ in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of STORJ you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of STORJ you would like to purchase, select the “Buy button”
- Your STORJ order will be immediately filled; your ETH will be transferred into STORJ
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Why Buy Storj?
Storj provides a better solution for cloud storage. It not only offers end-to-end encryption, which improves privacy, but it also improves the rate of speed at which users can access the files that they store on the platform. Furthermore, users are not at risk of not being able to access their files like they are on Dropbox and Google Drive, as the network is peer-to-peer and not maintained by a single entity.
Given the intrinsic value that Storj offers as a cloud storage alternative, the value of the Storj token is projected to increase, making it a worthwhile investment.
How to Sell Storj
Storj can be sold for fiat currencies using the following steps:
- Create an account on the altcoin exchange
- Fund the altcoin account with Storj tokens
- Sell Storj tokens for ETH or BTC
- Sell BTC or ETH for fiat currency
- Withdraw the fiat currency to your bank account
Which Wallets Can I Use for Storj?
- Ledger Nano S
- Keep Key
- My Ether Wallet
The value of Storj is projected to increase, as more people will be looking to take advantage of the faster, more secure cloud storage it offers. As such, it stands to be a worthwhile investment.
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