Storj (STORJ) is a new take on advancing the possibilities of cost effectively decentralizing encrypted object storage with the ability to scale. Storj DCS (Decentralized Cloud Storage) enables the certainty for developers to control their own data without fear of breach through the protocol's ability to provide a secure, "unparalleled" level of data protection. Storj DCS has S3 compatibility, full open source documentation for anyone to see, and a robust developer platform. Being an open source project allows Storj to development globally and no compromise in offered security or reliability in cloud storage and data protection. Traditional centralized cloud storage service providers are negligible in data protection, and Storj solves that problem for the developer.
How It Works
Storj DCS automatically encrypts all files that are uploaded to the cloud. Storj DCS utilizes AES-256-GCM symmetric encryption to encrypt files being stored on the network. The files themselves are split into pieces and stored across different Nodes on the Storj network, so in this way data can never be breached in an attack.
Each file is split into 80 different pieces while retrieving a file only requires 29, helping to ensure the network is as efficient as possible. Splitting the files and storing them across different geographic Nodes helps to improve performance while the decentralized architecture of the network provides a new take on cloud data storage.
May 2021 Development Update
Storj recently released the May 2021 Development Update informing the community on project progress. Since the launching of Storj DCS last month, the platform has added numerous additional features.The link to the development update page can be found here. The highlighted updates can be found in the following graphic:
Analysis
Storj (STORJ) is a fantastic take on decentralized storage. Storj offers an extremely competitive pricing structure while also providing superior data protection through the file splitting storage feature. In addition, Storj has a very user friendly developer platform with multiple available integrations and tools. Current major market share holders over cloud storage are all centralized and do not offer data protection in a trustworthy way. Storj offers a solution to that problem in a way that not only ensures data protection, but also provides an efficient, scalable, durable object cloud storage service.
STORJ had a monstrous run today rallying from $1.88 USD up to $2.80 USD before settling in range. As of this analysis STORJ is sitting at $2.28 USD. STORJ looks set up for a monster bull run, but as most things in life you never know. Storj is one of the projects I am bullish on as we continue through 2021 and will provide updates periodically.
This is not financial advice. Do your own due diligence before deciding to invest in anything, including Storj.
