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Storj Coin Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Storj Coin.
Storj is a decentralized, peer-to-peer file storage platform. By connecting people with excess hard drive space and users who need to store files online, Storj can provide cloud storage space at very cheap rates. Using encryption, Storj also ensures the privacy of users’ files.
Currently, major cloud computing companies such as Dropbox or Google Drive dominate the market. These companies own major data centers around the world where they can store massive amounts of data. However, issues such as bandwidth or unexpected outages can cause issues with retrieving data. Also, if these data centers get hacked, million of people’s files could get exposed.
Storj uses a decentralized blockchain network to distribute a user’s file across many different computers. By using private keys and encryption, Storj ensures that no one but the user can access the files.
When storing a file with Storj, files are broken up into what are called shards. Each shard represents a small encrypted part of your file. When all the shards are combined, they form the original file. Since shards are distributed among many users, no single provider of storage can have access to all your shards. Only the owner of the file can retrieve all the shards to get the file.
One concern of users is what happens when one of your shards are lost. Storj solves this issue by incorporating parity shards, which are copies of the same shard stored in multiple places. Even if one shard gets lost, the same shard can be found somewhere else.
Storj is one of the earliest decentralized applications to have a working product and large number of users. Ethereum founder Vitalik praised Storj and the impact it could have.
Finally, if you have concluded that this is the coin for you, congratulations! Buy Storj Coin here.