- Storj is a shared cloud storage platform that allows users to upload their files on independent computers of hosts rather than on huge data centers.
- Storjis one of the fastest-growing decentralized cloud services, with more than 13,000 active nodes.
- The powerful IPFS pinning service of Storj has attracted new partners including Europa Labs, Ultimate Division, and AMUZED.
- While Bitcoin and Ethereum are down by 30% over the last 30 days, STORJ has gained more than 75% in the period.
Storj, pronounced as “storage,” is a shared cloud storage platform. Built as a decentralized network of nodes, Storj allows users to upload their files on independent computers of hosts rather than on huge data centers.
Storj runs on a network of thousands of independent computers and uses advanced encryption to secure hosted data. In addition, files are distributed in fragments amongst several hosts, so a single host can’t hold the entire stored data of a client.
The decentralized storage network has become popular for being cheaper than traditional cloud storage services. However, in the last month, Storj has become one of the most talked-about cryptos. So, what is the reason behind Storj’s rise?
Recent Developments and Future Events
Storj is one of the fastest-growing decentralized cloud services, recently announcing its global network had surpassed more than 13,000 active nodes and over 40 billion saved files.
The growth of the network is backed by leading Web3 companies choosing Storj as their preferred storage layer. The recently launched the beta of its Inter Planetary File System (IPFS) pinning service of Storj is behind its increasing adoption by web 3 companies.
The IPFS minting service allows NFT minters, marketplaces, and platforms to upload to IPFS and generate a content address (CID) using existing tools. This, in addition to Storj’s enterprise-grade protocol, ensures the safety of users’ NFTs.
On June 22, Storj announced that Europa Labs, Ultimate Division, and AMUZED, would be hosting their NFT asset metadata on Storj. Storj will also create a platform for these projects to produce their NFTs in a more transparent, trustworthy, and reliable way.
Although there are rumors of a possible partnership with Google, Storj’s latest partnership was with Gabb Wireless, the leading company in providing safe mobile tech for kids.
Along with the partnership, Storj helped Gabb Wireless launch Gabb Cloud. Gabb Wireless will leverage Storj to seamlessly backups of their mobile data to Gabb Cloud.
In an expansion of its services, Storj is organizing a webiner aimed at onboarding video production studios and agencies onto decentralized cloud platform. The webiner holds on July 21, and you can register here.
Storj (STORJ) has been the star performer in the lingering bearish market. While Bitcoin and Ethereum are down by 30% over the last 30 days, STORJ has continued an upward trajectory, gaining 75% in the period.
The 30 days price chart of STORJ. Source: CoinMarketCap
STORJ has gained more than 35% in the last 24 hours, leading the crypto market recovery. STORJ now trades at $0.9339 after setting a seven-week high of $0.9733.
The 24 hours price chart of STORJ. Source: CoinMarketCap
Over the last seven days, STORJ has gained more than 92%, making it the best-performing top-100 crypto ranked by market cap.
The seven days price chart of STORJ. Source: CoinMarketCap
The price boost has helped STORJ jump from being ranked 120 to 87 in 48 hours. Storj now has a market capitalization of $371.5 million.
On The Flipside
- Despite its potential that places it as a strong contender to traditional cloud service providers, Storj is yet to enjoy major adoption.
- The rumors of a Google partnership making rounds on social media has yet not been confirmed by either parties.
Operating on a decentralized model where community members dedicate their storage to be used by clients, members of the Storj community are incentivized.
This makes Storj community members feel like part of the project. The unique offering of Storj as a decentralized cloud service has made the community huge believers in the project, who are bullish about the future of STORJ.
Comparing Storj to traditional cloud services, @photospluscloud wrote;
Another user, @Doru5S, adds that;
Dr. Preobrazhensky remains bullish about the prospects of STORJ. He writes about Storj;
Why You Should Care
As a decentralized cloud storage platform, Storj provides a network of nodes to host user data secured by advanced encryption for instant access to files. Storj not only offers a high level of security, but is also cheaper than traditional cloud services. Its potential to compete with leading cloud services strategically places the STORJ token up for significant growth.