The announcement for this currency was made in 2017, but it takes time to develop a new cryptocurrency from scratch, so there have been no indications of its future use or release date as of yet. However, it is very likely that developers will eventually begin using the coin once the main platform has been developed further.
Storj is a decentralized storage service that allows users to rent out their available hard drive space in return for STORJ tokens. This protocol implements end-to-end encryption, meaning that you can upload a file and know for sure it is secure.
In addition, Storj has been coded from scratch as a permissioned network, which means only those who have been invited to participate in the service are allowed to access your files. In other words, even if someone manages to find vulnerabilities in the source code and crack the encryption keys, STORJ tokens will be required for this individual to gain access or sell/trade/ commercialize any of your data.
This system does not allow public participation until its mainnet goes live, but anyone can sign up with an invitation link now on their website. The token sale took place back in 2017 and raised more than $30M.
STORJ tokens are ERC-20 tokens that can be exchanged for bandwidth on Storj's network. The company states that they will not hold too many coins in reserve, so the price should continue rising if demand increases over time. STORJ has a market cap of $249,263,037 as of July 2018 with each STORJ coin worth $1.55 and there are 500M tokens currently in circulation.
The STORJ ICO was successfully completed back in May 2017 when 1 ETH was worth around $240. At their peak (January 2018), 1 ETH would buy you 551 STORJ coins, but at the time of writing this article (July 2018), it will only buy you around 150 STORJ. The coin's price has been inflated by the rapid rise of the cryptocurrency market in general, but also due to a more direct factor – Storj recently announced that they would be switching from Counterparty to Ethereum platform and use ERC-20 tokens instead of their own ones.
Storj is not mined as it is a token on the Ethereum blockchain, so no one knows how many coins have been mined already as some people may still hold their original tokens from way back when they were first distributed during ICO. Although some mining pools offer services based on this coin, it does not mean that anyone with a regular computer can participate. This is because the Storj network is built on Ethereum and requires specialized software to be able to connect to it.
There are a few key features that make STORJ a desirable currency. It is based on the Ethereum blockchain, which gives it a level of security and stability that most other cryptocurrencies do not have. The use of end-to-end encryption ensures your files are always protected from prying eyes. Only those who have been invited to participate in the service can access your files, meaning even if someone manages to find vulnerabilities in the source code and crack the encryption keys, they will still need STORJ tokens to gain access or sell/trade/commercialize any of your data.
Storj has been coded from scratch as a permissioned network, which means only those who have been invited to participate in the service are allowed to access your files.
I believe this coin has huge potential, especially now that its price is so low and it uses the Ethereum platform which makes it one of the most stable cryptocurrencies out there right now. If you're looking for an altcoin with bright future, this could well be worth investing in!
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