STORJUSDT
Storj / Tether USD
crypto Composite

Profile

Storj uses blockchain technology and peer-to-peer protocols to provide decentralized, secure, private, and encrypted cloud storage. The core technology of Storj is a peer-to-peer smart contract system that allows users to exchange computer storage for payment. "Clients" on the network purchase excess hard drive space from "farmers," that set prices for their services via the StorjShare application. Payments are made in STORJ tokens which are used for micropayments between clients and farmers as well as for other network services. To ensure privacy files are encrypted on the client-side before upload and split into smaller portions, known as shards, and spread across the network. Clients maintain the only copy of the encryption key after upload. Over the duration of a contract, the protocol allows clients to check that a farmer still maintains their file and that it is retrievable. If a farmer is able to provide cryptographic proof that a file is on their system they receive payment for that period. If they are unable to provide this proof the client does not pay. These ongoing audits are referred to as a "heartbeat."