Storj is a peer-to-peer cloud storage network that implements end-to-end encryption, enabling users to transfer and share data without reliance on a third party. Based on bitcoin blockchain technology and peer-to-peer protocols, Storj provides secure, private, and encrypted cloud storage.
Opponents of cloud-based data storage worry about cost efficiencies and vulnerability to attack. Intended to address both concerns, Storj is a private cloud storage marketplace where space is purchased and traded via Storjcoin X (SJCX). Files uploaded to Storj are shredded, encrypted, and stored across the community. File owners are the sole individuals who possess keys to the encrypted information.
The proof of concept for this decentralized cloud storage marketplace was first presented at the Texas Bitcoin Conference Hackathon in 2014. After winning first place in the hackathon, the project founders and leaders used open forums, Reddit, bitcoin forums, and social media to grow an active community, now an essential part of the Storj decision-making process.