Storj: Possibly the Next Coin to Rise from the Pit, Joining Maidsafe, Factom and Ethereum
Background
Storj (pronounced: storage) aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Storj is a platform, cryptocurrency, and suite of decentralized applications that allows users to store data in a secure and decentralized manner. It will be way cheaper (10x-to-100x), faster, and more secure than MegaUpload.
Storj is composed of the web app, MetaDisk, and client app, DriveShare. It is the first decentralized, end-to-end encrypted cloud storage that uses blockchain technology and cryptography to secure online files. There is no need to trust a corporation, vulnerable servers, or employees with your files. Storj completely removes trust from the equation.
Files are encrypted client-side on users’ computers before they are uploaded. Each file is split up into chunks which are first encrypted and then distributed for storage across the Storj network. The network is comprised of DriveShare nodes run by users around the world who rent out their unused hard drive space in return for Storjcoin X (SJCX) coins.
MetaDisk is an open-source file sharing app that is based on a decentralized network of nodes and is the first application built on top of the Storj platform. These nodes are all around the world and act as a network to host all of the data that goes through MetaDisk. It is the app that allows users to store files on the network. With MetaDisk you will be able to store, download, and share all of your files securely. For more info.
Current Key Updates
- According to the lead developer in a community of some 4,000 members, MetaDisk will be released on Monday if every test checks out fine.
- It was also discussed that DriveShare users, the users who are willing to share HD space for the network and get coin rewards for it, need to hold 10,000 SJCX coins. This means in the test groups alone, 750 DriveShare users need 7.5 million coins — that’s a huge chunk out of circulation (out of the available 44,575,870 coins). Note: the rest of the 500 million coins are time-locked with Poloniex, an altcoin exchange that holds them. Only to be released on a future date.
Analysis
First look at CoinmarketCap.com, it looks like Storjcoin X (SJCX) is way undervalued at $4.7m, lagging behind contemporary coins, MAIDSafe at $47m and Factom at $18m. So it looks like SJCX can grow at least three times higher than its current price. Note: nothing is certain.
