Storj is an open-source decentralised cloud object storage solution for developers. Founded by Shawn Wilkinson in 2014, Storj transitioned to its third version (V3) in early 2019. Aiming to improve on the vulnerabilities of centralised alternatives, files stored using Storj Decentralised Cloud Storage (DCS) are encrypted, split into pieces, and then distributed on a global network of Storage Nodes, ensuring that work is secure, private, and readily available. Storj claims that its download speeds are equal to – or better – than all major cloud providers.

The STORJ token is used as an exchange of value in the Storj ecosystem. STORJ is an ERC-20 token that allows users to make global payments for a low cost, with no currency conversion fees. Network participants earn STORJ in return for providing storage capacity and bandwidth to the network, as do those that use the network to store and retrieve data.

There was an initial supply of 500 million STORJ tokens, although 75 million of these were burned after a token sale in 2017. A substantial number of tokens are cryptographically time locked, allowing Storj Labs to change the supply in the short to medium term. The remaining tokens serve as the operating supply, used to make payments to Storage Node Operators and service providers, and as part of a bonus programme for Storj Labs employees.

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