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24 Oct 2021

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What is Storj? – Storj Network, and More
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What is Storj? – Storj Network, and More

Storj (pronounced: storage) aims to become a mist storage platform that can’t cut, monitored, and take downtime. It is the first decentralized, end-to-end encrypted mist storage platform.

And storj is made up of a bunch of interlocking pieces working together it creates the unified system. As people interact with many parts of this system, they get a different idea of Storj.

And home user did not need any knowledge of the Bridge and the protocol to share storage space, and the developer did not need to know anything about the home users to use the Storj API.

And each person can take a drastically different experience while interacting with the same system. So what is Storj? It’s a protocol, software suite, and the people who design, build and use it.

Also Read: What are the Reserve Rights (RSR)? – Problems, Benefits, and More

What is the Part 1 of 2: The Storj Network?

The Storj Protocol

Storj’s core technology is the enforceable, peer-to-peer storage contract. It’s the way for two people (or computers) to agree to conversation some amount of storage for money without knowing each other.

And we call the computer selling space the “farmer” and the computer buying space the “renter.” The renter and farmer meet, sell an agreement, and move data from the occupant to the farmer for protection.

Contracts and Audits

A contract the set duration over this time; the renter periodically checks that the farmer is still available. And the farmer responds with the cryptographic proof that it still the file. Finally, also the renter pays the farmer for each evidence it receives and confirms.

And it process of challenge -> guarantees -> payment is referred to as an “audit,” as the renter checking the farmer’s store. At the end of the agreement period, the farmer and occupant can renegotiate and end the relationship.

Though the core technology allows for any payment, some types are better right than others. And traditional payment systems, like ACH and SEPA, are poorly suited to paying on a pre-audit basis.

They are slow, hard to verify, and often come with expensive fees. And the ideal payment method for the Storj Protocol is the cryptocurrency micropayment channel.

It allows for minimal payments that are immediately verifiable and secure. And with nominal fees. It means that costs and audits can pair as closely as possible.

And its enforcement follows the simple tit-for-tat model: if the farmer fails an audit, i.e., is offline and can’t demonstrate that she still the data, then the renter did not take to pay.

Also Read: Why BTMX The Investor’s Exchange Token? – BTMX, investors, and More

Review What is Storj? – Storj Network, and More.

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