Storj is a decentralized cloud storage platform that utilizes the spare storage capacity of its users’ devices to create a secure network for data. The project was launched in 2014 and has since amassed a community of over 100,000 users.
The native currency of the Storj network is STORJ, an ERC20 token that is used to pay for storage and bandwidth on the platform.
While Storj is not an Ethereum project, it does make use of Ethereum’s blockchain. The STORJ token is an ERC20 token, meaning it was built on top of the Ethereum blockchain.
NOTE: Warning: Storj is not Ethereum. Storj is a distributed cloud storage platform that uses blockchain technology to secure data and runs on its own cryptocurrency. Ethereum is a much different platform that utilizes blockchain technology for decentralized applications and smart contracts, and it also runs on its own cryptocurrency.
This allows the token to take advantage of Ethereum’s existing infrastructure and its large ecosystem of developers and projects. Additionally, because the STORJ token is an ERC20 token, it is compatible with all Ethereum wallets and can be stored on any Ethereum-compatible blockchain.
The use of Ethereum’s blockchain by the Storj project highlights one of the key advantages of Ethereum over other blockchains: its flexibility. Rather than being limited to a single use case or application, Ethereum can be used for a wide variety of projects and applications.
This flexibility has made Ethereum the go-to platform for many projects looking to launch their own tokens or raise funds through an initial coin offering (ICO).
While Storj is not an Ethereum project, it does make use of Ethereum’s blockchain in order to take advantage of its infrastructure and ecosystem. The use of Ethereum’s blockchain by the Storj project highlights one of the key advantages of Ethereum over other blockchains: its flexibility.
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Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
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Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is an IDE. It is a complete programming environment that allows developers to create, compile, test, and deploy smart contracts.
Infura is a node in the Ethereum network. It’s one of the most popular ways to connect to the Ethereum network, and it’s used by a number of popular Ethereum wallets and applications. There are a few different types of nodes in the Ethereum network, but Infura is what’s known as an “archive node.” That means it keeps a complete record of all the transactions that have ever happened on the Ethereum network.
WETH is an Ethereum token that represents wrapped ETH, or ETH that is locked up in a smart contract. WETH is a way to use ETH in Ethereum-based decentralized applications (dapps) that don’t natively support ETH. WETH also allows users to trade ETH on decentralized exchanges (DEXes) that don’t natively support ETH.
Quorum is an Ethereum-based distributed ledger protocol with enhanced privacy features developed by J.P. Morgan. The protocol is designed to add an extra layer of security and privacy to Ethereum transactions by allowing nodes on the network to remain anonymous and only sharing transaction data with those they choose to.
