Blockchain based cloud storage startup Storj Labs exhibited at the high profile International CES show in Las Vegas last week. The Storj team’s 30 second video press pitch at the event was selected to DOZ Top 5 for taking advantage of the opportunity.
The key project of the Atlanta-base company is Storj – a platform, cryptocurrency, and suite of decentralized applications that is designed to permit users to store data in a secure, decentralized way.
It does this by relying on the blockchain technology behind bitcoin, which brings features like a transaction ledger, public/private key encryption, and cryptographic hash functions for security. The advantage that it has over traditional cloud storage technologies is that it is cheaper – by 10x-to-100x according to Storj, faster, and “more secure.”
At CES, some bitcoin industry luminaries took an interest in Storj, as is evident photographs in their forum Storjtalk – Ethereum founder Vitalik Buterin and Factom founder Paul Snow.
At CES: Andrew Yashchuk, Founders Shawn Wilkinson & Josh Brandoff
Storj launched the first beta test group of its DriveShare application on December 20th. At this point, the founders of Storj believe that the beta testing is going well:
The beta is progressing well and we appreciate the help of our supporters who are currently running our software and providing feedback on StorjTalk. You can check the network status at live.driveshare.org. We are collecting valuable data and statistics that will help us prepare for the next update to our beta software.
In addition to Storj Labs, the Storj project is supported by the Storj Community, whose members are rewarded for contributions the make. The community is led by two directors who are elected by the community itself.
The two applications developed for Storj are MetaDisk and DriveShare. MetaDisk is an open-source file sharing app that is based on a decentralized network of nodes. DriveShare is also open source software and it permits users to rent out their excess hard drive space in exchange for Storjcoin X (SJCX) – the Storj cryptocurrency.
Based on the Counterparty protocol, SJCX is a locked asset (see here) with only 500 million coins able to be created. SJCX tokens can only be purchased on four exchanges, Poloniex, Melotic, CounterWallet and Masterxchange. According to Storj’s supply calculator, only 41,464,404 remain available for purchase.
Storj is one example of the alternative use capabilities of the blockchain technology for an enormous amount of applications.
Storj: Decentralized Cloud Storage – Pitch