Storj is a decentralized cloud storage (DSC) network with a market cap of about $89,376,851. According to Coinmarketcap, Storj ranks as the #192 cryptocurrency per the market cap. It is an open-source protocol that uses a decentralized network of nodes to host user data. It also secures hosted data using advanced encryption.
Storj is pronounced as “storage,” providing developers with cloud storage services. After a customer uploads a file to Storj DSC, the pieces of each file are distributed to a global network of independent nodes. On request for access to the file, it is then recompiled securely and made available for download.
It means Storj helps to eliminate the need for a centralized data center, as anyone can store files on this platform. The storage services can be purchased on the network, and the participants can earn STORJ tokens in return. Reward points can be earned by providing unused hard drive space and bandwidth to the network. This network was launched in 2018, where people with hard space and good internet connectivity participated in becoming a unit in the network called a “node” and receiving rewards in the form of STORJ tokens.
Are you interested in learning more about Storj (STORJ)? This guide will give you everything you need to know to invest in the token.
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How to Buy Storj
- Choose an exchange offering Storj- eToro is highly recommended as FCA, ASIC, and CySEC regulate it.
- Create a trading account at eToro and verify it.
- Add funds to your account through various payment options, including bank transfer, credit card, Paypal
- Search for ‘Storj’ to open chart and trades.
- Click ‘Trade’ and enter an amount to buy STORJ.
Best Exchange to Buy Storj in November 2024
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How to Sign Up at eToro
It is simple to open a free eToro account because it is very user-friendly, especially for beginners.
Step 1: Open an Account
Please follow the steps outlined below to open a new trading account.
- On the website of eToro, Click the “Join Now” or “Trade Now” button.
- An electronic form for opening an account with eToro will emerge requiring personal data.
- Please fill out all of the required information in this form.
- You can also choose to log in using Gmail or Facebook.
- Before submitting the data, confirming eToro’s terms and conditions will be necessary.
- To consent to the terms and conditions, please tick the appropriate box.
- Finally, select the “sign-up” button to submit your information.
eToro website homepage
If you want to use the mobile app for iOS and Android, check out the guide to the eToro app. It has screenshots of how the app looks and works.
Your capital is at risk.
Step 2: Upload ID
To ensure compliance with regulatory standards, eToro requires submitting a copy of a driver’s license or a passport when opening an account. It will also require a copy of the most recent utility bill or bank statement to verify the address. The verification process will begin automatically after the submission of the documents.
Step 3: Make a Deposit
The next step is to deposit an amount into the account to begin investing. The minimum account deposit in eToro is $10, which can be made using Visa Debit or Credit Cards, bank transfers, PayPal, Skrill, and other payment methods.
After selecting a payment method, click the “Deposit” button to complete the process. eToro does not charge any deposit fees.
Deposit methods on eToro
Step 4: Buy Storj
The final step is to purchase a STORJ token, which takes only 15 seconds. Simply enter “STORJ” into the search bar and click “trade” on the first result.
Searching Storj on eToro
eToro listed STORJ/USD on January 18, 2022, which means the coin is available on the platform, and there is no need to search for other platforms.
Step 5: Review Storj Price
We recommend keeping your digital assets separate from the trading platform in a third-party wallet. One possible option is to use the eToro Crypto Wallet, which supports over 120 digital assets, and STORJ.
Storj Price Chart on eToro
eToro does not charge any maker/taker fee but only buy/sell spread.
Step 6: Buy Storj
Once you have completed your analysis, click the “Trade” button. On the order page, the trader will enter the desired STORJ token. When you’ve decided how much you want to invest, click the “Open Trade” button to add STORJ to your portfolio.
eToro offers two types of orders:
Instant Buy: This option is for those who want to buy STORJ at the current prevailing price quickly. Clicking “Open Trade” will buy the underlying asset, STORJ, in the trader’s eToro account. A trader can choose to close the trade whenever he wishes.
Buy Storj on eToro
Pending Order: It will place a buy limit to execute an order when the price of STORJ reaches a certain level.
Read more about how to buy cryptocurrency in 2024 here.
Your capital is at risk.
Where to Buy Storj- Best Platforms
After extensive research, this article has narrowed down the best platforms to buy STORJ for your convenience. The list includes their features, fees, and the reasons that make each unique. eToro is the most highly recommended platform among all for purchasing STORJ tokens. It is because the platform is secure, provides reasonable prices, and is the easiest to use.
Best Brokers to Buy Storj
1 – eToro
eToro is the best place to buy Storj (STORJ). It was founded in 2007 by David Ring and the Assai brothers, and now eToro has more than 20 million users in 140 countries. eToro is a financial investment service provider, and its specialty is that it has been structured as an asocial trading platform.
The chats and communication on eToro between traders and investors make eToro a social hub. The unique thing about eToro is the CopyTrader functionality, which enables inexperienced traders to profit from the trades of more experienced counterparts.
This feature comes with a nominal fee where inexperienced and new traders copy the most advanced traders and their strategies. Another in-house portfolio management tool at eToro named CopyPortfolio allows the automated diversification of trader investments across several top-performing sectors and regions. About cryptocurrencies, eToro offers support for more than 40 top crypto projects. It also charges a zero deposit fee and supports payment methods like debit or credit cards, bank or wire transfers, PayPal, and other e-wallet solutions.
Additionally, it now enables you to stake prizes for purchasing Ethereum and storing it in your wallet and Cardano and Tron. Read more about how to stake crypto.
Trading and transaction fees: The price charged by eToro for actual cryptocurrency buying and selling is the average fee charged by its competitors as well, at 0.75%. The fees for converting one cryptocurrency to another cost only 0.1% on top of the existing spread fee. In 2022, the platform eToro has become the top priority of investors looking to buy crypto assets and CFDs.
Options for customer service: The customer service of eToro is limited as only email and a support ticket option are available. “Club Members” can also receive customer support through live chat for an additional fee.
Regulation: eToro is very serious about maintaining the security of its customers as it has operational licenses from global regulatory bodies, including the UK’s Financial Conduct Authority (FCA), Australian Security and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Industry Regulatory Authority (FINRA).
There are no deposit fees at eToro.The minimum deposit fluctuates depending on the location of the user. For the majority of European countries and in the United Kingdom, the minimum deposit is $200. When in the United States, the minimum deposit is $10.
eToro accepts Bitcoin, the leading cryptocurrency, and major altcoins such as Ethereum, Aave, XRP, Graph, and other popular cryptocurrencies.
eToro Minimum Deposit
Buying and selling on eToro can be done online and on handheld devices through their mobile app. The opening process of an eToro account is straightforward and takes about a few minutes.
Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.
Pros & Cons of the eToro platform:
- Copy-trading – Ability to copy the trade of successful traders.
- Regulated by ASIC, FCA, and CySEC
- User-friendly interface
- Trusted by 20 million registered users
- Most payment methods supported
- Staking of ETH, ADA, or TRX
- Less technical analysis (TA) tools and indicators than Binance
- Service is only available in 44 US states.
- Buy/sell spread large on altcoins
Your capital is at risk.
2 – Bitstamp
Bitstamp is one of the oldest cryptocurrency exchanges, trading 56 different cryptocurrencies. Users can trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and some other high-capacity coins. Bitstamp supports both crypto-to-crypto and fiat-to-crypto trading pairs, allowing users to trade cryptocurrencies against each other or the US dollar, Euro (EUR), or British Pound (GBP). ACH can be used to deposit or withdraw fiat currencies. Debit and credit cards can also be used to deposit and purchase.
Bitstamp has been around nearly as long as cryptocurrency itself. The company was established in 2011 and is now headquartered in Luxembourg. It now has a global team of over 400 employees. Bitstamp is available in over 100 countries. Only users from certain countries can fund their accounts with a credit or debit card. Users in the United States can also fund their accounts with ACH transfers, bitcoin, or another cryptocurrency.
Fees for Bitstamp: Bitstamp has been nearly as long as cryptocurrency. The company was established in 2011 and is now headquartered in Luxembourg. It now has a global team of over 400 employees. Bitstamp is available in over 100 countries. Only users from certain countries can fund their accounts with a credit or debit card. Users in the United States can also fund their accounts with ACH transfers, bitcoin, or another cryptocurrency.
Security: Bitstamp has the following security features in place:
- Use two-factor authentication (2FA) via a mobile authenticator app for key account activities.
- All withdrawals will receive an email confirmation.
Bitstamp takes the following measures on the server to ensure the security of its platform:
- Most user funds are kept in cold storage, which is completely insured.
- Hot wallets with multiple signatures that require more than one key to open Periodic audits from one of the “Big 4” accounting firms.
Customer Service: Bitstamp offers 24-hour customer service, including a phone support line for urgent inquiries. This kind of assistance is hard to come by in the crypto exchange space, so if speaking with a support agent over the phone is essential, you should give Bitstamp a second look.
Bitstamp listed Storj (STORJ) on September 09, 2021, and STORJ/USD and STORJ/EUR trading pairs are available on the exchange.
Pros & Cons of the Bitstamp platform:
- Allows you to buy cryptocurrency with fiat money using a bank account, debit card, or credit card.
- Phone support is available 24 hours a day, seven days a week.
- Over 100 countries have access to it.
- No margin trading.
3 – Huobi
Huobi Global was founded in 2013 and has headquarters in Singapore. 
Huobi Global, headquartered in Singapore, was founded in 2013. Initially based in China, the company relocated to Singapore following China’s cryptocurrency ban. The exchange calls itself a digital asset exchange rather than a cryptocurrency exchange. It supports ICO tokens and allows trading in over 350 cryptocurrencies.
According to the company, the future development of the blockchain economy will create new categories of digital assets. Houbi Global has three platforms: one for the entire world, one for Houbi Japan, and one for Houbi Korea. Unfortunately, this exchange’s services are not available to US traders. It provides a sophisticated trading experience, including margin and futures trading, interactive charts, and limit and stop orders.
The platform provides up to 5% leverage for margin trading. Huobi Global’s fee structure is very reasonable and comparatively low.
Deposit – The minimum deposit fee is $100; other fees vary by currency, such as deposit, transaction, and withdrawal.
Fee – Those who want to buy cryptocurrency with a credit or debit card must pay a higher fee to Houbi. Maker and taker fees are charged at a flat rate of 0.2 percent. Depending on the scale volumes, it can also fall to as low as 0.1 percent.
Houbi Global provides email, phone, online chat, a ticket system, and social media platforms for customer support. It offers a variety of security features, such as 2-factor authentication, cold storage, account freezes, and Bitcoin reserves.
Houbi listed STORJ on January 9, 2018. The trading pair available for trading include STORJ/USDT.
Pros & Cons of the Houbi platform:
- 24/7 customer support.
- Excellent trading platform
- More than 350 cryptocurrencies.
- High-quality cyber security
- Strong customer support
- Low trading fees
- Professional trading tools.
- Mobile app
- Not available in the US.
- No fiat deposits or withdrawals
- The complex account registration process
4 – Crypto.com
Crypto.com 
a global cryptocurrency exchange, was founded in 2016. It is based in Hong Kong and serves over 10 million traders in over 90 countries. It lets you buy and sell over 250 cryptocurrencies with relatively low trading fees. The Crypto.com platform’s unique selling point is that it allows users to stake their cryptocurrency. Users can earn up to 14.5 percent p.a. interest by staking or holding them in a crypto.com wallet.
Aside from trading, the exchange offers other services such as staking rewards, Visa card benefits, NFT trading, DeFi products, and more.
The exchange provides access to various educational guides through its university portal. This platform is appropriate for users who want to do more with their cryptocurrencies than simply hold them.
Security – Crypto.com employs many security measures, including MFA, which stands for multi-factor authentication. It also employs whitelisting to protect customer accounts. The platform employs compliance monitoring to prevent hacks and losses and stores customer deposits offline in cold storage.
On dollar balances, the Crypto.com exchange provides $250,000 in FDIC insurance. Crypto.com provides customer service via email, live chat, and a help page.
Cashback – Besides the Obsidian Card, Midnight Blue Card, Ruby Steel Card, and others, Crypto.com offers five prepaid Visa cards. These cards are accepted anywhere Visa is accepted and guarantees a certain percentage of cash back on purchases. Under certain conditions, the Obsidian card offers the highest cashback rate of 8%. The Midnight Blue card provides 1% cashback, while the Ruby Steel card provides 2% cashback. There is no annual fee for using the card, and ATM withdrawals are also free, depending on the card.
Deposit – This platform’s minimum account balance is $1. The Maker/Taker fees range between 0.04 and 0.40 percent. Credit/debit card purchases are charged at 0% or no fee during the first 30 days of account opening. In addition, users can earn up to $2000 for each friend they refer.
On September 4, 2020, Storj (STORJ) will be listed on Crypto.com. The Storj Network (STORJ) seeks to provide secure, cost-effective distributed cloud storage that returns data ownership to the user. Compared to centralized cloud storage options, the distributed architecture and end-to-end encryption on every file protect against attacks, improve reliability, increase download/upload speeds, and improve performance.
Pros & Cons of the Crypto.com platform:
- More than 20 fiat currencies are supported.
- A separate NFT platform
- There are no fees for sending cryptocurrency to other users via the mobile app.
- It offers up to 8% cashback on its own Visa card.
- Price alerts
- Up to 14.5% p.a. interest earnings
- Competitive fee
- Pay more for lower balances.
- Residents of New York are not eligible.
- Services for the US platform are limited.
- No customer service via phone.
5 – Bybit
Bybit is a new peer-to-peer (P2P) cryptocurrency derivatives exchange attempting to establish itself in the emerging cryptocurrency margin/leverage trading market. Despite its March 2018 launch, Bybit quickly gained traction in the Bitcoin trading community and began enrolling customers.
The exchange allows traders worldwide to trade leveraged margin on a select set of cryptocurrency assets, with BTC, ETH, EOS, and XRP trading at up to 100x leverage.
Bybit, based in Singapore, is a cryptocurrency-to-cryptocurrency exchange that does not require customers to go through onerous KYC verification and currently has a daily trading volume of up to $1 billion.
Founders: Ben Zhou founded the company in March 2018. Before becoming the exchange’s CEO, he was the general manager of XM, a forex brokerage firm.
Leveraged trading: The primary product offering of Bybit exchange is perpetual futures with a leverage ratio of 100:1. This suggests that they intend to compete with existing exchanges like Binance and Phemex, which offer comparable non-expiry futures contracts.
Key Features
Other critical characteristics are as follows:
- Users can switch between supported cryptocurrencies within their accounts with a single click.
- 100,000 TPS per contract – ten times the industry standard – ensuring no overloads occur.
- Leverage up to 100x – With Bybit’s generous leverage scheme, you can maximize your profits.
- Cold Wallet Storage/Manual Withdrawals – Bybit increases security by utilizing cold storage and three manual withdrawals daily.
- Unrestricted Trades and Withdrawals – Platform users have nearly limitless trading and withdrawal options.
- Accounts can be created and managed with just an email address and a login, eliminating the need for a Know Your Customer (KYC) process.
Fee – Market takers pay a fee of 0.075 percent, while market makers pay a fee of -0.025 percent. As a result, market makers will be compensated when they initiate a transaction. Because of the low fee, market makers are likelier to be active and fill the order book.
Pros & Cons of the Bybit platform:
- Up to 100x leverage on crypto
- Advanced tools supported by great technology
- Risk-free test environment to learn and experiment
- Educational resources
- Not available in the US
- Not suited to spot trading
6 – Binance
Binance is a well-known name in the cryptocurrency world, as it is the world’s largest cryptocurrency market regarding daily transaction volume. It is the best platform to buy STORJ because it only deals in cryptocurrencies. Changpeng Zhao, a Chinese entrepreneur, founded it in 2017.
Binance, unlike eToro, allows you to buy and sell over 500 digital assets. However, unlike eToro, it does not offer a diverse range of products because its primary focus is on cryptocurrency. The lowest trading fees, secured funds, extensive charting options, zero-fee purchases, and efficient customer support are some of Binance’s most notable features. Binance offers complex security functions to its clients via the Secure Asset Fund for Users (SAFU), which allocates 10% of all trading fees received into the SAFU for user protection.
Binance uses two-factor authentication to verify the account. Following the crypto exchange’s failure in regulation, this Know Your Customer (KYC) process was required to open an account. Binance accepts bank transfers, debit or credit card payments, PayPal, and peer-to-peer payments.
Fees: Binance charges only 0.10 percent in trading fees, which can be reduced to 0.025 percent by storing the native token BNB in their wallets. Another distinguishing feature of Binance is its Earn program, which allows users to grow their cryptocurrency funds by locking them for a set period of time.
On November 1, 2017, Storj (STORJ) was listed on Binance, and trading for multiple crypto pairs, including STORJ/BTC, STORJ/USD, and STORJ/ETH, began.
Pros & Cons of the Binance platform:
- Over 500 cryptocurrencies for trade
- A wider range of altcoins
- More staking options – Binance Earn feature
- Professional traders have access to all the chart indicators they need
- Margin trading – long or short on leverage
- Massive selection of transaction types
- US customers can’t use the Binance platform, and the Binance.US exchange is very limited
- High fees for credit card deposits
- No copy trading
7 – Coinbase
Coinbase is a cryptocurrency exchange based in San Francisco that is widely regarded as the world’s largest crypto trading platform in terms of user numbers. Coinbase was the first major cryptocurrency exchange in the United States to go public. It is a new-generation trading platform to become the first crypto trading platform, reflecting how trades are conducted.
Coinbase accepts customers from over 100 countries and has over 73 million users. The security of Coinbase is its most important feature, with 98 percent of customer funds stored in secure offline storage.
Coinbase is the most user-friendly cryptocurrency trading platform and is extremely simple. It is available on Android and iOS and supports over 140 cryptocurrencies.
Coinbase’s fee structure differs from that of other exchanges. All Coinbase fees are disclosed at the time of the transaction. Some factors, including payment method, order size, and market conditions, such as volatility and liquidity, determine crypto transaction fees. Credit transactions are subject to a flat fee of 2% of the total transaction amount. All purchases, including ATM withdrawals, are subject to a 2.49 percent transaction fee.
STORJ was listed on Coinbase on March 26th, 2021.
Pros & Cons of the Coinbase platform:
- Trade against the US Dollar, GBP, or EUR rather than USDT
- Well-known and trusted by US regulators
- Instant deposits and withdrawals to/from bank account
- Remember to use Coinbase Pro for lower fees
- Higher maker/taker fee than Binance unless your trading volume is very high
- The Coinbase Pro website is slow and lacks chart indicators
- Less customer support
8 – KuCoin
KuCoin, founded in 2017, is a global cryptocurrency exchange that provides various trading options to its eight million customers. Spot, futures, margin, peer-to-peer (P2P), and staking and lending are all examples of derivatives.
KuCoin, the cryptocurrency platform, claims to provide the highest level of security and a selection of approximately 400 different cryptocurrencies. Despite its extensive feature set, it is an easy-to-use exchange with a straightforward user interface. Furthermore, KuCoin has one of the lowest fees in the cryptocurrency industry.
Chief Executive Officer and Co-Founder
Johnny Lyu is the Co-Founder and CEO of KuCoin, one of the world’s most well-known cryptocurrency exchanges. KuCoin has grown to become one of the most well-known cryptocurrency exchanges. It has over 8 million registered users from 207 countries and territories worldwide.
IDG Capital and Matrix Partners provided $20 million in round A funding to KuCoin in November 2018. In 2021, Forbes Advisor named it one of the Best Crypto Exchanges of 2021.
Deposit and Withdrawal
KuCoin does allow for the purchase of Bitcoin with fiat currency, but only through a third-party application. Payments can be made with a credit or debit card, Apple Pay, or Google Pay, but not by bank transfer. However, the fees could be exorbitant.
You will also be required to purchase a certain amount of one currency immediately. You could, for example, spend $200 on Tether (USDT), a stablecoin tied to the US dollar. Tether can then be used to purchase additional currencies. You couldn’t just deposit $200 and wait for the right time to invest it. Other exchanges allow you to deposit money and decide how and when to spend it.
KuCoin Transaction Fees
Kucoin’s trading fee structure is straightforward. The platform charges 0.1 percent for both makers and takers, making it one of the most affordable Bitcoin exchanges online. If you own the platform’s native Kucoin tokens, you can further reduce your fees.
Kucoin listed STORJ on its exchange on September 2, 2021, with the trading pairs STORJ/BTC, STORJ/USDT, and STORJ/ETH.
Pros & Cons of the KuCoin platform:
- User-friendly exchange
- Low trading and withdrawal fees
- Vast selection of altcoins
- Ability to buy crypto with fiat
- 24/7 customer support
- No forced Know Your Customer (KYC) checks
- Ability to stake and earn crypto yields
- Complicated interface for newbies
- No bank deposits
- No fiat trading pairs
9 – Bitfinex
Bitfinex is a well-known cryptocurrency exchange that allows users to buy, sell, and trade a wide range of digital coins. In 2012, the Hong Kong-based portal was established. Because Bitfinex’s trading area includes a robust set of chart analysis tools, intermediate and professional traders are likelier to use it.
Aside from cryptocurrency, the only way to deposit and withdraw funds is via wire transfer. Bitfinex, like Coinbase, is one of the few platforms that allows you to short cryptocurrencies and use leveraged trading strategies.
Founders – Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange offering digital asset trading services to customers worldwide.
Giancarlo Devasini has served as Bitfinex’s Chief Financial Officer since 2013 and has been instrumental in the company’s growth. Giancarlo Devasini began his medical career in 1990 after graduating from Milan University with a Doctor of Medicine degree.
Is Bitfinex a licensed exchange?
Bitfinex Securities Ltd., a blockchain-based investment product provider, has established a regulated investment exchange (Bitfinex Securities) in the AIFC to improve members’ access to a diverse range of financial products. Bitfinex, as a result, is completely unregulated. While the corporation’s headquarters are in Hong Kong, it is registered in the British Virgin Islands.
Fees and deposit limits – Bitfinex charges a 0.1 percent fee for bank transfer deposits. If you deposit $10,000, for example, you will be charged a fee of $10. If you use cryptocurrency to fund your account, you will be charged a small fee based on your chosen coin.
Withdrawal fees – Bitfinex charges a 0.1 percent fee for bank transfer withdrawals. You can pay a 1% expedited fee if you need funds within 24 hours. Alternatively, the fees for Bitcoin withdrawals vary depending on the coin.
Storj (STORJ) was listed on Bitfinex on April 26, 2018.
Pros & Cons of the Bitfinex platform:
- Established in 2012.
-
Suitable for experienced traders.
-
Over 100 coins are supported.
-
Bank wire deposits and withdrawals are accepted.
-
There is no regulation.
-
US citizens are not accepted.
-
Expensive trading fees
- Hacked on more than one occasion
- The support team is only available via email
What is Storj (STORJ)?
Storj was founded in May 2014 by Shawn Wilkinson, a software developer in Atlanta. The platform allows users to store and share data without reliance on the third-party storage provider. The native token of this platform is STORJ, which runs on Ethereum and is used as a payment system on the network.
In May 2015, the company Storj Labs was formed. Along with Wilkinson, another co-founder, John Quinn, was also involved in creating the Storj network. The original idea behind the project was to use blockchain technology to build a decentralized cloud storage network. The platform was launched in 2018.
The entire supply of 500 million STORJ tokens was mined on the Ethereum blockchain at the launch. The token sale by Storj Labs burned about 75 million tokens, which left only 425 million tokens. Of those, 385 million tokens are currently in circulation. No more STORJ tokens are available from mining. However, users and storage providers can farm tokens by staking and lending them.
Storj Labs developed the Tardigrade software to secure the users’ data based on the Web 3 concept of decentralized data privacy. It removes the need for customers to trust a single service provider to secure their data. In April 2021, Storj Labs rebranded the Tardigrade products as Storj DSC.
The distributed storage concept behind this platform makes it easy for individuals and organizations with hard drive storage to sell space. In the meantime, the efficiency of the network also reduces the cost for those who need storage space. For example, the storage space can be purchased using a credit card or STORJ tokens.
In late 2021, Storj launched a campaign with FT creators and developers on the OpenSea marketplace to store their music, art, and videos in Storj DSC for minting as NFTs. This campaign pushed STORJ prices higher as the popularity of NFT lifted the demand for storage services.
How does Storj operate?
The software automatically encrypts the file before it is uploaded to the cloud. It is done to provide an extra layer of security. After this, the file is disseminated across various independent hosts or pieces of data. People in charge of node handlers can work together on a file using the PoW protocol and PoS agreement.
Every node in the network receives only a fragment of the data. The encryption keys are a decentralized internet security space amongst the nodes and the hosts. This ensures the security of data by making it very difficult to hack. Additionally, the reconstruction of data only requires about 30–80 fragments. It eliminates the possibility of issues like power downtime and server outages.
Storj fundamentals
- What it does: The Storj Network Token (STORJ) is an Ethereum token that powers the Storj protocol, a decentralized cloud storage network for developers.
- Management team: The CEO is Ben Golub, John Quinn is the Chief Revenue Officer (CRO), and Shawn Wilkinson is the Chief Strategy Officer (CSO).
- Storj was founded in 2014, and its token STORJ was launched in 2018.
Is it Worth Buying Storj in 2024?
Storj was launched in 2014 as a crowdsourced project, and its native token, STORJ, was initially based on the Counterparty protocol, which runs on top of the Bitcoin blockchain. However, in 2017, Storj migrated to the Ethereum blockchain, which enabled faster transactions, lower fees, and more scalability.
STORJ pays for storage and bandwidth on the Storj network and incentivizes node operators (called farmers) to share their unused disk space and bandwidth. The supply of STORJ is fixed at 425 million tokens, and no new tokens will be minted.
The price of STORJ has fluctuated significantly over the years, influenced by various factors such as supply and demand, technological developments, partnerships, and market sentiment. Here is a brief overview of the historical price movements of STORJ from 2021 to 2023 till today:
2021: STORJ started the year at around $0.29 and surged to an all-time high of $3.94 on April 9, driven by a strong rally in the crypto market and increased demand for decentralized storage solutions. However, the price soon corrected sharply, dropping to $0.74 by the end of May amid a broader market crash and some technical issues with the Storj network. The price then recovered slightly and traded between $1 and $2 for most of the year’s second half, ending 2021 at $1.85.
2022: STORJ began the year on a positive note, climbing to $2.68 by mid-January, as the Storj team announced several new features and integrations, such as video streaming, file sharing, and compatibility with Filecoin and IPFS. The price then entered a consolidation phase, ranging between $2 and $3 for the next few months. In July, STORJ dropped to $0.37. However, the price declined steadily for the rest of the year, reaching $0.24 by December.
2023: STORJ had a slow start to the year, hovering around $1 for January and February. In July, however, the price exploded to $0.50. The price then corrected slightly but maintained an upward trend for the next few days. At the time of writing (August 28), STORJ is trading at $0.2315 with a yearly low of 57.72%.
Will the Price of Storj Go Up in 2024?
In 2022, Storj announced plans to become more environmentally friendly by transitioning away from PoW mechanisms. The native token, STORJ, impressed its community by adopting Ethereum’s greener approach. Storj also aims to enhance its ecosystem by redesigning its project dashboard and adding features like stable token deposit addresses and reduced fees for Node Operators. Partnerships with OpenSea and collaborations with other platforms indicate a promising year ahead, likely boosting the value of the STORJ token in 2023.
Not just this, the Q2 2023 performance report highlights the crucial role of the STORJ token within the global cloud storage network. STORJ tokens facilitate value transfer between storage providers and data users on the network. The quarterly token reports detail STORJ token balance flows and long-term lockups.
These reports outline token inflows, outflows, and extended lockups. After each quarter, a tranche of tokens unlocks, which may be retained in operational reserves or relocked. Transparency and notice are vital, with at least 45 days notice given before leaving a tranche unlocked.
In Q2 2023, Tranche B was unlocked, and its tokens were to be moved into operational reserves. Tranche C is also set to unlock at the end of Q3 2023, aiming to support growth amidst market uncertainty. If used for reserves, they’ll be held in a separate cold wallet.
The report’s information, although extractable from the Ethereum blockchain, is compiled for community convenience. This aligns with the commitment to transparency, which includes town halls, open-source code, public roadmap, forums, blogs, live network stats, and community-generated reports.
Long-term lockups ensure predictability and decentralization. A history of lockups has been established, with several tranches left unlocked for operational flexibility. Q2 2023 highlights include the transition of tokens from Tranche B into reserves, a decision to keep Tranche C unlocked, and an overview of token flows.
Operational reserves saw usage for node operators, service providers, bonuses, and general operations. Circulating supply increased due to token transfers from operational and long-term lockup reserves. The non-circulating supply includes operational and locked reserves, culminating in a total supply of 425 million STORJ tokens.
Overall, the Q2 report underscores STORJ’s token dynamics, transparency, and support for network growth in a dynamic market landscape. Looking ahead, STORJ’s future is likely to focus on continued network expansion, technological advancements, and fostering a robust ecosystem around its token. However, as the ecosystem is making significant waves, it will push the token price to the recovery path in the near future.
As for the future price prediction of STORJ for the end of 2023, there are different opinions and models that try to estimate the potential value of the token based on various assumptions and factors. One of them is the DigitalCoinPrice forecast, which predicts that STORJ will average $0.51 in December 2023.
Storj Mining: Can You Mine STORJ?
No, Storj tokens (STORJ) are not mineable. Storj is hosted on the Ethereum network, and the STORJ is an ERC-20 token. It means it runs on the same protocol as the Ethereum network. The second-largest cryptocurrency has also recently transitioned to the more efficient Proof-of-Stake mechanism, which has made the network more efficient in scaling and enabling faster transactions.
The users of the Stroj network can rent their disc space to other network participants. The renters get paid for providing excess storage space, and the native token STORJ provides a means for payment on the network. Therefore, renters get paid in STORJ, and users pay for using the service in the form of STORJ. Furthermore, STORJ can also be held in wallets and traded on the market.
Storj Price Predictions: Where Does STORJ Go From Here?
According to CoinCodex, the short-term prediction for the STORJ token is highly bullish. The website suggests the token may be set for great gains by the end of 2023. It can be expected to trade at around $0.07 this year, according to the prediction section of the website. Coincodex also predicts to see the token within the $1.8 price range by the end of 2026.
The Wallet Investor has estimated that the price of this token will be stagnant and may only rise as high as $0.056 by the end of 2023. It has also shared a rather bearish prediction for the token after 5 years(2026), where the token will be worth around $0.0082.
Price Predictions have provided a somewhat heavy bullish prediction for STORJ, giving an average estimate of $1 for this year. For 2026, the STORJ token average price will reach $2.9.
Digital Coin price prediction is also somewhat similar to other analytical websites; for instance, the average price level for 2023 is set as $0.9, while it is expected to be around $1.78 by the end of 2026.
Storj Price Prediction 2023
Since STORJ has positioned itself as a green alternative, partnerships, and collaborations in massive amounts can be expected for the project. These new integrations and project collaborations will enhance its performance and give an impression of a bullish sentiment ahead in the short term. The price of the STORJ token could reach $0.7 this year, bringing the coin to an impressive buying point.
Storj Price Prediction 2024
Many cryptocurrencies have different features, and STORJ provides a unique utility feature. It has no database but invites participants to offer unused and excess data storage space. In return, the renters get rewards in the form of STORJ tokens.
STORJ could potentially revolutionize storage and be a big thing in the upcoming years. With the right deals and partnerships, the company could lay its foundation in 2024. We predict the token to be in the $1 range by the end of 2024 under ideal market conditions
Storj Price Prediction 2025
The currency experienced a surprising surge in value in early 2021 with the introduction of decentralized cloud storage with privacy and security. With the expectations of more developments, upgrades, integrations, projects, and partnerships, the future of Storj holds a great prospect of growth.
Technical analysis suggests a potential uptrend in Storj, as there will be multiple partnerships and upgrades by the end of 2025. The project will also become more accessible to its users and may start seeing higher adoption, which could help the token reach higher price levels. We expect to see the token trading in the $1.5 range by the end of 2025.
Storj Price Prediction 2026
The Storj price prediction suggests a bullish trend as the coin is expected to gain traction in the long term. With the increased knowledge of Web 3 and decentralization, the demand for projects like Storj will also increase. The project eliminates the need for third-party data space providers and associated costs. For instance, in 5 years, the STORJ coin could hit $3 or above. However, this also depends heavily on the market conditions across the timelines mentioned earlier. Any disruptive events common in the crypto industry may considerably alter the price predictions mentioned here.
Summary
STORJ is the native token of the Storj network. It is a decentralized cloud storage network that provides people with excess data storage space to lend or rent in return for earning STORJ tokens. Users can eliminate needing a third-party data storage provider, which often costs more. Adding a cheap and more decentralized cloud storage network to the growing number of digital assets based on the blockchain would be a great idea.
Storj returns the data ownership to the user through decentralization and successfully integrates privacy and security into the system while removing the central authority. The utility and technical capacity of the STORJ token make it an exciting investment option.
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FAQs
Any risks in buying Storj now?
Storj is moving at lower levels, and buying at a lower level is less risky as compared to buying the token at higher levels. The Storj platform provides great services in terms of cloud storage, which makes it a less risky investment option.
Should I buy Storj?
Yes, the price is currently at lower levels, which means there is a long road ahead to rise. The Storj protocol provides decentralized and cheap cloud storage services, which hold great potential in the future. With the increased awareness and crypto hype, centralized cloud storage providers will face pressure because of the popularity of platforms like Storj.
Is it safe to buy Storj?
Storj is an Ethereum based project, which means it has the same security as the world’s second-largest cryptocurrency. Being an ERC-20 token, Storj is a comparatively more secure investment option than other new emerging altcoins.
Where can I spend Storj?
The STROJ token is used to power the Storj network. It is also used to pay data storage providers for lending their storage space to others. It can also be traded in the market.
Will Storj ever hit $100?
No, there are very few chances that STORJ will reach $100 in the near future, either long-term or short-term, because prices are too far from this level and growth prospects are not promising. However, the STORJ coin could hit $5 or above by the end of 2025.
