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Highlights
- Blockchain technology is being increasingly embraced.
- Storj combines blockchain’s attributes with cloud storage, giving more power to independent users.
- The STORJ token has yet to reclaim its March 2021 high of nearly US$3.5.
The decentralized peer-to-peer concept and technology is penetrating virtually every sector. If BitTorrent (BTT) is using decentralized tech in file sharing, and VeChain (VET) is using it to make supply chains more efficient, the Storj (STORJ) project is leveraging blockchain tech in cloud storage.
Source: Pixabay.com
What is Storj cryptocurrency project?
Before we jump to what the STORJ crypto token is, let’s understand the project. Storj was launched in 2018 as a cloud storage provider with independent participants acting as nodes.
What Storj does is it connects people with surplus storage with people in need. The former provide space available on their hard drive to the latter and earn Storj crypto tokens for their participation. Storj takes the popular cloud storage industry to the world of blockchain. The project claims data storage on its network is encrypted.
Also read: 5 low-priced cryptos that may script a SHIB-like surge story in 2022
Shawn Wilkinson conceptualized Storj in 2014, and the project raised 910 BTC in a public crowd-sale.
What is the STORJ crypto token?
STORJ is the native token of the Storj project. It was minted on Ethereum with 500 million Storj cryptos in existence in the beginning. The current circulating supply of Storj is nearly 425 million tokens, after 75 million were burned.
Storj can be bought on Coinbase Exchange, Binance and multiple other cryptocurrency exchanges.
Also read: Is Bitcoin better than gold as hedge against high inflation?
STORJ crypto performance
STORJ is priced at nearly US$1.70 as of now, and its market cap is nearly US$610 million.
On January 1, STORJ was priced at nearly US$0.29. The price soared by late March when STORJ peaked to nearly US$3.5. The price fell to nearly US$0.5 in June 2021, but has since recovered.
STORJ price prediction
2021 has been a mixed bag for almost every cryptocurrency including Bitcoin. Bitcoin entered a bear market after mid-April and the following months saw outflows from almost every cryptocurrency.
Bitcoin has already regained its peak value, thanks to institutional interest and SEC’s approval for the first US Bitcoin ETF. STORJ has yet to regain its entire lost ground. With many major cryptos rising, STORJ could also see a rise further in the remaining two months of 2021, though it’s by no means a given. It may end the year with a price tag of over US$2 apiece.
Also read: Can Bitcoin end 2021 with a price tag of $100,000?
The price may also pick on the promise of a decentralized cloud storage service that is a major shift from the traditional industry. Storj can enable storage on multiple independent computers. In contrast to this decentralized way, traditional cloud storage players store user data in huge and sophisticated data centres, which are controlled by a centralized entity.
Bottom line
The concept of Storj is undeniably promising. Big tech companies providing cloud storage services are criticized for their extreme centralization of power. Storj can shift cloud storage to a decentralized peer-to-peer network.
If the project can find more takers, the linked STORJ crypto token will likely appreciate due to demand within the network. Cryptocurrencies have lately rebounded, and hence STORJ may also regain its peak price.
