
With cloud-based storage starting to become widely used across the globe, from backing up your personal files, to streaming content such as Netflix a new concept called Storj wants you to rent out space on your HDD or SSD.
Using end-to-end encryption, the peer-to-peer network stores other peoples data on your physical disks. This process works through integration of a simple app and literally allows you to drag and drop files from your drive to somebody else. The advantage of this method of storage is the elimination of a third party service, does the recently hacked Dropbox or Apple ring any bells? This way only you have control over your own data.
The way Storj actually stores and transfers data is similar to the way torrents work. A file-sharing app breaks a file down into small pieces, encrypts each piece with a hash, and then the pieces are distributed throughout the network. When the stored files are called for retrieval, hash chains are used to verify the consistency of the pieces to put them back together. There are multiple hash chains, so if the integrity of one is damaged, another will be ready to go.
Storj uses cryptocurrency as payment, and that might worry potential customers. Users can both purchase storage in Storj’s own cryptocurrency — called Storjcoin X — and earn it by renting out space on their drives.
Is this something our readers at OC3D would be interested in? Would you be willing to make a little extra money on the side by renting out your drive space or is this a definite no? Please let us know in the comments below.
The official website of Storj can be found here: http://storj.io/
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