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Storj, pronounced "stor-jay," is an open-source cloud storage platform that operates on a decentralized network of nodes to host user data, secured with strong encryption. The concept was first introduced in a white paper in December 2014, outlining a peer-to-peer encrypted storage solution. An updated paper two years later described a network connecting storage users with those having spare hard drive space. The platform launched in late 2018. Participants with hard drive space and reliable internet can join as nodes, earning Storj tokens for providing storage.

Storj was founded by Shawn Wilkinson in May 2014, who saw blockchain's potential for decentralized cloud storage. His co-founder, John Quinn, brought business development experience from investment banking. They published their first white paper in late 2014. The project was incorporated as Storj Labs Inc. in May 2015. Initially CEO, Wilkinson later stepped down, with Ben Golub taking over. Wilkinson now serves as CSO, while Quinn is CRO and board member. The platform raised 910 BTC (about $460,000) in 2014, $3 million in seed funding, and held a token sale.

Storj stands out as a decentralized cloud storage network, unlike traditional services that use large data centers. It runs on thousands of independent computers, allowing anyone with extra space to become a node by installing Tardigrade, provided they have a stable internet connection. This network efficiency results in lower costs for users compared to conventional cloud storage providers.

Initially, about 500 million STORJ tokens were minted on Ethereum. After a token sale, 75 million were burned, leaving just under 425 million in circulation. In 2017, the company reserved 245 million tokens, and the sale released 70 million tokens into circulation.

Storj Labs uses Tardigrade software on nodes to secure data, eliminating reliance on centralized providers. Files are encrypted before being split into fragments across anonymous nodes, with decryption keys distributed, making hacking nearly impossible. Node operators are rewarded with Storj tokens for hosting and verifying data through a proof-of-work process. This design protects against hacks and coordinated attacks that could compromise centralized storage.

Storj tokens are widely available on over fifty exchanges, including major platforms like Coinbase Exchange, Crypto.com, and Binance. Kraken allows direct conversion from USD and Euro. This liquidity stems from being one of the earliest blockchain projects, making it easy for users to purchase STORJ with various fiat and cryptocurrencies.