Storj
Storj is a decentralized cloud data storage platform optimized for enterprise-level workloads.
Website: https://www.storj.io/
HQ: Atlanta, Georgia, United States
Active Markets: Global
Problem Addressed
Existing cloud storage services are often expensive and resource intensive. Providers utilize centralized data centers, taking up massive amounts of physical space and are less secure as single points of failure in the instance of security breaches or cyberattacks.
Project Description
Storj specializes in offering decentralized cloud storage, leveraging the ability to store data in a distributed manner. Decentralization eliminates the single point of failure and lowers the costs of storage by making use of existing storage capacity spread across the globe. Storj does this by coordinating a network of distributed disk drive space providers to make cloud storage continuously available, protected by encrypted access permissions. On Storj, data is encrypted, split into pieces, and then distributed across the world to various uncorrelated nodes where it can be retrieved by permissioned parties at any time. Data is secured on the platform through zero-knowledge proof cryptography.
Progress to date
Storj’s approach to large data set capacity secured a multi-university consortium storing physics and cosmology supercomputer data and simulations, which are able to be shared efficiently with their global teams. The project claims to reduce data storage carbon emissions by 83% compared to other providers. In early 2023, Storj partnered with zkSync Era to leverage zero-knowledge rollup technology, which reduces gas fees and improves storage payment efficiency and transaction speeds.
Business Data
Status: Active
Constituency Served: enterprises, creators, artists, universities, research organizations
Networks: Ethereum
Known Investors: George Burke, Tank Stream Ventures, BnkToTheFuture, Gabriel Jarrosson, State of Utah, Iterative Capital Management, TechSquare Labs, Tyler Scriven, GVA Capital
Additional References: N/A
Business Model
Storj offers a variety of pricing models, from pay-as-you-go to contract reserved capacity options.
Traction
Storj has over 22,000 nodes distributed across the globe, and offers an 80-90% reduction in cloud storage costs. According to Bootsy Labs, Storj has over 10 million users and tens of thousands of agencies and organizations using their storage services.