The STORJ token has exploded in price from $0.13 to over $0.24 in the last seven days. The significant price appreciation has taken the decentralised cloud storage platform into the top-100 projects (by market cap) and has fuelled rumours of an impending launch on the Coinbase exchange.
In early December, Coinbase listed Storj (STORJ) as one of a number of digital assets it plans to list in the near future. Of the 30+ digital assets the exchange outlined, there is a high potential that the Ethereum-based project may be listed ahead of other digital currencies on the list.
During the announcement, Coinbase did state clearly that to add a new asset, it would “require significant exploratory work from both a technical and compliance standpoint.” In this regard, the team behind Storj have been working closely with the major US-based exchange to fulfill these requirements.
In October, Storj Labs co-founder Shawn Wilkinson conducted a presentation at Coinbase’s headquarters in San Francisco. Wilkinson also presented to Coinbase’s People of Color Employee Resource Group (ERG) later in 2018.
Today, Storj's @super3 spoke to @coinbase's People of Color Employee Resource Group about the history of Storj and our decentralized cloud storage platform. Thanks to the Coinbase team for hosting us and learning more about our project. pic.twitter.com/TmhsQseKFZ
— Storj (@storj) October 11, 2018
What is the project trying to do?
Storj (STORJ) launched in November 2015 with the aim of providing decentralised cloud storage to its community. The blockchain platform works on the principle that each user is supposed to have an equal amount of space on the network. Users receive a certain amount of STORJ tokens for renting the extra disk space they provide to the network.
Users can participate in the network by running a node that is connected to a hard drive storing data on the cloud-based and encrypted network. The project believes that a high bandwidth node can potentially make “monthly earnings of approximately $58.80 per month, or $705.60 annually.”
However, in a comprehensive blog post, they state: “In the case of a smaller node in a more bandwidth-constrained environment (once the storage node has met its 9-month withholding amount), monthly earnings reach approximately $8.10 per month, or $97.20 annually.”
The network is growing every day
The company this week said that “we are a couple of weeks into our Explorer release and the network continues to grow every day!” They went on to mention that they currently have “about 10,000 people on the list” to set up storage nodes (and earn a profit) on their decentralised storage network.
With so many new storage nodes joining the network over the last few weeks, and a significant increase in token price, it looks like we may soon be hearing from Coinbase about a possible new addition to the platform.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.