decentralized storageIn the wake of the recent Celebgate controversy, the privacy-conscious have realized the need for secure storage solutions. Storj is an innovative new cryptocurrency designed to decentralize the cloud storage industry. The “fuel” of the project is a coin called Storjcoin X. In the past week, the Storjcoin X price has risen 62%–quite possibly due to the recent hack of Apple’s iCloud, which resulted in the theft of numerous celebrities’ private photos. CCN examines this altcoin price increase to give investors the information they need to make an informed investing decision.


Storjcoin X Price Rises 62% in Wake of “Celebgate” Apple iCloud Hack

Storj hangoutOne of the primary goals of cryptocurrency is to decrease the myriad of threats associated with centralization. Unfortunately, many in the general public remain unaware or unconcerned that much of their private data is stored in centralized company servers. Hopefully, that has changed since Celebgate, which highlighted security vulnerabilities associated with Apple iCloud and other centralized cloud storage providers. While many in the media sensationalized the superficial aspects of the ordeal, expressing shock that people would look at the celebrity photos–and accusing those who did of digital rape–Celebgate will hopefully cause people to begin paying more attention to the way they allow companies to store their data. Luckily, solutions are in development.

Storj is a cryptocurrency-based project that will decentralize cloud storage by allowing users to rent their extra hard drive space in exchange for Storjcoin X tokens, which they can either sell or redeem when they need to utilize someone else’s extra hard drive space. In a recent blog post, Storj explained why their service is superior to iCloud and other storage providers.

At the end of the day the users own and control the data, not a company. Traditional cloud storage providers have failed miserably when it comes to data failure and security, and this seems to get worse with time. These companies try their best, but it’s the model that’s broken. By eliminating central servers and encrypting all content, we start to eliminate these major problems with cloud storage today.

Storjcoin X Price Rise

In anticipation of the increased attention decentralized storage solutions could soon receive, the Storjcoin X price rose 62% over the past week. The Storjcoin X price began the week at ~3,050 satoshis and began to rise on September 10. Over the next 48 hours, the Storjcoin X price rose to an even 4,000 satoshis, after which it underwent a mild decline. Following that brief decline, the Storjcoin X price resumed its ascension, rising to the current price of 4,728 satoshis, representing a 27% daily and 62% weekly rise. At present, Storjcoin X ranks 37th in total market cap with a valuation of ~$890,000.

Storjcoin X Price chart 7 day sept 14
7-Day Storjcoin X Price Chart from CoinGecko.

Storj is an innovative project, which bodes well for the future Storjcoin X price outlook. Few altcoins introduce truly new ideas or technology to the cryptocurrency marketplace, so those that do have a higher chance of yielding solid returns for early investors. Investors should consider Storj a promising (albeit high-risk, as all cryptocurrency investments are) long-term investment opportunity.

Storjcoin X Giveaway

If you are interested in acquiring Storjcoin X but are short on money, Storj are currently distributing 50,000 Storjcoin X  through a giveaway on the Radical Decentralization subreddit. To enter, just post your Counterwallet address as a response to the giveaway post. Storj will give one random recipient a grand-prize of 25,000 Storjcoin X (worth 1.2 BTC at the current exchange rate) and everyone else will receive an equal distribution of the remaining 25,000 coins.

Disclosure: The author currently has 105 Storjcoin X. Featured images from Shutterstock.