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Storj aims to "build a cloud storage infrastructure" on the Ethereum blockchain with end-to-end encryption and multiple service providers.
Each file uploaded to the Storj system will be encrypted and split into multiple parts, which are subsequently stored by multiple storage service providers.
These storage services providers, or Node Operators, are rewarded as they contribute to the overall network capacity by providing unused storage space and bandwidth to the network.
STORJ tokens are ERC-20 tokens and used for paying storage services on the Storj network.