Proof-of-Storage (sometimes called Proof-of-Space) coins like STORJ, Filecoin, Arweave, and Sia show a lot of promise in the Web 3 space due to the fact that NFT and metaverse projects are driving demand for storage spaces that are both secure and decentralized. (Web2 servers are centralized and often have a single point of failure.) STORJ has recently released a (closed) beta for an IPFS Pinning Service similar to Pinata and other IPFS services, which probably explains the jump that happened this week in its price.

IPFS is a complex, often misunderstood technology – what exactly is “Pinning” and how does it play into the broader picture of Web3 projects?