Introduction
STORJ is the encrypted cloud storage project based on blockchain technology. It is an open source storage platform where data is not centralized, monitored, or have downtime. It is the first decentralized, end-to-end encrypted cloud storage.
Storj is one of the most secured, cheap and fastest cloud available. Each file is sharded and encrypted before being sent out to the hard drive space across the network. It is secured because the key to decrypt it is with customer only. The network is distributed and because of it, no one should worry about the speed, it is blazing fast. Anyone can rent out the extra space available on his hard drive and get paid for it.
“Decentralized file storage system like Storj have the potential to eliminate high markup costs and market inefficiencies and provide a much higher level of privacy, reliability and quality of service than we see today.” – Vitalik Buterin
Background
It was originally launched in 2014 with its token sale. It has an existing token SJCX (the original Storj token) with a working product and protocol, which allows users to purchase storage and bandwidth, and get paid for renting out hard drives and bandwidth. There are 51,173,144 SJCX currently in circulation, out of a total supply of 500,000,000 SJCX.
STORJ is planning to migrate to Ethereum based ERC20 token platform because of faster transaction time and cheaper transaction fees in Ethereum blockchain.
Token Sale Details
STORJ is planning another token sale that will begin on May 19th, 11:00 AM EDT (3:00 PM UTC) and end on June 19th, 11:00 AM EDT, or when the cap is reached.
Primary objectives for the token sale:
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Fund and accelerate ecosystem and protocol development
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Migrate our token from the Bitcoin to the Ethereum blockchain
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Bring Storj Labs Inc.’s strategic token holdings in line with market expectations
Since, SJCX will remain liquid during the sale, company wants to incentivize people to buy the new STORJ token from the token sale in order to maximize the funds available to speed up development of the Storj ecosystem and sustain it over the long term.
STORJ has set a target and cap of $30 MM for the token sale. The sale price will be fixed at $0.50 per STORJ token, payable in BTC or ETH equivalent. In order to incentivize our supporters to participate in the sale, they will be burning one token from the outstanding reserves for every token sold in the sale. All existing SJCX Counterparty tokens will be converted on a 1:1 basis to the new Ethereum based ERC20 token called “STORJ”. The migration will start no later than July 19th 11:00 AM EDT (3:00 PM UTC) and end October 19th, 11:00 AM EDT.
Also read: Best Cloud Storage Providers of 2017.
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