Ethereum-Based Application Token Storj (Formerly SJCX)

Storj Labs, Inc. has launched a sale of its Ethereum-based application token, STORJ (formerly SJCX).

STORJ tokens will enable users to provide and receive storage services in the Storj Labs network.

Selling the STORJ tokens will enable the company to advance product development and to speed the rate of innovation in cloud storage. By widely distributing its STORJ tokens to a global group of participants, the firm expects to align interests with its users while accelerating developer adoption and network growth.

The company disrupts established cloud storage providers like Amazon Web Services, Microsoft Azure and Google Cloud Platform which control the $35 billion cloud storage market. The firm is leveraged by more than 20,000 API users and channel partners like Heroku and Microsoft Azure. The company recently exited beta, transitioning users of the platform to commercial support, billing and payment plans.

“Our ultimate goal here at Storj Labs is to disrupt cloud storage by delivering unprecedented security assurance, reliable performance, and blazing speeds – all without a hefty price tag,” said John Quinn, co-founder, Storj Labs. “This Token Sale will help us to increase resources so that we can accelerate development of our decentralized network and disrupt the traditional cloud providers. It redefines our development limits.“

The company recently announced a migration of SJCX from the Counterparty protocol on the Bitcoin blockchain to the Ethereum ERC20 token standard in an effort to improve QoS, reduce network transaction fees and encourage company’s users to participate in a more active and robust development community. A 1:1 conversion from SJCX to STORJ will take place for existing token holders.

Resources:
How Storj Works (video)
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