Decentralized Storage Startup Storj to Conclude Token Conversion System

Holders of decentralized storage startup Storj Labs’ early SJCX token need to act shortly to prevent getting rid of their investments.

The organization introduced Tuesday that its extensive-jogging token conversion system – in which it swaps users’ SJCX tokens, created on the Counterparty blockchain, to the newer ethereum-centered STORJ token – will close on Jan. 1, 2020.

The organization claimed the variety of conversions have been “sufficiently” small about the previous six months to justifying the conclusion. The conversion interval was at first established to close in mid-2018, but this interval was extended for consumers who hadn’t created the swap.

Any remaining tokens held to fund the conversion system will be moved over to the Storj typical reserve right after the closing date, the firm described.

Storj’s tokens are used to incentivize these with spare pc storage to retail store and defend its organization users’ data files.

The token conversion started two several years ago when Storj introduced its intention to migrate its decentralized cloud storage services to the ethereum blockchain. At the time, consumers could transform their tokens on a just one-to-just one foundation.

In its announcement, Stoj said shift to ethereum intended reduced transaction fees for STORJ holders, as nicely as enhanced safety and  programmatic payments. CEO Shawn Wilkinson earlier told CoinDesk that explanations for the go also provided the greater user community on ethereum and the absence of improvement on the Counterparty community.

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