ATLANTA, Nov. 5, 2019 /PRNewswire/ – Storj Labs today announced it will discontinue SJCX to STORJ token conversions on January 1, 2020. Token holders who don’t convert their utility tokens before January 1, 2020, won’t be able to do so after the deadline.
When Storj Labs migrated its SJCX token from the Counterparty blockchain to ERC-20 STORJ tokens on the Ethereum blockchain over two years ago, the company enabled token holders to convert their tokens on a one-to-one basis. The migration provided lower transaction fees for token holders, enhanced security, and enabled programmatic payments. The company initially provided SJCX with one year to convert their tokens, but extended the conversion period to allow those who had not yet converted to do so. Over the past six months, the number of conversions has been sufficiently low that the company reasonably believes that there is no need to maintain the converter, and will transition any of the converter reserve STORJ tokens remaining after January 1 to the general reserve.
STORJ utility tokens are used as a medium of exchange on the Tardigrade network, the enterprise-ready decentralized cloud storage service operated by Storj Labs. The tokens allow Storj Labs to easily pay its Hosts (formerly known as Storage Node Operators) for the bandwidth and storage they contribute to the network across more than 180 countries with minimal transaction fees and no conversion fees. People storing data on the network can also pay for their services using the STORJ utility token.
- For help converting tokens, users can visit the Storj Labs forum or contact support.
- To learn more about Storj Labs token uses, flows, policies, and other transparency efforts read this overview.
- To learn more about Storj Labs, visit the website at storj.io.
- To learn more about the Tardigrade platform, visit tardigrade.io.
- Follow us on Twitter at @storjproject.
About Storj Labs
Storj Labs provides secure, affordable distributed cloud storage that gives data ownership back to the user, instead of major corporations. The company’s open-source cloud storage platform utilizes spare disk drive space shared by its community members to create a secure network for developers, operations teams, companies, and others in need of secure cloud storage. The distributed architecture of the Storj network protects against attacks, improves reliability, increases download/upload speeds, and enhances performance when compared to many traditional cloud storage approaches.
Storj Labs also created the Tardigrade decentralized cloud service, the world’s first decentralized cloud object storage service. Tardigrade offers decentralized cloud storage that’s automatically encrypted, easily implemented, highly performant, exceptionally economical, and ridiculously resilient.
Currently, in beta, the Tardigrade service delivers durability, performance, and security that is better than major cloud providers, at a fraction of the cost. Through the Tardigrade Open Source Partner Program, any open source projects that enable users to store data on Tardigrade via connectors will receive a portion of the revenue generated by those users.
SOURCE Storj Labs