The Token Sale has ended. The goals of $30MM was reached. Congratulations to all who participated!
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Hi friends,
Anybody interested in Storj and its coin SJCX?
If you are not familiar with Storj, here's some background (thanks to Teeka Tiwari for much of this info). After, I will describe the crowdsale on right now and how to participate (the above link will take you right there).
In their own words: "Storj aims to be the world’s largest cloud storage provider without operating a data center. We’re providing the first crowdsourced, end-to-end encrypted cloud storage using blockchain technology and cryptography to secure files. We are creating a community to share bandwidth and storage. Storj is a platform, a token, and a suite of tools for developers looking to build better tools and applications."
Storj has created a platform that lets computer users lease out space on their hard drives. It is a peer-to-peer network comprised of “farmers,” users who rent out their spare hard drive space and bandwidth, and "renters" who purchase space and bandwidth. Storj acts as the middleman by matching renters of space to buyers of space.
What’s different about Storj is that you have to use SJCX to rent storage. People who lease out their hard drives receive fees in SJCX. As use of the network increases, the demand for SJCX increases with it. And as demand for SJCX increases, its price appreciates.
Storj does not use its own blockchain. They recently announced a migration to the Ethereum ERC20 standard from the Counterparty protocol on the Bitcoin blockchain. This is the same blockchain Microsoft, JPMorgan, and Barclays use.
Storj works by shredding up your data, encrypting it, and spreading it over hundreds of computers. Even if some of those computers go offline, Storj maintains three copies across the network. Storj has four competitors, but protects more data than all of its competitors combined.
Storj is up to 10x faster and up to 50% less expensive than traditional datacenter-based cloud storage solutions. You only pay for what you actually use. All other data companies tie you into paying for a specific amount of data regardless of whether you use it.
Also, Storj focuses its marketing efforts on attracting developers and has cut a deal to bundle its data-storage tools with a data-integration program that’s used by 100 million developers. It’s being beta-tested right now and will go live over the next several weeks.
How significant is that?
Right now, some 18,000 developers use Storj’s tools. Once the development platform goes live, the company projects it will add 30,000–50,000 new developers per month. The addition of all these new developers will create a surge in demand for SJCX the same way the Microsoft deal caused a surge in demand for ether tokens. (WIthin a year of Ethereum network's deal with Microsoft, ether when from $8 to as high as $54.)
Some big players getting interested in Storj, too. Cox Communications (the $18 billion media conglomerate) just inked a deal with Storj to handle its backup storage needs.
Here's more info on Storj and the cloud storage industry: https://storj.io/industry-overview.pdf
The Crowdsale
Storj began conducting a crowdsale today, May 19. The sale will close when the cap of $30MM is reached, or on June 19th, 2017 at 11:00 AM EDT (3:00 PM UTC), whichever is sooner.
As of this writing, Storj had already raised over $21 million. Tokens sold in the crowdsale are being priced accordingly:
1 STORJ / 0.50 USD
1 STORJ / 0.00025483 BTC
1 STORJ / 0.004055478952064239 ETH.
You can participate in the Storj Token Sale using either BTC or ETH to fund your purchase. You can use any ERC20 compatible wallet. Your STORJ tokens will be delivered to this address.
It makes sense that if the SJCX price is below 50 cents, you would buy SJCX tokens on an exchange such as Poloniex or Bittrex. Whereas, if the SJCX price is above 50 cents, you would participate in the crowdsale.
Once the crowdsale completes, Storj will migrate to the Ethereum ERC20 standard network. The slated timeline for the migration is July 19 to October 19. During that time, all SJCX coins will be converted on a 1:1 basis to the new Ethereum-based token. The new ticker symbol will be STORJ.
To participate, click on the link https://storj.io/tokensale. Towards the bottom of the page, there are FAQs.
Bye for now!