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Open Source Decentralized Storage Platform Storj Upcoming Token Sales

Storj, an open source decentralized storage platform, its company Storj Labs decided to launch second round of token sales to raise $30 million to finance its future operation on 19th May 2017 after 3 yeas of first one in 2014. Besides that, its current counterparty-based token Storjcoin will be migrated to Ethereum’s ERC20 standard. Current token holders will be able to swap equivalent amount of Ethereum’s token.

The total supply of the tokens on Counterparty blockchain will be completely moved to Ethereum platform. So the coin supply will be same. Storj Lab will sell this Ethereum tokens under their control at the upcoming token sales. The old Storjcoin users are able to swap to Ethereum-based tokens with one to one basis around the middle of June, when the company will release an app to simplify the conversion process. Users can send old tokens to an provided Counterparty address by the app, provide new Ethereum address to receive the new tokens. The old counterparty tokens will be burnt. The process will be pretty straight forward.

As we knows, storjcoin is listed for trading on many leading altcoins exchanges. In order not to impact the current investors’ interests, the company indicates that they will sell the token at a fair and close to the spot price, like 30 day volume-weighted average price before the start of the crowdsales. However, the exact sale price is not available yet.

How does Storj network work?

Storj is a decentralized cloud storage platform basing on blockchain technology and cryptography and faster, cheaper, and more secure than traditional cloud storage platforms. Users can store files in the platform. Before files being uploaded to the storage, the files are shredded into little pieces and encrypted. No one has a complete copy of the files or even have a chance to glance the content of the files. The shredded files are saved in many copies to the decentralized networks, which eliminate the chance of losing the access to your files.

Any one can rent out extra hard drive space through a process drive farming to farm storj coins. They are farmers and provide cloud storage to earn Storj coins.

How tokens are allocated and future plan?

The total supply of the token will remain at 500,000,000. The circulating supply on the market has only 51 million. The rest of tokens are still held by the company. The company plans to sell $30 millions of tokens and should be estimated around 60 millions of Storj coins (based on current price $0.5/token) . There is still 400 millions left and controlled by the company, which has been accused by users for controlling the surplus supply.

The company is working with CoinFund – to address this issue in a fair and transparent way. From Storj blog, they propose two possible sullutions, such as sending the remaining unsold tokens in a time-locked contracts or burning some amount of tokens to reduce the supply. But what proposal they will take will be clear before token sales.

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