Storj Cryptocurrency Spikes To 4-Month High Later Ethereum Migration Announced


Atlanta-based Storj Labs Inc., developers of the blockchain-based cloud storage network Storj, announced today it volition hold out switching its digital currency (SJCX) over to the Ethereum token framework.

Since launching, Storj Labs has used the Counterparty smart token platform, which runs on altitude of the Bitcoin blockchain.

But ascension Bitcoin transaction fees together with delays, coupled alongside the lack of evolution together with updates of the Counterparty platform, bring prompted the Storj evolution squad to migrate to the to a greater extent than pop Ethereum ecosystem, which Storj Labs CEO Sean Wilkinson called a “more active together with robust evolution community.”

In his spider web log post, Wilkinson explained that the ascension transaction fees of the Bitcoin network bring created an untenable province of affairs for Storj cloud storage providers:
“For the Feb farmer payout nosotros paid over $1,600 inward transaction fees, or well-nigh 13% of full payouts. This is non sustainable or scalable.”
Storj Labs partnered alongside Counterparty concluding yr to run on ultra-fast micropayments for SJCX, which would bring been based on the upcoming Lightning Network beingness developed past times Bitcoin Core developers.

However, Storj developers instantly believe that this path is “unlikely to hold out broadly useful” every bit the Counterparty platform has rattling piffling adoption, “The Counterparty ecosystem is small. Very few other organizations are using it at scale.,” said Wilkinson.

As a upshot of the mounting issues alongside the Counterparty platform, along alongside many requests from inside the Storj community itself, the Storj Labs squad made the determination to migrate its token to the Ethereum ERC20 token standard.

Ethereum’s token platform already supports the tokens of major projects similar decentralized computing platform Golem (GNT), also every bit REP, the token of the decentralized prediction marketplace position Augur.

Wilkinson said a roadmap volition hold out set out for the migration process, together with existing SJCX holders volition hold out allowed to swap their Counterparty-based tokens to Ethereum-based SJCX.

The tidings lifted the SJCX/BTC substitution charge per unit of measurement to a 4-month high of 0.000238. At press time, 1 SJXC token costs well-nigh 0.000206 BTC:









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