Announcing a Return to our Roots: The All-New Bitcoin Magazine

Storj Crowdsale Conclusion

by

         Storj Crowdsale Conclusion

The initial Storj crowdsale has finally come to a close, and the Storj team is pleased with the results, having raised at least 910 BTC. Although they are still hard at work on furthering development, the funding raised for their decentralized cloud storage platform exceeded their expectations.

Storj, for the uninformed, is designed to allow users to store files over their peer-to-peer network. Using Metadisk, one can upload content to the network for distributed storage across its participating nodes; users either pay for this service in Storjcoin X–known as SJCX, the network’s native currency–or allow the network to store an equivalent amount of data on their own computer. This undercuts traditional corporate cloud storage services by an order of magnitude.

The Storj team promises to put the money from their crowdsale to good use. Some of it will be used to reimburse people for prior expenses paid out of pocket, and pay for salaries for full-time contributors as well as freelance work. The rest will go to further cloud storage development, research into decentralized technology, marketing and PR, community initiatives and projects, and legal counsel.

In addition to helping promote a decentralized Internet and earning Storjcoin X, crowdsale participants will receive early access to DriveShare. DriveShare is another cloud storage application, but its purpose is slightly different from Metadisk: primarily for those who just want to make SJCX and have plenty of hard drive space to spare, it allows users to rent it out to the network. As soon as the beta is live, contributors will be given access in the order in which they contributed, until it’s ready for full public release.

Transparency is very important to Storj, and they have released a full list of their team members upon request. They want to make sure all funding is properly allocated, so you can track all of the bitcoins they raised from the crowdsale at address 132aBrspLgL54cm9eQfGNFLGqXwBRQrugc, as well as the leftover Storjcoin X at 19KvumZgcs2owq9tF2obyg1SBmXDVdzNnW. Most of that will be used to reward users who contribute resources to the network.

Most SJCX has not yet been generated, but the developers plan to use a timelock transaction to ensure they cannot be arbitrarily spent. 75 million of those will be spent on community organization, such as elections. Another 75 million is reserved for platform developers working full-time or those seeking to earn development bounties. The rest will go to bounties encouraging the development of new apps on the Storj platform, and future crowdsales if necessary.

Going forward, the Storj team hopes to to make centralized services like DropBox a thing of the past, and are excited for the future. To get more news and updates as they come, you can subscribe to the Storj newsletter via their website, or register on their forums where there’s an active community to help you. You can email questions or comments to [email protected]

Recommended

Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

Rather than focusing simply on what the genesis block is, today is a day to reflect on what the genesis block represents.

Colin Harper

Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For the crypto industry, recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

Courtney Rogers Perrin and Joshua Lewis

Bitcoin Price Analysis: Blowing Through Support Levels on the Way to $3,000

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

Bitcoin Schmitcoin

Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets — regardless of whether they function as alt coins or utility tokens — are securities at least initially and, thus, subject to its jurisdiction.

Huhnsik Chung and Nicholas Secara