Atlanta-based Storj Labs Inc., developers of the blockchain-based cloud storage network Storj, announced today it volition endure 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 meridian of the Bitcoin blockchain.
But ascent Bitcoin transaction fees as well as delays, coupled amongst the lack of evolution as well as 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 as well as robust evolution community.”
In his weblog post, Wilkinson explained that the ascent 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 inwards transaction fees, or well-nigh 13% of full payouts. This is non sustainable or scalable.”
Storj Labs partnered amongst Counterparty concluding twelvemonth 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 directly believe that this path is “unlikely to endure broadly useful” every bit the Counterparty platform has really piffling adoption, “The Counterparty ecosystem is small. Very few other organizations are using it at scale.,”
said Wilkinson.
As a termination of the mounting issues amongst the Counterparty platform, along amongst 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), besides every bit REP, the token of the
decentralized prediction marketplace position Augur.
Wilkinson said a roadmap volition endure set out for the migration process, as well as existing SJCX holders volition endure allowed to swap their Counterparty-based tokens to Ethereum-based SJCX.
The word lifted the SJCX/BTC substitution charge per unit of measurement to a 4-month high of 0.000238. At press time, i SJXC token costs well-nigh 0.000206 BTC:
