(Update -terms of the sale are available here)
Decentralized cloud storage firm, Storj, has announced that it will be raising funds via a crowdfunding sell using the Counterpary protocol. Competing against centralized cloud storage products like Dropbox, Google Drive and Box, Storj uses a decentralized system where owners of excess disk space can become compensated by providing digital storage to other users.
In what can be described as the bitcoin of data storage, Storj uses bitcoin-like features such as a centralized blockchain and cryptographic features for user privacy. Like the bitcoin protocol which rewards providers of computer resources that run the blockchain with bitcoins, Storj incentivizes operators of the networks software who provide resources to store and transfer information with Storjcoins. According to Storj, the main benefits of using a decentralized model is that it provides a lower cost structure as well as privacy and security benefits. As part of the sale, Storj has published a slidedeck touting its existing achievements and potentials.
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In announcing its crowdsale, Storj will be posting its funding page today, with the sale set to go live on Friday. According to Storj, the sale will operate using the Counterparty (XCP) protocol. The sale is similar to the ongoing crowdfunding initiative by Swarm also using XCP and which is being funded using bitcoin. In this sale, investors will be able to send bitcoins to the address which will be posted on Friday using Counterparty’s Counterwallet. Upon confirmation of the transfer, received bitcoins are exchanged into Storjcoin X.
According to Storj, in addition to receiving Storjcoin X, funders will also be put in line to use the decentralized storage system, which is operated using their DriverMiner and MetaDisk products. Storj added that Participants in the sale will also “receive a stake in any future tokens in the Storj ecosystem”.