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Monday 20 November 2017
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PRESS RELEASE—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 pay for this service in Storjcoin X—known as SJCX, the network’s native currency—in proportion to how much space they’re using. This undercuts traditional corporate cloud storage services by an order of magnitude.

The bitcoins collected from the crowdsale will be put to good use by the Storj team. Some of it will be used to reimburse people for prior expenses paid out of pocket, and to 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. Similar to how Metadisk lets one use storage space on the network, DriveShare lets you contribute it; dedicate enough of your hard drive to DriveShare, and you can recoup the costs of your Metadisk useage by getting paid in SJCX. As soon as the beta is live, crowdsale participants will be given early access, in an order decided by when and possibly how much they contributed.

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. After the rest are generated, 75 million of those will be spent on projects chosen by the community; 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 traditional centralized services 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 hello@storj.io.