Holders of decentralized storage startup Storj Labs’ early SJCX token have to act quickly to keep away from shedding their investments.
The agency introduced Tuesday that its long-running token conversion program – by which it swaps customers’ SJCX tokens, constructed on the Counterparty blockchain, to the newer ethereum-based STORJ token – will finish on Jan. 1, 2020.
The agency mentioned the variety of conversions have been “sufficiently” low over the previous six months to justifying the choice. The conversion interval was initially set to finish in mid-2019, however this era was prolonged for customers who hadn’t made the swap.
Any remaining tokens held to fund the conversion program might be moved over to the Storj normal reserve after the deadline, the corporate defined.
Storj’s tokens are used to incentivize these with spare pc storage to retailer and defend its enterprise customers’ information.
The token conversion started two years in the past when Storj introduced its intention emigrate its decentralized cloud storage service to the ethereum blockchain. At the time, customers may convert their tokens on a one-to-one foundation.
In its announcement, Stoj mentioned shift to ethereum meant decrease transaction charges for STORJ holders, in addition to improved safety and programmatic funds. CEO Shawn Wilkinson beforehand informed CoinDesk that causes for the transfer additionally included the bigger person community on ethereum and the dearth of growth on the Counterparty community.
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