Storj Labs announce Ethereum token sale

Decentralised cloud storage provider Storj Labs has announced it will be selling digital tokens held by the company will converting to an Ethereum-based application token.

The company hopes the token sale will enable users to participate in the Storj network and gain access to related services from the company.

Individuals who currently hold Storj tokens will be able to convert into the Ethereum-based token on a one-to-one basis. The token sale will not increase the total supply of tokens.

“The Storj Labs community is growing rapidly. We’ve seen incredible growth of both the number of nodes renting out space and bandwidth to the network and users of our service,” Said Shawn Wilkinson, CEO/CTO Storj Labs.

“The token sale allows us to provide this community with the opportunity to participate in our network, as well as accelerate product development to meet this demand. We’re looking forward to collaboration and accelerated innovation made possible with this token sale.”

Global demand for cloud storage

The Storj token sale is one of the first times a token has been migrated from the Bitcoin blockchain to the Ethereum blockchain. The company will move to the Ethereum ERC20 from the Counterparty protocol on the Bitcoin blockchain.

Analysts are predicting that the cloud storage market could pass $65 billion by 2020.

Demand is being driven the desire for lower costs, increasing adoption of cloud technologies as well as concerns over privacy and security.

Storj Labs use a P2P network and community, based on ‘farmers’ who rent out their hard drive space, to ‘provide a secure, cost-effective and high performance alternative to traditional cloud storage solutions’.

The user data is stored in a decentralised way using state-of-the-art cryptography and Ethereum blockchain technology.

“I believe that Storj Labs is one of the most established blockchain-based enterprise plays today,” Iterative Instinct Management LP co-founder Chris Dannen.

“I’d expect this token sale to be among the top five token sales to date on Ethereum, and it’s because no one is doing storage like this. If Amazon hasn’t taken notice, they soon will.”

Full details of the token sale can be found here.



  1. 2l7Inc

    June 15, 2017 at 4:39 pm

    619845 988039It is genuinely a cool and beneficial piece of information. Im glad which you basically shared this beneficial data with us. Please stay us informed like this. Thank you for sharing. 136294

  2. Arnetta Timperman

    October 5, 2017 at 10:50 pm

    Great article post.Thanks Again. Really Great.

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top

We are using cookies on our website

We use cookies to personalise content and ads, to provide social media features, and to analyse our traffic. Please confirm if you accept our tracking cookies. You are free to decline the tracking so you can continue to visit our website without any data sent to third-party services. All personal data can be deleted by visiting the Contact Us > Privacy Tools area of the website.