Storj Blog

If you are still holding StorjcoinX (SJCX), it’s time to convert the deprecated* coins to STORJ tokens. On June 29, 2018, Poloniex, the main exchange that supports SJCX, will permanently shut down all withdrawals of SJCX tokens still held by their customers. Poloniex already disabled SJCX trading on October 26, 2017, when they listed our new STORJ token. Starting May 16, we will open the STORJ converter app, located at https://sjcxto.
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Since Bitcoin made its debut more than nine years ago, economists have continually debated how tokens and cryptocurrencies relate to (and differ from) traditional monetary economics. These economic theories attempt to understand the functions of money as an exchange medium, a store of value, and a unit of account — all of which are regularly debated within the token community. Token economies are critical to healthy, functioning token ecosystems and attempt to ensure the long-term viability of the platforms.

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Today, the Storj Labs team is pleased to announce our STORJ token is now supported on ShapeShift, one of the top instant digital asset exchanges in the world. This marks another milestone for Storj Labs, as ShapeShift’s API will enable companies integrating with Storj to leverage smart contracts to exchange STORJ for other digital assets in real time. Other STORJ token holders can also swap STORJ for a wide array of digital assets without having to store them on a centralized exchange.

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When our team at Storj Labs architected the STORJ token sale, our goal was to ensure we had enough runway to realize our grand vision: to build the largest, fastest, most secure, decentralized cloud storage platform in the world. To accomplish this lofty goal, we created a reserve of 245 million tokens we could use in the future to fuel the growth of our network. These tokens were placed into a six-month lock-up to be used at a later date.

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Over the past few weeks, you’ve likely noticed that STORJ tokens have been listed for trading on a number of new exchanges. The most recent listings were on Binance and Poloniex, two of the largest exchanges in the world. Our team has been working hard to ensure you, our token holders, can easily trade your tokens - whether you’re selling tokens you’ve earned as a Farmer on the Storj network or acquiring tokens to purchase services.

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