Storjcoin X (SJCX) - A Coin for Decentralized Cloud Storage Beginning on Friday, July 18, 2014 at 8:00 AM (EST), Storj began releasing Storjcoin X (SJCX). This token will serve as a means of exchange for cloud storage space and bandwidth across the Storj network. Users will obtain SJCX by renting out their resources to the network via DriveMiner when it is released in the near future, and they’ll be able to rent space from other users using Metadisk. Participants in the crowdsale, which went live at the same time, will also receive SJCX according to how much they contribute. Total supply: 500,000,000 coins Protocol: Issued on top of Counterparty (XCP) Crowdsale Page: http://storj.io/crowdsale.html Storj Explained in 60 Seconds Decks https://speakerdeck.com/super3/storj-crowdsale-deck https://speakerdeck.com/super3/storj-deck-v1 Why Storjcoin X? We love Bitcoin; we only created Storjcoin X because we had to. We are working on implementing features like sending data to an address, key-resource, etc., and it is not possible to implement these features on Bitcoin because of the metadata size limits. By using Storjcoin X we have some flexibility in terms of implementation. Unlike other cryptocurrencies, we plan to reintegrate with Bitcoin should treechains or sidechains become viable via a hard fork, but we are simply are not going to wait for it. Exchanges We have already been contacted by a few exchanges. Exchanges will go live at the end of the crowdsale. If you would like to add SJCX, please contact email@example.com. Wallet Since Storjcoin X will be implemented on Counterparty, a compatible wallet is required such as CounterWallet. Allocation The coins will be created in advance in order to satisfy the demand of crowdsale participants. Any additional coins not sold in the crowdsale will be allocated to the developer pool, to be distributed to crowdsale participants through hard driving mining (also known as farming) or use in future crowdsales (decentralized Youtube, Imgur, etc. on Storj). Developers will not use these coins to dump for financial gain. Crowdfunding Sales - 70% Community Pool - 15% Developer Pool - 15% Community Pool Storj believes that that the devs should not rule the coin. After all, that's not decentralization, is it? We are trying something completely new by issuing a community pool equal to the developer pool. Any BTC in the community pool will be managed with Bitpay’s multi-signature Copay wallet. We will have to build a multi-signature wallet for SJCX. Funds will be managed by trusted community members who will listen to and act upon community proposals. This will be the first coin that allows the community to have equal power to the developers. Make your voice and proposals heard at http://storjtalk.org/ Mining Users will not “mine” the coins in a traditional way. Instead, they will be compensated for providing their unused resources to the network via DriveMiner. This process will be simplified within the application. Block Explorer http://blockscan.com/assetInfo.aspx?q=SJCX Social Media Updates regarding Storjcoin X will be posted on the Storj social media profiles, the Storj forum, and/or here on Bitcointalk.