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
https://www.youtube.com/watch?v=vl3bUzfn2lg

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.

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.

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.