Decentralized cloud storage firm Storj Labs’ early SJCX token holders need to move fast if they don’t want to lose their investments.
The company revealed on November 5 that its long-running token conversion program—in which it swaps clients’ SJCX tokens, based on the Counterparty blockchain, to the more up to date ethereum-based STORJ token—will end on January 1, 2020.
The company justified the decision by stating that the number of conversions has been “sufficiently” low in the past six months. The conversion time frame was initially set to end in mid-2018, but this period was reached out for clients who hadn’t made the swap.
Any outstanding tokens held to fund the conversion program will be moved over to the Storj general reserve after the end date, the organization clarified.
Storj’s tokens are utilized to boost those with spare computer storage to store and secure its enterprise clients’ records.
The token conversion started two years ago when Storj revealed its goal to move its decentralized cloud storage administration to the ethereum blockchain. Clients could convert their tokens on a one-to-one-basis at the time.
In its statement, Storj said the move to ethereum implied lower transaction costs for STORJ holders, along with improved security and programmatic payments. CEO Shawn Wilkinson earlier said that explanations behind the move also include the bigger user network on ethereum and the absence of advancement on the Counterparty network.