Storj Labs, a distributed cloud storage provider. (PRNewsfoto/Storj Labs)

Decentralized cloud storage provider Storj Labs has launched a sale of its new Ethereum-based application token, STORJ (formerly SJCX). STORJ tokens will enable users to provide and receive storage services in the Storj Labs network.

Selling the STORJ tokens will enable Storj to advance product development and to speed the rate of innovation in cloud storage. By widely distributing its STORJ tokens to a global group of participants, Storj Labs expects to align interests with its users while accelerating developer adoption and network growth.

Storj Labs aim to disrupt established cloud storage providers like Amazon Web Services and Google Cloud Platform which control the $35 billion cloud storage market. Storj is leveraged by more than 20,000 API users and channel partners like Heroku and Microsoft Azure. The company recently exited beta, transitioning users of the platform to commercial support, billing and payment plans.

John Quinn, co-founder of Storj Labs., remarked: “Our ultimate goal here at Storj Labs is to disrupt cloud storage by delivering unprecedented security assurance, reliable performance, and blazing speeds – all without a hefty price tag. This Token Sale will help us to significantly increase resources so that we can accelerate development of our decentralized network and disrupt the traditional cloud providers. It redefines our development limits.”

Storj recently announced a migration of SJCX from the Counterparty protocol on the Bitcoin blockchain to the Ethereum ERC20 token standard in an effort to improve quality of service, reduce network transaction fees and encourage Storj users to participate in a more active and robust development community. A 1:1 conversion from SJCX to STORJ will take place for existing token holders.