/r/Rad_Decentralization is my go-to subreddit for leisurely reading on decentralized tech and links for the weekend roundup that I write.
That sub is also hosting a Strojcoin X giveaway right now that is available to anyone with a relatively active Reddit account.
“/r/Rad_Decentralization has been extremely supportive of Storj from the start and as a thank you we would like to give you all a little something back,” the Storj team wrote on Monday. “Your head moderator, /u/ThatchNailer, contacted us with the idea for a Storjcoin X (SJCX) giveaway — so that’s exactly what we’re going to do!”
Of the SJCX up for grabs, 25,000 coins will be equally distributed among the giveaway’s participants, and another 25,000 coins will be sent to a randomly selected participant.
Here is what you need to do to claim your share of the coins:
- Have a Reddit account that is at least two months old and with at least 200 comment karma or 100 link karma.
- Have a wallet that supports Counterparty, because that’s the protocol on which SJCX is based.
- Post your wallet address in the comments of the giveaway post. (Here is that link again.)
Storj and SJCX
Storj is building a decentralized cloud storage platform based on blockchain technology. It currently has two apps in various stages of public-readiness: DriveShare, which lets users earn money for sharing part of their hard drive space with the Storj network for storage; and Metadisk, which is the drag-and-drop interface for users to store their data on the network (check out the Metadisk whitepaper for much further detail).
Storjcoin X is the cryptocurrency that works on top of the Stroj network. It’s how users will be able to pay for services. The coin is based on the Counterparty protocol, and users sharing hard drive space on DriveShare will eventually begin earning Storjcoin X as a reward for their participation.
In July, Storj held a crowdsale in which it put 500 million SJCX X up for sale. The crowdsale raised 910 BTC for Storj’s continued development.
“Most SJCX has not yet been generated, but the developers plan to use a timelock transaction to ensure they cannot be arbitrarily spent,” CoinTelegraph’s Andrew Wagner noted in August.
Distribution of all 500 million coins will be divided up as follows:
- 70% will be distributed via crowdsales
- 15% will go to a community pool
- 15% will go to a developer pool
Shortly after the crowdsale began on July 18, the Storj team posted an announcement of the coin’s release on Bitcointalk.org:
“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.”
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