Cloud Storage Startup Storj Raises 910 BTC in Crowdsale

Aug 22, 2014 at 15:28 UTCUpdated Aug 22, 2014 at 19:21 UTC. Decentralised cloud storage platform Storj has raised 910 BTC in a crowdsale.

Participants in the Crowdsale are to be rewarded with early access to Storj's DriveShare and MetaDisk apps, which enable users to rent out their unused hard disk space and store their files on the Storj network, respectively.

"The team at Storj is very pleased with the outcome of the crowdsale. It has beaten the best of our expectations and we want to send each one of you a big thank you for the support shown."

The post reveals that the funds will be used for staff salaries, marketing, advertising, community funding, legal counsel and the development of Metadisk and DriveShare.

The company explained that, once DriveShare is ready for beta testing, the release will be staggered.

Initially, a small group of people will test the network and offer feedback.

Only those involved in the crowdsale will be part of the network until the company opens the app up to the general public.

Those who rent their spare storage space via DriveShare are paid in Storjcoin X - a cryptocurrency that runs on the Counterparty protocol.

The currency is also used to purchase space on the Storj network via Metadisk.

In the interests of transparency, Storj has published its bitcoin and Storjcoin X addresses so users can track how and when the funding is spent.