Counterparty and Storj Unveil Payment Channel Technology

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Storj and Counterparty have partnered up to create an interesting new concept. The primary focus of this project is to add support for payments channels supporting the SJCX token. As a result, it will be possible to allow for “streaming” payments of SJCX in exchange for storage space on the Storj network.

Storj And Counterparty Payment Channel Technology

Bringing payment channel technology to the Counterparty network is quite a significant milestone for cryptocurrency. Using this particular technology within the Storj ecosystem opens up exciting opportunities. Cryptocurrency enthusiasts will know the Storj project as a decentralized take on cloud storage solutions. Users give up their unused hard disk space in exchange for receiving SJCX tokens.

This new project has been in the works for quite some time, as the Storj team developed an initial proof-of-concept to ensure the technology is compatible with Counterparty tokens. The SJCX token, which is the native “currency” of this decentralized cloud storage network, is issued over the Counterparty protocol.

For the time being, this payment channel technology allows for unidirectional payment channels. Counterparty and Storj users can stream

Read more ... source: LiveBitcoinNews

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