Storj & Counterparty Testing Instant Micropayments Channel

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Counterparty and distributed storage platform Storj have teamed up to develop off-blockchain “payment channels” similar to the much-anticipated Lightning Networks.

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Storj  Counterparty Developing ‘Picopayments’

storjPayment channel technology, which allows users to transact instantly and settle on the Bitcoin blockchain at a later stage, will also power upcoming Lightning Networks – designed to make micropayments fast, cheap and commonplace.

This proof-of-concept implementation of a payment channel is called “Picopayments,” and will allow users to transact in Storj’s token SJCX, or other Counterparty-based assets, with other users.

Storj CEO Shawn Wilkinson said:

Payment channels allow for instant, ‘streaming’ payments of SJCX, which is a Counterparty token, in exchange for storage space on our network.

Storj ( is an encrypted, distributed storage platform where users can securely store files and even apps in the cloud, with no central servers to attack or censor.

It launched a public beta in April and is now part of Microsoft’s Azure blockchain-as-a-service platform.

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Bitcoin.com_Counterparty Logo NewThe Picopayments concept is a stepping stone towards Counterparty’s long-time stated goal, which is to

Read more ... source: TheBitcoinNews

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