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’
Payment 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 (Storj.io) 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.
Instant Trading with Multiple Assets
The Picopayments concept is a stepping stone towards Counterparty’s long-time stated goal, which is to