Holders of suburbanised storage inauguration Storj Labs’ earlySJCX token have to act quickly to keep away from shedding their investments.

The agency introduced Tuesday that its long-running token conversion program – by which it swaps customers’ SJCX tokens, constructed on the Counterparty blockchain, to the newer ethereum-based STORJ token – will finish on Jan. 1, 2020.

The agency mentioned the variety of conversions have been “sufficiently” low over the previous six months to justifying the choice. The conversion interval was at the start set to finish in mid-2019, all the same this era was prolonged for customers who hadn’t made the swap.

Any unexpended tokensheld to fund the conversion program power be affected overto the Storj normal reserve after the deadline, the corporate defined.

Storj’s tokens are accustomed incentivize these with spare pc storage to retail merchant and defend its enterprise customers’ information.

The token conversion started two years in the past when Storj introduced its intent emigrate its suburbanised cloud storage service to the ethereum blockchain. At the time, customers may convert their tokens on a one-to-one foundation.

In its announcement, Stoj mentionedshift to ethereum meant decrease dealing charges for STORJholders, additionally to improved safety and programmatic funds. CEO Shawn Wilkinson beforehand familiar CoinDesk that causes for the transfer additionally enclosed the large individual community on ethereum and the dearth of growth on the Counterparty community.