Counterparty and Storj announces partnership to add support for payments channels

Counterparty announced its partnership with Storj to successfully develop payment channel technology for use on the Counterparty network.

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.

“Payment channels allow for instant, ‘streaming’ payments of SJCX, which is a Counterparty token, in exchange for storage space on our network,” said Storj CEO Shawn Wilkinson.

“We’re excited about this development and appreciate the initiative Storj took here. This is a huge step forward that will truly allow for rapid, almost frictionless Counterparty token payments, as well as eventual use of Counterparty tokens on the Lightning Network,” said Counterparty lead developer Ruben de Vries.

Counterparty is a platform for free and open financial tools on the Bitcoin network. Storj is a decentralized cloud storage platform.