Online shoppers can earn cryptocurrency as rewards on the decentralized StormX network, which is run by the STMX token. Additionally, it is utilized to store money on the future StormX Debit Cards.
Cryptocurrencies are now considered to be the cutting-edge alternative investment of choice for individuals seeking rapid development. However, the cryptocurrency industry needs to adopt a less solemn tone if it is to actually appeal to all types of people.
Through a distinctive strategy, StormX, Inc., a Seattle-based company, has been bringing individuals to the world of cryptocurrencies. The idea of a “crypto payback” allows online buyers to gradually get more familiar with cryptocurrencies by earning cryptocurrency while they shop.
StormX introduces cryptocurrencies to those who don't want to buy or invest in them directly through an app of the same name.
Describe StormX.
The term StormX can be used to describe a platform, a mobile application, or a Chrome browser plugin. Technically speaking, StormX is a decentralized platform powered by Ethereum, and its user interfaces include a mobile app and a browser extension.
Users of StormX can earn well-known cryptocurrencies including Bitcoin, Ethereum, the stable coin Dai, as well as STMX, StormX's own currency. They can earn them by first turning on the Chrome browser extension and then making purchases from the site's preferred partners, including eBay, Microsoft, Uber, Nike, and more.
They may be eligible to receive up to 80% in cryptocurrency cash-back as a purchasing incentive. Additionally, users have the option of selecting which of the well-known cryptocurrencies they want to earn.
This is possible via the StormX mobile app, which also provides extra features like micro-task rewards, where users can complete brief surveys or other easy marketing ‘errands' to earn more cryptocurrency.
What is the purpose of the StormX token (STMX)?
STMX, often known as the StormX token, is an ERC-20 token used for staking and platform governance. The fact that a token is ERC-20 indicates that it was created on the Ethereum blockchain and can be quickly transferred into one of several Ethereum wallets, including MetaMask, Exodus, and the Ledger hardware wallet.
However, the wallet needs to be connected to the StormX app for STMX to work as intended. This might also lead to an upgrade, where a user might get better benefits.
Users who stake can also generate some passive money. Since StormX operates on Ethereum, which currently uses a Proof of Work consensus system, it is still unclear why staking is required. StormX is not an Ethereum blockchain native cryptocurrency either.
One argument is that the term “staking” used here is really a fictitious term for the act of depositing STMX into a reserve, either for liquidity needs or to contribute to a treasury system for development funding.
There is no method to verify this theory at the moment.
The StormX decentralised app has a simple governance structure. To access governance.stormx.io, users must use either Chrome, Safari, or Microsoft Edge. The proposal and a pie chart displaying the current voting status are displayed as soon as the website loads.
STMX Distribution Methods
STMX previously went by the name Storm token and had the ticker code STORM. There will only ever be 10 billion STMX tokens produced, regardless of the name change.
Initial coin offerings, or ICOs, or “crowd-sales,” in which the token was sold, helped StormX, Inc. raise $32 million US in 2017.
Interestingly, there is some information about the distribution of STMX tokens on the StormX official website.
41.74 percent of the ICO or Crowd-sale's shares were sold to early investors.
Users have received 10%, possibly in the form of cash back.
The corporation keeps 25 percent.
23.26 percent are “frozen,” possibly for governance and staking reasons.
STORM tokens were exchanged for the STMX tokens that are currently in use in June 2020. The STORM tokens received security upgrades from STMX tokens, such as the removal of a “god mode,” which enhanced decentralization. Where STORM could not be staked, STMX tokens can be locked for staking.
Although a proposal (Proposal 1) advises allowing STORM holders to perform a manual swap to provide them a chance to receive STMX in return, the switch was conducted until November 2020.
What does StormX's future hold?
We need to look at the founding team, the company's past, and its current emphasis in order to comprehend the direction that StormX is going.
Calvin Hsieh and Simon Yu formed StormX, Inc. As of 2021, they both continue to serve as CEO and CTO, respectively, and have maintained the same members of the core team for the duration of their seven-year expansion. On this page, you may find out more about the StormX, Inc. staff.
Since 2014, StormX, Inc. has experimented with different products, which has helped the StormX platform's present design succeed. The platform StormX previously concentrated on interactive marketing.
Businesses can collaborate with this platform to encourage users to download apps, participate in surveys, share the apps, and leave reviews in exchange for free products and games.
They would be rewarded with Bolts, a reward points system that is unrelated to any crypto asset, as an inducement.
Then, StormX Clone released the StormShop browser extension, which marked the start of the cryptocurrency cash-back phenomenon. Both sites have given out more than 13 million STMX tokens, 249 bitcoins, and 570 ether since 2014.
Consistent growth was seen in the number of business and e-commerce partners. Following the consistently popular trend of holding value in STMX and seamlessly turning it into cash at the point of purchase.
StormX introduced the StormX Debit Card in 2020. The STMX token now has greater utility than ever thanks to this.
In any case, this led to the price of STMX skyrocketing to unbelievable levels. The cost increased by 500 percent in a single day at one time. This was regrettably just one of the consequences of demand shock brought on by crowd psychology. It's crucial to have realistic expectations about how a crypto asset will grow while investing because this kind of growth is not long-term.
StormX coins have value on its own due to their growing utility. Given how widely used it is and how quickly the network is, Bitcoin might lose to this. However, it also has a plethora of rivals, including Stellar, XRP, and numerous more payment-focused networks.
