StormX (STMX)
STORM is a digital currency that operates as an ERC20-compliant token on the Ethereum blockchain. It was developed by Simon Yu, the CEO and co-founder, alongside Calvin Hsieh. The origins of STORM trace back to a mobile application named BitMaker, which the duo developed in 2014. BitMaker's primary function was to facilitate monetary transactions without incurring any transaction fees, a feature that contributed significantly to its rapid growth.
Evolution from BitMaker to STORM
The BitMaker app
BitMaker initially gained popularity due to its fee-free transaction model, which encouraged widespread adoption. Its success laid the groundwork for its evolution into something more extensive and innovative.
| Ticker | STMX |
| Category | Ethereum Ecosystem |
| Website | https://stormx.io/ |
| @stormxio | |
| Telegram | stormxapp |
| https://www.reddit.com/r/stormxio | |
| Contract Addresses | |
|---|---|
| ethereum | 0xa6...1c Copied! |
Introduction of BitTask
A pivotal enhancement to BitMaker was the introduction of BitTask, a feature that allowed users to earn Bitcoin or Ethereum by engaging in tasks that required them to try out new products. This feature was later transformed into the STORM Play App, which launched in February 2017 and has since experienced considerable growth.
The vision for STORM
Developing the Storm Market
The founders of STORM envisioned creating more than just a cryptocurrency. They aimed to develop a decentralized marketplace for tasks, termed the "Storm Market." This marketplace is designed to function similarly to established platforms like the Apple App Store or Google Play Store, where users, referred to as Storm Makers and Storm Players, can create and accept tasks. These interactions are facilitated through smart contracts that are powered and remunerated with STORM tokens.
Targeting the freelancing industry
The Storm Market is particularly focused on the freelancing industry, especially micro-tasks. It aims to address inefficiencies in existing platforms such as Upwork and Mechanical Turk, which often impose significant fees on users. By reducing transaction fees and eliminating middlemen, the Storm Market seeks to provide a more efficient and rewarding experience for users.
The functionality of Storm Market
A gamified micro-task marketplace
Storm Market is designed as a gamified micro-task platform where users can earn tokens by completing various tasks. The company's objective is to expand this platform into a decentralized market by leveraging blockchain technology. In this ecosystem, individuals can utilize their skills and talents to perform tasks and receive compensation in the form of STORM tokens.
Utilizing blockchain and smart contracts
The decentralized nature of Storm Market is supported by blockchain-based smart contracts. These contracts facilitate transparent and secure transactions, ensuring that tasks are completed and compensated fairly. The use of ERC20 tokens further enhances the platform's functionality, allowing seamless integration and interaction within the Ethereum network.