Coin Story: Storm
It all started as a soft whispering in the air… The wind rushed through the field… The first tiny droplets of rain fell on the leaves…
A lightning bolt flashed across the dark sky… Then thunder came, first as a low rumble…then a loud roar…
Then I arrived in full force…a perfect STORM.
StormX is a gamified micro-task platform enabling freelancers to “earn anytime, anywhere, from any device”. The current micro-task market is dominated by a handful of large companies such as Upwork, Fiverr, Freelancer and Amazon’s Mechanical Turk. These intermediaries charge significant transaction fees (sometimes as large as 20-40%), affecting the amount of profit freelancers make. Blockchain (Storm is built on the Ethereum blockchain) facilitates faster transactions, so users can get paid almost immediately, and significantly cuts down the costs of intermediation. Earning opportunities can come from playing videos, trying out new products and services, by shopping for products and services, and by performing micro-tasks, like: machine learning, QA testing, and P2P freelancing tasks. The company, StormX, Inc., was formed in 2014 and has amassed over 1 million downloads across nearly 190 different countries, with some 250,000 monthly active users. StormX initially used conventional technology, but is now integrating blockchain technology and smart contracts to create greater transaction efficiencies and reduce intermediation costs to 1%. Storm’s token sale started on 7 November and ended on 7 December, 2017, raising $32 million.
A unique feature of the platform is gamification – the process of adding games or game-like elements in non-gaming contexts (e.g., websites, apps and services) to encourage active participation and user loyalty. The main goal of embedding a gamification layer to the Storm Market platform is to make it effective in delivering business results, such as ROE (return on engagement). The platform will engage multiple users – Individuals (Storm Players) and Advertisers, Gaming Platforms, Machine Learning Companies and Recruiters (all of them Storm Makers). Currently Storm Play app matches Storm Makers with Storm Players on tasks that take five minutes or less to fulfill, once the task is completed, freelancers are rewarded with tokens. The Storm Market will operate similar to Apple App Store, where Storm Makers and Storm Players can create and accept tasks using smart contracts.
The STORM token is an ERC-20 token. Storm Makers, who post tasks in the Storm Play app, pay for posts in STORM tokens, while Storm players (i.e., the users of the app) earn rewards denominated in Bolts, for performing tasks. Bolts are useful for advancement and exposure to more lucrative tasks and can be used as a currency to purchase advertising for the freelancer, so that they can get noticed by Storm Makers – an idea similar to boost points. To ensure adoption, Storm has completed four airdrops and has created an incentive for long-term investors to discourage price manipulation.
References and further reading:
Storm ICO Review and Token Analysis https://cryptobriefing.com/storm-ico-review-token-analysis/
StormX White paper https://stormtoken.com