Cryptocurrencies often seem like a game, but they make up a market that’s currently worth over $111 billion. How much does STORM cryptocurrency contribute to that? Its market cap currently stands at just over $14 million, ranking it as the 164th biggest cryptocurrency on CoinMarketCap at the time of writing. But what is STORM cryptocurrency all about? Let’s take a look.
STORM cryptocurrency was launched by Storm X in January 2018. Besides the token, the company also launched STORM Play, a blockchain-based app that allows users to earn crypto rewards for performing small tasks.
Through gamification techniques, it’s meant to become a marketplace that disrupts the sharing economy. But right now, it’s little more than an interactive way of getting cryptocurrency without mining.
How the STORM Play app works
Storm Play is the rebranded version of the AdTech application “BitMaker”. The app works as a decentralised marketplace for tasks, designed for the increasingly popular platform economy. Sellers, advertisers, and companies can use it to request user engagement in exchange for rewards.
Every time players engage with the app, they receive Bolts. It’s similar to racking up points when playing mobile games. But in the STORM app, users earn Bolts for answering short surveys, trying out new products (such as wallets), watching a video, or performing other small tasks.
Depending on the users’ experience and history with the app, these tasks can be anything from downloading third-party apps to playing video games and reaching specific levels.
Once they gain 200,000 Bolts, users can convert them to withdraw Bitcoin, Ethereum, or the app’s token, the Storm cryptocurrency. The app promises “private, immediate, and secure payments”.
Gamification design to encourage engagement
STORM Play uses game design elements to increase participation among its users. Think about it as a blockchain-based Candy Crush that earns you small amounts of money every time you use it.
Every interaction that players have with the app is part of an on-going game, in which users have the clear goal of reaching the mastery phase. Besides new tasks added every day, the app also uses a loyalty programme to keep its users engaged.
Players who register, earn, and keep their Storm cryptocurrency long enough in their wallets receive more free tokens based on a Loyalty Programme Bonus criteria. Storm cryptocurrency operates on the Ethereum blockchain, and owners need an ERC20-compatible wallet to store their tokens.
A marketplace for freelancers
Despite the gamification strategy, Storm Play aims to become more than just a fun way of killing time while commuting on the bus. The app plans to use the principles of a digital marketplace to create a blockchain-based platform for independent workers.
As the number of freelancers continues to grow worldwide, STORM is planning to take advantage of a gap in the market. One created by an increasing number of workers willing to provide their services and a relatively small amount of platforms that enable them to connect with companies and project owners.
According to the white paper released by STORM, existing platforms cause freelancers to lose up to 40% of their wages in transaction fees! The Storm Play app claims to have what it takes to change these dynamics, for a 1% fee.
This should bring in a significant number of early adopters. However, many analysts believe that such a small fee wouldn’t be enough to cover expenses. Even if Storm X makes money from selling the STORM cryptocurrency, it’s still hard to tell whether it will be enough to provide quality services and maintain security on the platform.
Besides cutting out the middlemen, the company’s new service, Storm Gig, will also reduce transaction times. However, freelancers still have to wait until mid-2019 at least, since this part isn’t ready yet.
While the gamification element is kind of quirky, Storm’s marketplace isn’t unique. Among the blockchain-based platforms with similar objectives, freelancers interested in crypto can use NEX, Blocklancer, or CanYa, to name a few.
Storm X also plans to develop Storm Store, a platform where players get rewards for buying products.
Liquidity of STORM cryptocurrency
Storm sold $32 million worth of tokens in 2017 (64, 321 ETH) and had a market cap of $92.733 million. Currently, it can be traded on a few major exchanges, including Bittrex, BitSwap, and HitBTC.
For now, the app has over one million downloads and a 4.1-star rating on Google Play. Its developers have also recently released the iOS version. However, STORM cryptocurrency still has a long way to go. Storm Gig and Storm Store are still far from what investors expect.
In the meantime, players can make money from their smartphones with no initial investment, which isn’t bad. Is this enough to guarantee the rise of STORM cryptocurrency? Only time will tell.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.