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Storm Coin Review (STORM) – Using Blockchain Technology to Power the Gig Economy
Welcome to our Storm (STORM) cryptocurrency review, which will tell you everything you need to know about this interesting coin. Our thorough and reliable guide provides an accurate and unbiased look into who and what Storm is and how it aims to change its industry.
Of course, please remember that nothing in the guide below should be considered as financial advice. Please be sure to research each coin before investing thoroughly.
What is Storm Coin?
As the gig economy gains more and more traction in today’s job market, it only makes sense that someone would come along with an idea to decentralize it. Storm coin aims to do just that.
There are a few sites that provide freelancers access to perform micro-tasks. However, these are quickly becoming overrun by A.I.
Storm wants to gamify how these micro-tasks work. With its mobile application, Storm coin has created a market that allows anyone with a smartphone the ability to perform and complete these tasks.
Using blockchain technology, Storm helps Makers create and implement microtransactions while Players complete tasks for payment.
This type of environment serves to address the needs of people in the workforce unable to find sufficient, stable work (this applies to a worldwide level).
Storm wants to create matches between Players and Makers, giving layers the ability to complete tasks in less than five minutes from any mobile device around the world.
Storm uses smart contracts with its coin, which helps to enforce the terms for the contract’s length. These types of contracts help to create quicker turnaround times and a more efficient system with reduced fees.
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This is due to the terms of engagement changing through automation, along with payment to those participating in the contract.
Who Are Storm?
Storm’s professional team includes a mixture of professionals from a wide variety of backgrounds. Many members of the Storm team have experience in developing blockchain projects.
Among the members of the Storm team includes CEO Simon Yu, CTO Sean Zhong, COO Tara Nygaard, and Jon Nolz who is the current development manager. Right now there are 11 team members in total, with ten advisors on board.
About the Team
Simon Yu, the founder and CEO of Storm, graduated in 2014 from the Foster School of Business, which is a part of the University of Washington. Yu gained experience as both a credit and financial analyst with well-known employers KeyBank and Amazon.
Toward the latter months in 2014, Yu established a successful cafe located in Seattle which offered Korean-Mexican cuisine. Thanks to his financial knowledge, Yu was able to generate more than half a million in revenue from his restaurant, leading him to the founding of Storm.
Sean Zhong brings more than 20 years of experience to the table for Storm. He brings a long list of capabilities to the company, including software engineering, business analytics, and data warehousing.
Sean has prior experience at companies like Big Fish Games and Amazon, which help him develop products targeted toward serving users.
Tara Nygaard provides excellence in operations specifically catered to the tech space. She has experience in executing in IoT, cybersecurity, and wifi spaces, and has a deep understanding of blockchain and consumer products.
Tara has the understanding and knowledge to help evolve Storm into a platform that will make the global economy better for everyone.
Jon Nolz has over thirty years experience in the marketing and digital advertising. He has a proven track record of leading, growing, and scaling businesses, which he combines with ad-tech knowledge to bring success to his endeavors.
Jon previously resided as vice president and general manager of HipCrickets, vice president at Kochava, vice president at Infospace, and president of Symmetry Consulting.
Storm Board of Advisors
Storm has a strong team of advisors which includes well-known people in business and cryptocurrency circles. As a result, Storm was successfully added to the Bittrex exchange, and also partners with Jaxx wallet for token storage.
Some of the more well-known advisors serving on the board for Storm are:
- Bill Shihara – Founder and CEO of Bittrex. Shihara provides extensive knowledge and experience in cybersecurity with Microsoft, Blackberry, and Amazon.
- Brian Kelly – Manager at CNBC.
- Anthony Di Iorio – Jaxx wallet and Ethereum co-founder.
- Guy Benhartzi – Bancor CEO.
Storm ICO and Tokens
The Storm token sale took place on November 7th and concluded on December 8th, 2017. The token raised 64, 321 ETH (which was about $32 million at the time of the offering) from the sale. It was then announced that all tokens which remained unsold the company would distribute through airdrop.
At the time of the ICO, one Storm token was roughly USD 0.0113 with the total token amount standing at 10 billion STORMS. Storm tokens are the official currency used on the Storm Market ecosystem.
With Storm tokens, Storm Makers (which we’ll get to soon) have the ability to post tasks on the Storm Market platform.
Users have the ability to earn Storm tokens on the Storm Market by completing tasks. The decentralized marketplace rewards users with tokens for watching videos and other various micro-tasks.
The tokens were also available during the ICO and can now be purchased or exchanged on any cryptocurrency exchange that offers Storm.
What Is the Storm Market?
Storm Play – available on Android and coming soon to iOS – is a decentralized market for Storm participants. There are two types of participants on the Storm Market.
Storm Makers are advertisers and sellers offering tasks or services for freelancers to complete. Storm Players are the freelancers or consumers who complete the services and tasks.
If Storm Players complete their tasks, they receive Storm Bolts on the market, which they can then redeem for Storm Tokens. Storm Tokens can then be exchanged for other cryptocurrencies or sold in an exchange. Additionally, the Storm Market gives players the ability to receive payment in the form of Bitcoin or Ethereum.
How Does Storm Market Work?
Users can earn cryptocurrencies through the Storm Market in three separate areas:
The Storm Shop, which is currently in development, is a platform which rewards shoppers for purchasing certain products. Users can also ask for additional services through the Storm Market with bonus tokens.
With the Storm Play mobile application, users will see tasks and opportunities posted on the platform. The Storm Play platform resides on an Ethereum based blockchain. When users finish a task, they are then given a reward, typically in the form of Storm Bolts.
Storm Gigs, which should be launching soon, gives users access to a decentralized market which offers micro-tasks which offer regular completion opportunities. These might include freelancing tasks, QA testing, machine learning, or other various types of requests.
These types of tasks are essential to the Storm ecosystem. They integrate with smart contracts, which create an agreement between the task Maker and the task Player. These smart contracts lay out the details concerning the job, any milestones, and payment terms.
The overarching goal of the Storm Market is to create an ecosystem that helps to reduce the cost of posting a task, along with ensuring that those who complete them are fairly rewarded.
Real Problems with Real Solutions
Storm coin is using its market to target the freelancing industry, specifically focusing on micro-tasks. At this time, there are competitors in the market like Upwork and Mechanical Turk, however, these platforms have inefficiencies in their processes that create problems for freelancers.
The biggest challenge is the amount of money these platforms deduct from the users who complete tasks. Some systems charge up to 40% for each transaction, which is a significant amount of money for a freelancer. This is just one of the more outstanding problems that Storm plans to resolve.
Ideally, Storm plans to reduce the charge of transaction fees. 40% of a transaction for a micro-task may not seem like much, but those charges add up. Ultimately, the platform aims to eliminate the need for a middleman between the sellers and the buyers and allow them to determine a fair price for the work.
Storm also wants to allow micro-rewards in exchange for completing smaller, more manageable tasks. With the Storm ecosystem, the counter-party risks are minimized, along with the cost of dispute resolution. This is done by imposing the engagement terms agreed upon within a smart contract.
Lastly, Storm wants to give freelancers and job posters the ability to reach a global audience. This helps to ensure that micro-tasks are completed in an efficient manner while providing freelancers the opportunity to earn more.
Future Valuation Drivers
Storm has several factors which will help drive valuation in the future. Here are a few to keep an eye on:
It’s no secret that the future of the internet involves decentralization. The success of Ethereum, Bitcoin, and other successful blockchain projects have shown us that.
These inclusive, efficient, and global platforms show us that with their continued growth, decentralized apps and computing networks are going to be the rule rather than the exception.
Likewise, Storm is of the belief that decentralized marketplaces will be at the core for digital ecosystems in the future. The development and integration of the Storm tokens into Storm’s Play platform shows just how serious the company is about implementing blockchain technology into its ecosystem.
Anywhere, Any Time, Any Device
Storm has plans for its platform to be more than just a cryptocurrency. The company wants to create an entire ecosystem for a decentralized marketplace. Its Storm Market will operate in much the same way the Google Play Store or Apple App store does.
The Storm Market will serve as a place where both Storm Makers and Storm Players can accept and create tasks. Smart contracts will power these tasks and paid for via Storm tokens.
The Storm team has confidence that its application and market will be a success. This is largely due to the fact that the model uses a give and take methodology. Users have the potential to earn Storm, Bitcoin, or Ethereum in exchange for completing simple and enjoyable tasks.
As a result, Storm wants to make it as simple as possible for anyone to earn digital currency as they engage and create a user experience that works best for their needs. The goal of Storm is to make their interface as user-friendly as possible.
With its continued growth, Storm will continue to bring cryptocurrency to the world through its micro-task platform.
Amazon’s Mechanical Turk and Upwork are two of the most visible and highly used services that lie in the same field as Storm’s developed ecosystem.
Upwork and Mechanical Turk are used for all types of tasks, ranging from audio transcription to data entry that cannot be completed by a computer.
Most of these tasks do not have a high value placed upon them and as such do not offer much in the way of compensation.
What’s interesting is that both of these services only provide a few options when paying users for their work. Typically, a transfer goes to a bank account. However, with Amazon, users can also receive a gift card.
The problem here is that many countries Amazon cannot connect to their banking option – this is true for essentially everywhere but the United States and India. Additionally, some countries don’t offer banking services at all, which means users have to accept Amazon gift cards.
There are other sites and options which offer similar services for freelances. However, none of these make use of the blockchain and smart contracts. Also, by making Storm accessible via mobile phone, users can access the market from anywhere in the world.
No longer are users required to have a computer to find a job or perform tasks and receive payment.
Where to Buy and Store STORM Coin
If you’re interested in buying and storing your Storm coin, here’s some information that will get you started.
Buying STORM Coin
You’re still reading, so it’s probably safe to assume that you want to know how to buy Storm tokens. You can purchase these as either a coin you want to hold onto for a long period of time or as short-term investments.
If you’re familiar with trading cryptocurrencies, then you’re already pretty familiar with the process. However, if you’re not, then the quickest way to buy Storm is to head over to an exchange that supports the coin. Some of these exchanges include Binance, Bittrex, and HitBTC.
Sign up for the exchange, secure your account, add funds to your account, then trade your current cryptocurrency for Storm. Once you’ve received your Storm coin, move them over to a secure wallet, so you don’t have to worry about losing them.
Storing STORM Coin
Storm coin is classified as an ERC20 token since it is built on the Ethereum network. There are several wallets from which you can choose to store your Storm safely and securely. MyEtherWallet is one option, which can hold any ERC20 tokens.
If you want to take the next step toward protecting your investment, then you might consider a hardware wallet like the Nano Ledger or the Trezor. Storm strongly recommends that you do not keep your Storm tokens on an exchange wallet.
Additionally, wallets like Blockchain.info and Coinbase cannot support ERC20 coins, so don’t store your Storm there either.
Pros and Cons
Whether or not you choose to invest in Storm coin is entirely up to you. We will, however, provide you with some of the advantages and disadvantages with Storm.
- Storm already have a functional mobile application that creates revenue.
- Ecosystem boasts an impressive user base already in place.
- Outstanding board of advisors available to the team.
- Successful pre-sale event that raised $16M.
- Storm Gig is not a viable product yet.
- Tech industry is beginning to turn away to larger opportunities.
- VCs are investing in other, larger entities in the same space.
Storm is attempting to create a marketplace that works for freelancers and anyone wanting to perform quick micro-tasks in their free time. While the idea itself isn’t unique, the thought of putting these transactions on the blockchain is.
With it, users can create smart contracts which means they’ll have specific obligations with specific payment terms.
Additionally, anyone, from anywhere, on any device can make use of the Storm Market. This gives users access on a global level that was not previously available. Storm also has a great team and a solid group of advisors providing helpful insight and guidance.
That doesn’t mean everything is sunshine and rainbows for the coin, though. Development has taken longer than expected for some aspects of Storm and as bigger players begin to enter the market, less money goes toward investing in smaller entities.
Overall though, Storm has a unique take on the freelance market, and it will definitely be worth watching for the foreseeable future. However, at this time, it might be wise to take a wait and see approach with Storm until it becomes a little more organized.
Below we’ve listed some key resources relevant to Storm coin.
? Safest Storm Coin Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. The two main brands are Trezor and Ledger and we are happy to recommend both. If you need help choosing between the two just read our Trezor Vs Ledger guide.
? Best Free Wallets
As Storm coin is a ERC-20 token, you can use any wallet that is compatible with Ethereum. Find our top two choices below:
- MyEtherWallet – if you need help getting started we have you covered with our MEW wallet guide.
- The Ethos Universal Wallet – store over 100 cryptocurrencies in one place.
? Best Crypto Tracking App For Storm
Want to do more research on Storm coin? Jump into the whitepaper. Compared to other whitepapers it’s an accessible read and is only 20 pages long.