Storm is a gamified microtasks platform launched on top of the Ethereum blockchain protocol. Users of Storm can earn STORM tokens by carrying out small tasks, such as watching advertisements, trying out new services, peer-to-peer freelancing tasks, and more.
Prior to Storm and before multi-billion dollar conglomerates, major venture capital firms, and institutional investors entered the blockchain sector, many play-to-earn apps like Storm gained significant popularity in regions like Japan and South Korea.
In South Korea, mobile apps that allowed users to earn money by viewing advertisements and downloading mobile applications had many millions of users. But, the popularity of most of the popular microtasks platforms declined due to their lack of transparency in revenue distribution and fair incentives.
Storm is a realistic business model that utilizes the strengths of blockchain technology, which include seamless processing of small and large payments, end-to-end distribution of information in a decentralized manner, and an immutable ledger that prevents modification of information stored in blocks.
Storm Play, the most widely utilized application fo Storm that allows users to earn by playing videos and trying out new products, already has over a million downloads. There are only a handful of applications within the Ethereum ecosystem that are actually utilized by an active user base. Most applications developed by ICO projects are in testing phase or struggle to deal with scalability issues.
Scaling issues of Ethereum, which are being solved through innovative technologies such as Sharding and Plasma, do not hugely impact the Storm platform because unlike most decentralized applications, it is not required to initiate many transactions and execute orders, apart from distribution of tokens to users and delivery of tasks.
Some of the Ethereum industry’s most notable figures such as Ethereum co-founders Charles Hoskinson and Anthony Di Iorio are advisors of the Storm platform. Hoskinson’s IOHK, a blockchain company, has founded Cardano and is leading the development of both Cardano and Ethereum Classic.
Apart from the two Ethereum founders, Bittrex CEO Bill Shihara, Bancor co-founder Guy Benartzi, and CNBC Fast Money’s Brian Kelly, who oversees his own fund BKCM, remain as advisors of the Storm blockchain project.
Earlier this week, Storm CEO Simon Yu stated that several platforms have agreed to accept STORM tokens on their platforms. As Storm users earn STORM tokens by doing microtasks, the ability to spend STORM tokens outside of exchanging STORM for other cryptocurrencies like Ethereum’s Ether and bitcoin is essential.
“Over the last several weeks, we have been in conversation with several companies in regards to accepting STORM Tokens on their respective platforms. One issue that many cryptocurrencies face today is that they lack breadth in usability and fail to provide users with practical ways to use them. Next week, we will formally announce an exciting new opportunity that will not only increase the overall utility of STORM tokens, it will enable those who like to travel (in style) with a whole new way to use STORM tokens,” said Yu.
STORM is not integrated by major cryptocurrency exchanges as of yet. But, given the connection of Bittrex CEO in Storm, it is likely that Bittrex would be the first large-scale exchange to list it.