What is StormX?

STMX is a popular altcoin among investors. However, before you Trade STMX, it is vital that you understand what you are investing in. Let's find out what's STMX and how it functions.

StormX, launched in 2015, is an early example of a cryptocurrency-based solution that has found its way into international markets. StormX is a mobile software and browser extension that promises to provide users with cryptocurrency rebates on most of their online purchases. Through strategic alliances with corporations like Samsung, Nike, and Lego. Moreover, the native STMX token may be staked in StormX to increase user payouts.

Blockfolio, Litecoin Foundation, and Kyber Network are among the many investors who have invested in the firm. StormX is already widely recognized as the go-to platform for crypto cashback because of its innovative product development. The firm is attracting customers with attractive offers, such as cash back on purchases of up to 87.5%.

How is StormX different?

StormX is the first cryptocurrency cashback solution, allowing customers to earn incentives and cashback on their fiat transactions. StormX essentially allows crypto to penetrate the mainstream banking system by seamlessly integrating its blockchain technology with consumers' regular purchases.

By broadening StormX's functionality beyond cashback, the business attracts crypto aficionados eager to increase their profit by staking native tokens and executing mundane activities. Using the STMX token, investors may secure staking contracts and accrue interest. StormX makes it simple to rack up cash-back rewards by offering discounts at over 750 online merchants. Further, some of the online stores provide rewards in crypto at rates as high as 87.5%, which is unheard of for conventional cashback schemes. Finally, StormX has received more than $30 million in investment from various industry giants.

How many STMX tokens are there?

STMX’s total supply is capped at 10 billion tokens. The official whitepaper states that 25% of all tokens were allocated to the firm and its early employees. STMX tokens are still 23% frozen for platform use and maintenance. Several crowd sales accounted for the sale of over 40% of the entire token supply. Last but not least, consumers were given access to around 10% of the overall supply.

When StormX first introduced its token, it was denoted by the symbol STORM. However, in 2020 the corporation underwent a token swap and debuted the STMX ticker.

Network security

STMX, a token built on the ERC-20 standard, is protected by the PoS consensus process used by Ethereum. Stakeholders play a crucial role in the PoS consensus method by acting as transaction validators. This is the key distinction between this consensus and Bitcoin's proof-of-work (PoW) system.

Because it does not need large amounts of electrical or computational power as PoW does, the PoS consensus process may be used in a wide variety of contexts. Further, STMX's status as an ERC-20 token facilitates widespread distribution and trading of the coin. Tokens built on the Ethereum blockchain can be incorporated into DApps and smart contracts.

Founders

Simon Yu co-founded StormX and serves as its CEO. Having earned his degree from UW in 2014, Yu went on to take part in the Berkley Blockchain Xcelerator at UC Berkeley in 2020. His business life kicked in just a few years before he graduated with the launch of Penguin Delivery, an enterprise devoted to bringing Korean BBQ tacos to students throughout the school. After finishing college, Simon Yu worked as an intern for Amazon as a financial analyst and is now a senior credit risk analyst at KeyBank.

Calvin Hsieh is the company's co-founder and CTO. He attended the University of California, Berkley's Blockchain Xcelerator, in 2020 and earned a computer science and software engineering degree from the University of Washington. Hsieh started working at Bomba Fusion LLC in April 2015 as a manager and web developer, and in 2017 he became a firm co-owner. Along with Simon Yu, he established StormX in 2015.

Where can you buy STMX?

STMX is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice