What Is StormX (STMX)?
STMX is the native token of StormX, which is a blockchain-based platform that provides users with crypto cashbacks for their online purchases. In other words, by using this platform, you can earn crypto for online purchases of items like footwear, apparel, gadgets, and other goods. Check out the live STMX price on the StormX price chart displayed above.
All you need to do is download the SmartX app on an iOS or Android device, look through the online stores listed on the app (it offers thousands of those), activate the rewards, and then proceed with the usual online shopping process. Besides, you can also download a Chrome plugin.
Crypto cashbacks range from 0.5% to 87.5%. The percentage you get back depends on your membership level. The level depends on the amount of STMX coins you store in your wallet. Overall, there are five levels (bronze, silver, gold, platinum, and diamond) that begin at 3,000 STMX tokens and go up to over 6,200,000 STMX tokens.
Besides, note that you have to have at least $10 or more worth of crypto to withdraw your rewards.
StormX is based on the Ethereum blockchain and the STMX token is developed employing an ERC-20 token standard. Thus, the platform is secured using the Proof-of-Stake consensus mechanism. How does it work? Essentially, it’s based on a network of transaction validators that approve and create new blocks.
The Founders of StormX
The StormX crypto project was founded by Simon Yu and Calvin Hsieh.
Simon Yu has a degree in business administration. Prior to founding StormX, Yu worked at Bank of America, Amazon, and KeyBank. Besides that, he founded Penguin Delivery, which is a Korean barbecue tacos delivery service, and Bomba FusionLLC, which is a Korean/Mexican fusion food truck.
Calvin Hsieh has a degree in computer science and software engineering. Before founding StormX, he joined Yu’s Bomba Fushion LLC team as a web developer. However, eventually, he became a co-owner.
The Purpose STMX Tokens
StormX tokens have two main use cases – staking and governance. As mentioned before, by staking the tokens users are able to increase the amount of crypto cashback they receive. Talking about governance, STMX token holders get the right to vote on various decisions considering the development of the StormX platform. Besides, don't forget to check the StormX price chart to see the current (or previous) STMX price.
Tokenomics of STMX
Initially, the StormX platform released 10 billion STORM tokens in 2017. However, in 2020, the ticker symbol was changed to STMX together with the smart contract of the token. The new contract introduced STMX token holders with staking and improved security.
41,74% of the tokens released in 2017 were dedicated to the crowd sale. 23,26% was locked and the remaining portion was split between the company and the users.
The STMX price tends to fluctuate so keep that in mind if you decide to purchase StormX coins. This occurs because the STMX price is affected by the general volatility of the cryptocurrency market, just like other digital asset prices are.
