Over the last few years, cryptocurrencies have emerged onto the global finance scene, such that the number of active blockchain wallet users now stands at an impressive 24 million individuals. However, despite this trend towards mainstream adoption, the actual use cases for these digital assets still remains a topic of hot debate.
Even though there appear to be cases of retail outlets and merchants beginning to accept cryptocurrency as a means of payment, investors who own large sums of alt-tokens are still unable to use their digital assets for day to day transactions, in most cases.
One project hoping to improve the use cases for altcoins is Storiqa, a blockchain-driven marketplace that allows users to create an online store where they can sell their goods in a highly streamlined manner. The platform is completely decentralized and makes use of pertinent technologies that have recently been employed by various e-commerce businesses. For example, when using Storiqa, customers have the option to pay for their purchases via a variety of different cryptocurrencies, including BTC, ETH and others, even though the project has its own native token (STQ).
The ultimate goal of Stoiqa’s service is to connect merchants from all over the world and supply business operators with the necessary tools that are required for launching an online retail establishment without having to incur heavy transaction fees. Not only that, Storiqa also plans to dissolve financial borders and eliminate the need for economic intermediaries, thereby maximizing profits for retail owners and small-scale suppliers.
Interested in Storiqa? Here’s a quick rundown of the project:
Platform & Development
In short, Storiqa features an online store builder where any seller can create their own storefront and sell goods. The platform presents a host of potential financial opportunities for self-employed entrepreneurs, small-scale manufacturers, family businesses since it offers a range of tools that can help with:
- Tracking direct customer feedback
- Sales analysis
- Advertising and promotion
Storiqa employs a user-friendly interface that integrates all of the necessary tools required for facilitating trade and promoting products to customers all across the world.
A core aspect of Storiqa is its use of blockchain technology, which allows the platform to remain transparent, open and safe for all involved parties. By reducing transaction costs and simplifying the purchasing process, the service helps promote cryptocurrency use in a way that has rarely been seen before.
Interestingly, Storiqa leverages a smart contract system that transfers a customer’s payment to the seller’s account only when the item has reached its destination. Ultimately, Storiqa believes this will work to promote service confidence, making online shopping without a middleman for a more trustworthy operation.
By recording each transaction in the blockchain, Storiqa can support fairer product reviews, as only customers who have made a verified purchase can write a review.
Storiqa’s native token (STQ) has a few different use cases in addition to being a payment option on the platform. According to the project’s website, Storiqa seller functionality and new store slots are unlocked exclusively by payments made in STQ tokens. This means that merchants must own STQ to participate on the platform.
Additionally, STQ is meant to be a transactional unit to promote community support of the decentralized system. Community members earn rewards for creating or translating descriptions and photos for tailor-made community item profiles.
Based on the roadmap, the company’s official token sale event has now concluded and the Beta MVP has been released for public use. The developers are looking to release Storiqa’s blockchain testnet by the end of 2018.
Storiqa is backed by a team of experienced individuals who have been working in finance and blockchain for some time now.
For example, Evgeny Gavrilin is the Co-Founder of Storiqa. Gavrilin is a serial entrepreneur who in the past has established/founded more than 10 companies including Boomstarter — a platform that has helped in raising funds for 1,548 projects related to various fields such as business, technology, cinema, music and more.
On its advisory board, Storiqa has the Founder of InterVentures Asia, Paddy Tan. Tan comes armed with a vast experience in the field of business and finance and is also known for providing consultancy services to leaders with niche sectors such as change management and digital marketing.
With Storiqa providing crypto users with a real gateway for spending and redeeming their altcoin holdings, it would not be surprising to see this project do exceedingly well going forward.
Follow us: Telegram | Twitter | Newsletter
Disclaimer: An editor of this article has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.