The Storiqa project managed to raise $25 million from token sales and secured investments from from over 55,000 investors, which have further helped boost its market cap by tens of millions of dollars. Reports have now surfaced that the platform will now be releasing the beta version of MVP. Basically, the Storiqa platform leverages blockchain technology to transform the traditional model of a marketplace into a more efficient and transparent version.
The platform uses smart contracts to detect and filter out “fake reviews” while calling itself the “#1 crypto marketplace.” It reportedly offers a way for people to buy and sell goods and services using their cryptocurrencies. Furthermore, visiting the Storiqa website reveals that their marketplace aims to operate without the restrictions of financial borders. Cross-border payments and how to make them faster, more convenient, and cost-effective has already been proposed and even implemented to a certain extent by Stellar and Ripple.
In addition to providing more efficient crypto based, international payment channels, users of the Storiqa platform will be even be able to monetize their reviews. Payments on its network will be processed using fiat currencies, the native STQ token, and cryptocurrencies of course. At present, potential users are being requested to test the platform’s marketplace by launching their own store or dashboards and loading items to be traded on its beta version.
Storiqa in Preliminary Stages of Development and Testing
Even at this stage, buyers can reportedly avail various discount offers and promotions, cashback opportunities, while also testing out the proprietary filtering system. Mainly, the Storiqa marketplace will cater to “quality craft” products developed by SME (small-to-medium enterprise) businesses. Storiqa CEO noted:
“Blockchain implemented in e-commerce is a relatively new idea. Buyers will be safeguarded due to … usage of a smart contract system. Our beta version offers the chance to test all the platform features and become the first users of the disrupting technology. Gradually Apple Pay has become an everyday easy payment, surprising users with the ease of usage. Technologies, however, move on and it’s great time to try shopping with cryptos.”
It’s worth noting here that the CEO mentioned that it’s time to TRY shopping with cryptos and not that they can be relied upon fully for all e-commerce transactions. While Storiq and other cryptocurrency platforms should be commended for their efforts, the current state of crypto-technology is clearly in its experimental stages.
For now, this new crypto marketplace platform is offering a 2 month free trial to anyone willing to selling products using their network. The creators of the blockchain-powered trading network promise low usage fees and will allow the use of debit or credit cards for payment processing through its multicurrency e-wallet. Per the platform’s development team, their native STQ token will be self-sustaining while also helping to provide a fast transaction network.
Currently, the beta version features products whose prices are denominated only in the STQ token. After more ongoing development, it’s expected that many of the major cryptocurrencies and fiat currencies will be supported on Storiq. Its team is now hoping for valuable feedback from testers of its beta launch with its CEO predicting that “crypto e-commerce” will become an everyday thing in the future.