eCommerce is a huge economic sector worth an astonishing $1.86 trillion in 2016, and it shows no signs of slowing. eCommerce’s worth is expected to top $4.48 trillion by the year 2021.
These days, people spend time online researching their prospective purchase, comparing prices across sites, and actively seeking the best deals on the internet. In fact, up to 71% of shoppers firmly believe that they will get far better value online than shopping in a traditional store on the high street.
Ever since the advent of blockchain technology, a number of ICOs have launched platforms dedicated to eCommerce and online trading, and Storweey is the latest such ICO.
Storweey: creating a new eCommerce marketplace
One of cryptocurrencies’ stumbling blocks in many people’s eyes is the inability to use this type of currency to pay for day-to-day stuff and make purchases online, although some sites do accept them now, with more added to the list every day.
According to Storweey’s marketing blurb, one of the main goals of this ICO is to “create a retail eCommerce marketplace where buyers and sellers can commence trading activities of goods and services for payments in both fiat and cryptocurrency.”
In other words, Storweey will enable community members to trade products and services using major cryptocurrencies and traditional currency.
Storweey in figures & quick facts
- Token name – Storweey token (STRY)
- Total numbers of tokens issued – 100m
- Total tokens for sale – 45 million
- Token worth – 1 ETH = 800 STRY, 0.0794 BTC = 800 STRY
- ICO start date – Q1 2018
- ICO end date – Q2 2018
The Storweey token
The Storweey token (STRY), which is based on the ERC-20 standard, once created, will be distributed as follows:
- Pre-sale & ICO – 45%
- Reserve – 40%
- Team – 10%
- Advisors & legal Fees – 4%
- Bounty – 1%
The team
The Storweey website presents a core team of seven people. No personal bios are offered, and only two of the team members feature a link to their LinkedIn profile, hence it is not possible to independently verify the validity of credentials of the individuals involved.
Social media presence and digital footprint
Here are the social media numbers for Storweey at the time of writing (late February 2018).
- Twitter – 1 followers
- Facebook – 0 followers
- LinkedIn – n/a
- Telegram – 5 followers
Storweey’s current presence on social media is practically non-existent, so the team is going to have to work hard to increase their media reach. Their Twitter account shows 0 tweets.
Right now, Storweey is a non-entity.
Competition
There currently are many ICOs out there offering eCommerce platforms. JWC Ventures, Teky, Blockscart, and Telcoin to name but a few, but there are no less than 20 others.
This means that the blockchain-based eCommerce sector is close to saturation point, and will over-spill soon. Any more ICOs dealing with the same thing will be redundant from the start.
White paper
Consult Storweey’s white paper for more information about the platform, additional features and services, etc.
Conclusion
This ICO comes with a number of inherent problems attached to it, not least the sheer amount of blockchain-based eCommerce platforms already in existence. This is going to be an issue from the start, as investors may decide to simply ignore it.
There’s a general sense of amateurishness about the entire proposition, from the low quality of the white paper to the unappealing site, and more importantly, the striking lack of info about the team members. All these factors combined, plus the fact that Storweey is not even listed on ICOBench and that the team hasn’t sent a single tweet yet, make it hard to trust this ICO’s value proposition, so potential investors should be very wary indeed, and look to invest elsewhere.
