Storiqa: A Blockchain-Based Global E-commerce Platform

Storiqa Project Introduction: A Tale of Blockchain E-commerce

Friends, today let’s talk about a blockchain project called Storiqa (project abbreviation: STQ). However, before we dive in, I need to share an important piece of information: Storiqa ceased operations and declared bankruptcy at the end of 2019. Afterwards, a project named SWYFT attempted to take over and conducted a token swap. So, what we’re reviewing today is its former vision and story, not an active, developing new project. This is also not any kind of investment advice!

What is Storiqa

Imagine you want to open your own online store, but don’t want to be restricted by the high fees, complex rules, and middlemen of traditional e-commerce platforms—Storiqa was created to solve this problem. It launched in October 2017 as a cryptocurrency token based on the Ethereum platform. Simply put, Storiqa aimed to create a decentralized e-commerce marketplace, like a global “blockchain Taobao” or “blockchain Amazon,” allowing merchants and buyers to transact directly, reducing intermediaries and costs.

For merchants, Storiqa promised a convenient platform where they could quickly set up their online store in less than 60 minutes and sell products directly to the global market. It hoped to use blockchain technology to make transactions more transparent, secure, and lower in cost.

Project Vision and Value Proposition

Storiqa’s vision was to “break the boundaries between buyers and sellers,” using blockchain technology to create an open trading platform with unlimited growth potential. The core problems it aimed to solve included:

• High transaction fees: Traditional e-commerce platforms often charge high commissions; Storiqa aimed to lower these fees through blockchain.
• Middleman restrictions: Removing intermediaries so producers could communicate and transact directly with consumers.
• Global market access: Helping small merchants enter the global market at low cost, supporting multiple currency payments (including fiat and cryptocurrencies), and providing fast, convenient currency exchange services.
• Transparent review system: Ensuring fairness in transactions and providing a transparent product review mechanism.

Through these features, Storiqa hoped to provide global producers with a fairer, more efficient sales channel, and offer consumers more choices and better prices.

Technical Features

The Storiqa project was built on the Ethereum blockchain. Ethereum is an open-source blockchain platform that allows developers to build and deploy decentralized applications (DApps) and smart contracts. Storiqa’s token, STQ, is an ERC-20 standard token, meaning it follows the general rules for tokens on Ethereum and can be easily circulated in Ethereum wallets and ERC-20 supporting exchanges.

The project planned to use smart contracts to automate and build trust in transactions. Smart contracts are like “self-executing agreements” written on the blockchain; once preset conditions are met, the contract executes automatically without third-party intervention, improving transaction efficiency and security. According to early team interviews, Storiqa’s platform architecture adopted a microservices architecture, which helps with horizontal and vertical scalability, making it easier to add new features in the future without affecting the existing system.

Tokenomics

Storiqa’s token is STQ, which played a central role in the platform ecosystem.

• Token symbol: STQ
• Issuing chain: Ethereum
• Total supply: Approximately 11,287,544,272 STQ
• Token utility: STQ tokens were mainly used for purchasing goods on the Storiqa e-commerce platform. The project envisioned that using STQ for payments would offer lower transaction commissions and higher cashback, encouraging users to transact with STQ. STQ tokens could also be traded on cryptocurrency exchanges and exchanged for other digital currencies or fiat.
• ICO information: Storiqa conducted its initial coin offering (ICO) from November 28, 2017 to January 29, 2018, successfully raising $25 million. The token price during the ICO was about $0.003 to $0.007.

Team, Governance, and Funding

Storiqa’s core team members included founder and CEO Ruslan Tugushev and co-founder and VP Marketing Evgeny Gavrilin. The team also included business development personnel and advisors from various regions. The project was registered in Switzerland in 2017.

During the ICO phase, Storiqa successfully raised $25 million, reaching its hard cap target. However, details about its specific governance mechanism, treasury management, and fund usage were not elaborated in public information.

Roadmap (Historical Review)

Below are some key milestones and plans from Storiqa’s early days:

• Q1 2017: Market research and Storiqa project conception.
• Q2 2017: Early version development of Storiqa.
• Q3 2017: Token sale preparation.
• Q4 2017: Token presale and official sale (ICO launch).
• Q1 2018: End of token sale, token issuance, unlocking, and distribution.
• Q2 & Q3 2018: Customer acquisition, MVP release, store and B2B partnerships.
• End of 2019: Project ceased operations and declared bankruptcy; SWYFT project attempted takeover and STQ to SWYFTT token swap.

Common Risk Reminders

Looking back at the Storiqa case, we can see some risks that blockchain projects may face:

• Operational risk: Even if a project successfully raises substantial funds during the ICO phase, it may still fail and cease operations due to poor management, market changes, team issues, etc. Storiqa’s bankruptcy is a clear example.
• Economic risk: The cryptocurrency market is highly volatile, and project token prices may drop sharply. Storiqa’s STQ token saw a significant price drop after the ICO, even reaching an all-time low in August 2025.
• Technical implementation risk: Blockchain technology is still evolving, and a project’s technical implementation may face challenges, or the actual product may not meet expectations.
• Compliance risk: Regulatory policies for cryptocurrencies and blockchain projects vary across countries and regions, which may affect a project’s legality and operations.
• Project continuity risk: If the project team disbands or stops maintenance, the project may “die” and the token value may go to zero. In Storiqa’s case, although other projects tried to take over, the original project no longer exists.

Please note: The above information is for historical review and risk warning only, and does not constitute any investment advice. Cryptocurrency investment is highly risky; please conduct thorough research and make prudent decisions.

Verification Checklist (Historical Information)

Since the Storiqa project has ceased operations, here are some verification points based on historical information:

• Block explorer contract address: As an ERC-20 token, the STQ contract address can be found on Ethereum block explorers such as Etherscan.
• GitHub activity: Given the project has ceased, its GitHub repository may no longer be active or may have been archived.
• Official website/social media: The original Storiqa official website and social media accounts may be invalid, closed, or no longer updated.

Project Summary

Storiqa was once an ambitious blockchain project aiming to use Ethereum technology to revolutionize traditional e-commerce, providing merchants and consumers with a decentralized, low-cost, and efficient global trading platform. It successfully raised substantial funds during the ICO boom of 2017-2018, demonstrating market interest in the concept of blockchain e-commerce. However, like many early blockchain projects, Storiqa ultimately failed to sustain operations and declared bankruptcy at the end of 2019, with its token undergoing a swap. This case reminds us that even projects with good vision and ample funding may face severe operational challenges and market risks.

For any blockchain project, it is crucial to thoroughly research its technical feasibility, team execution, market adaptability, and long-term sustainability. For more details, please conduct your own research and judgment.