The StorMarket and its native Storm token are the latest initiative of CakeCodes, Inc., creators of the BitMaker application (in which users are rewarded with Bitcoin or Ether in exchange for engagement with businesses and advertisements, such as testing new products and services, or watching short videos). With StorMarket, CakeCodes is expanding to provide a generalized micro-task marketplace.
StorMarket is intended to be a secure and decentralized micro-job marketplace that allows people to be rewarded for their attention, skills, and time. As the company says on its blog: “The problem with today’s centralized systems (eg, Fiverr, Upwork and Mechanical Turk) is not only absurd high fees (up to 10-40% of the transaction), but also the lack of protections for the freelancer (seller) in Its platform.” With StorMarket, automation through blockchain technology will enable the entire project management and marketing aspect of micro-work employment to be integrated into the platform.
In today’s digitally interconnected, global landscape, companies and individuals can hire people from all over the world in an operationally efficient, cost-effective manner. According to a Forbes-cited 2016 survey, freelancers already make up about 1/3 of the US workforce, with collective annual earnings of $1 trillion. The rise in freelancing is driven mainly by young adults’ affinity for independent work due to lifestyle choices and a desire to be more in control of their time and earnings, along with increased choice made possible through technological advances which make it far easier than before to find work. It is predicted that by 2020, freelancers will make up 1/2 or even dominate the US and UK workforces. This phenomenon is apparently happening all over the world, the second largest independent workforce being India’s, which fulfills about 40% of the world’s freelance jobs.
StorMarket will utilize Smart Tasks, which are templates for agreements made between task-posters and task-performers. The Smart Tasks will lay out timelines, milestone markers, and payment terms, while providing protections for both parties. Task-posters will also be able to list requirements so as to select only qualified task-performers. Blockchain automation will allow for reduced friction and seamless carrying out of contracts, thereby enabling a significant reduction in overhead and associated fees. StorMarket will charge a 1% fee only, which will be split amongst the counterparties.
- Simon Yu, Co-Founder & CEO – At the age of 19, Simon turned a $100 gift into a $500,000 business. Since then, Simon has used his unique vision and ability to execute to grow a small dorm room project into a multi-billion dollar business opportunity receiving very little outside investments.
- Calvin Hsieh, Co-Founder & CTO – Calvin turned down offers from Fortune 100 companies after college to share his passion for blockchain and Bitcoin to the masses. By focusing on growing CakeCodes, Inc., Calvin has developed multiple mobile apps resulting in millions of downloads in the B2C segment.
- Arry Yu, COO – With over 20 years of experience working at companies such as Google, Microsoft, KPMG, and Expedia, Arry has demonstrated a unique ability in growing and scaling businesses, growing one firm from 3 to 85 employees while simultaneously increasing annual revenue from $4 million to $12 million.
- Sean Zhong, VP Engineering (Architect) – Sean specialized in bringing business, engineering and data warehousing together at Amazon and Big Fish to create products that best serve the people. Sean brings valuable skills in data analytics, business intelligence, and software development.
- Rui Maximo, VP Engineering (Blockchain) – Rui has 25+ years of experience working in software development and engineering where he has commercialized over 20 products. Rui has written several books and whitepapers about programming and server administration. Background in cryptography, mathematics and security.
- Additional team members are Esther Song (full stack developer), Felipe Augusto (mobile developer), and Sheila Herrera (customer relations).
- Bill Shihara – CEO & Founder, Bittrex – Bill has been one of the earliest advisors and investors at CakeCodes. Bill has extensive knowledge in cybersecurity from working at companies like Amazon, Blackberry, and Microsoft.
- Jon Nolz – President, Symmetry Consulting – A digital ad tech veteran, Jon has over 20+ years in mobile advertising industry. Jon previously served as the VP of Kochava.
- Ivan Braiker – CEO, TransBioTech – A pioneer in the mobile advertising industry, Ivan has led three companies from inception to IPO. Ivan was formerly CEO at Hipcricket, where he led the company until its eventual sale.
- CK Wang – CEO & Founder, Kooapps – As leader of a mobile gaming company, CK is responsible for the development of multiple apps that have been in the Top 50 charts within the app store.
- Brett Noyes – Managing Partner & Founder, Unbank Ventures – Brett has taken over 20 companies from YCombinator to seed round investments and was formerly the director of strategic partnerships at Tim Draper’s Hero City.
The Storm token sale will begin on August 15, 2017. There is no whitepaper yet (the website says it will be available soon), so details are not yet available regarding platform architecture, revenue model, or token rights. It is also worth noting that CakeCodes is a US based company, yet it is also unclear how they will frame the ICO.
|Total Supply||7,500,000,000 STORM Tokens will be created, of which 66.7% will be available for distribution. The remainder will be used for rewards and bonuses (15%) or be made available to employees, contractors, and company partners (18.3%), with a 12-month lockdown.|
|Pricing Structure||Prices will be based on participation time.|
|Holding of Funds||N/A|
|Technical White Paper||N/A, coming soon.|
|Team||A mix of fresh and seasoned; team already has experience working together on BitMaker; strong advisors. Transparent involvement.|
|Location||Seattle, WA, USA|
*Disclosure – At the time of writing, cryptorated staff owned no Storm tokens.