CakeCodes Inc., a blockchain adtech firm, has announced a Token Generation Event (TGE), which will revolve around its ERC-20 token STORM. The token was designed for the company’s StorMarket.
The TGE, which has been scheduled for August 15, 2017 until September 14, 2017, has set its minimum threshold at $5 million. The maximum cap has been set at $50 million. The STORM tokens will be sold through a hybrid crowdsale mechanism, where $40 million will be available via an Ethereum smart contract, and another $10 million through Bittrex digital asset exchange. Bittrex founder and CEO Bill Shihara and Unbank founder Brett Noyes stepped up as new members on CakeCodes Board of Advisors to assist with the progress of the project.
What Makes StorMarket Stand Out?
Simon Yu, CakeCodes CEO, noted that following the success of the company’s first project BitMaker, the current project is the next step in the services it seeks to offer: “We are excited to combine our expertise in mobile, digital advertising, and blockchain to create StorMarket: a frictionless, decentralized, inclusive, and global ecosystem for micro-task listings. As the utility token for StorMarket, STORM will revolutionize the peer-to-peer job market by providing democratic access to resources and contracts via a user-friendly mobile application.
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StorMarket lets users rate and review each other based on ease of collaboration, quality of work produced, and the overall experience at the time of contract completion. This means companies can gain insight into the skill levels of potential contractors and the highest-performing individuals are duly rewarded.”
The StorMarket platform will allow clients to request services such as video editing or website developing, and select the appropriate professionals for the job. Professionals who are successful in bidding and completing contracts will automatically earn STORM tokens through an Ethereum smart contract.
Simon Yu added that StorMarket will decrease obstacles such as inefficiency and unnecessary tasks: “This kind of democratization has never been seen before and will open up the market to international collaboration with experts in unprecedented ways.”
StorMarket users can also receive rewards in the form of STORM tokens by testing and finding bugs in CakeCodes’ services. This would be a win-win situation, as the company will be able to cut costs and time on internal testing.
CakeCodes is Bitmaker’s parent company, which is a Seattle-based technology firm that also promotes the idea of rewarding users with cryptocurrencies such as Bitcoin and Ethereum.