CakeCodes, a Blockchain adtech company with 930,000+ users being rewarded in cryptocurrency for trying new products, games, and apps, has today announced a Token Generation Event (TGE) for its ERC-20 utility token STORM.
STORM is intended to be the token for CakeCode’s decentralized global micro-job marketplace called StorMarket. The TGE, which will commence on August 15, 2017 and conclude on September 14, 2017, has a $5 million USD minimum threshold and a $50 million USD maximum cap.
The STORM utility tokens will be sold through a revolutionary hybrid crowdsale mechanism, in which $40 million will be available to participate through an Ethereum smart contract and $10 million worth of tokens can be obtained through one of the world’s largest digital asset exchanges, Bittrex. In a related announcement, Blockchain and mobile industry leaders including Bittrex Founder and CEO Bill Shihara and Unbank Ventures Founder Brett Noyes have joined CakeCodes Board of Advisors to advance the project.
CakeCodes CEO Simon Yu said:
“Following the tremendous and continued international success of CakeCodes’ first project BitMaker, 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.
“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,” Yu added.
The StorMarket platform will enable anyone to request services, such as website development or video editing, and select available, appropriately-skilled workers to complete tasks. Workers that successfully bid and complete designated contracts will earn STORM utility tokens, which are automatically distributed by the platform via an Ethereum smart contract.
Simon Yu said: “By eliminating layers of intermediaries, StorMarket will help to reduce operational inefficiencies, unnecessary administrative tasks, and costs of job listings for companies, while promoting equal opportunities for anyone to bid for jobs from anywhere in the world. This kind of democratization has never been seen before and will open up the market to international collaboration with experts in unprecedented ways.”
In addition, StorMarket users can be rewarded STORM utility tokens by testing apps and discovering bugs in companies’ products and services. This provides a viable opportunity for companies to perform quality assurance testing of millions of different devices around the world for a fraction of the cost and time needed for internal testing. STORM will also be integrated into CakeCodes’ BitMaker app.
The crowdsale represents the first effort by a technology company to deploy a hybrid crowdsale mechanism that will make the TGE more easily and widely accessible. Of the $50 million cap, $40 million in tokens will be purchased through an Ethereum smart contract, while the remaining $10 million in STORM tokens will be available through the Bittrex exchange. This revolutionary system will provide a greater number of potential users with the opportunity to participate in StorMarket.
Bittrex Co-Founder and CEO Bill Shihara said:
“We are proud to partner with CakeCodes on their crowdsale. They have a successful business model which is enhanced through their STORM token. Their method of token distribution makes significant strides toward leveling the playing field for participating in token crowdsales.”
CakeCodes’ Board of Advisors includes some of the Blockchain and mobile industries’ most respected figures including Co-Founder and CEO of Bittrex Bill Shihara, Unbank Ventures Founder Brett Noyes, Transbiotech CEO Ivan Braiker, Symmetry Consulting Inc. President and Principal Jon Nolz, and CEO of Kooapps Chun-Kai Wang.
Bill Shihara co-founded Bittrex in 2014, one of the world’s most important digital currency exchange supporting over 191 active different cryptocurrencies. Shihara has 15 years’ experience in leading cybersecurity and security architecture roles at Amazon, Microsoft, and Blackberry.