July 13th, 2017 at 10:36 am UTC · 5 min read
CakeCodes, Inc, the 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.
Marketing and business development expert Brett Noyes is Founder of Unbank Ventures, a consulting and strategy group devoted to providing early stage fintech companies with vital resources, including introductions to capital, corporate partnerships, strategic planning, and talent.
Transbiotech CEO Ivan Braiker, an illustrious leader in the mobile adtech space with more than 30 years’ experience, has successfully founded and led three companies through Initial Public Offerings (IPO).
Symmetry Consulting Inc. President and Principal Jon Nolz is a mobile advertising, marketing and data analytics executive with leadership experience spanning more than 17 years across a variety of industries.
CEO of Kooapps Chun-Kai Wang is a notable executive in the mobile gaming industry. Wang, an expert in designing mobile products and scaling server infrastructure, has successfully released several mobile games and currently lectures on server-side programming at the University of Washington.
Simon Yu said: “The market has demonstrated a strong demand for a more efficient and democratic micro-job marketplace that lets companies select from the best experts on offer globally. CakeCodes is confident that with our world-leading team of mobile and blockchain experts, we will deliver the largest and most user-friendly platform and forge a path to a new digital economy.”
Supporters can participate in the STORM Token Generation Event via smart contracts through the website or through Bittrex. STORM tokens will be distributed a week after the end of the crowdsale.
About CakeCodes, Inc.:
CakeCodes, Inc. is the parent company of BitMaker, a Seattle-based technology company driving users to engage with advertisers by rewarding users with Bitcoin, Ethereum, and other cryptocurrencies. CakeCodes’ vision is to use the power of blockchain to expand its platform to create StorMarket, the first decentralized micro-job marketplace economy. StorMarket’s mission is to enable people to pursue their life’s ambitions of being a creator or developer. StorMarket incorporate and automate all aspects of micro-job management, from project management to marketing.