The Storm Token aims to provide gamified micro-tasks that allow you to earn anywhere, anytime, from any device by participating with Storm Market. Here’s our review.
What Is STORM?
The Storm Token is a currency for the Storm Market. That market plans to offer “gamified micro-tasks.” Anyone can complete those micro-tasks at anytime, anywhere, from any device to earn rewards.
Storm Market is a blockchain-based platform that uses Ethereum smart contracts. Storm Tokens are ERC20-compliant tokens.
Overall, Storm Market promises to offer a similar experience to the world of gaming and in-game currencies. It plans to offer a user-friendly, enjoyable gamified experience, and Storm Market members can level up by doing tasks to acquire more rewards. Furthermore, members can use STORM tokens for actions like task completion, or to acquire boosts for leaderboards and their profiles.
The ecosystem is based off the success of Storm Play, formerly known as BitMaker, which is a mobile application serving over 250,000 monthly active users across 187 countries. That platform has rewarded 230 BTC to users to date.
The project is being led by StormX, Inc., a Seattle-based company.
How Does Storm Market Work?
Storm Market gives users three distinct areas where they can earn tokens, including:
This is the current profitable mobile adtech application of StormX Inc. Opportunities are posted on the blockchain, and users complete these ad-related opportunities to earn rewards.
Storm Shop rewards shoppers with bonus tokens in exchange for buying certain products and services through the marketplace.
Storm Gigs use Storm Tasks, which are templates for agreements made between task posters and task performers. With Storm Gigs, users can access a gamified, blockchain-based marketplace where they can roll out a vast range of micro-task categories, including QA testing, machine learning, and higher skill freelance tasks.
Storm Tasks play a crucial role in the ecosystem. Storm Tasks are similar to smart contracts. They are templates for the agreement between the person who posted the task and the person who will perform the task. The Storm Task contains details about timelines, milestone markers, and terms of payment.
The ultimate goal of Storm Market is to lower the costs of micro-tasks and micro-rewards. The Storm Token whitepaper explains that today’s freelancing platforms take 10% to 40% in transaction fees in exchange for connecting buyers and sellers. Storm Market will charge a 1% fee.
What Problems Does Storm Market Seek To Solve?
Storm Market aims to disrupt the freelancing industry. They’re specifically targeting the freelancing industry around micro-tasks.
Some of the identified competitors include Fiverr, Taskrabbit, Upwork, and Mechanical Turk. These platforms have billions of dollars circulating through their platforms, but existing inefficiencies hurt freelancers. Currently, centralized platforms impact freelancers in a major way: they cut into earnings by charging fees as high as 40%.
Centralized systems also provide limited protections for freelancers. There’s no guarantee they’ll be able to earn through the platform the next day. These platforms almost always side with the buyer in terms of transaction disputes, which means sellers might lose money.
The end result is an ineffective relationship between the two parties.
Who Can Participate In The Storm Market?
The Storm Market will involve three parties, including each of the following:
These are freelancers who join the network and perform tasks, build the ecosystem, and earn STORM tokens.
These are companies that solicit Storm Players to perform desired tasks. Makers work directly with StormX, Inc. to define the objects and the engagement they hope to achieve.
The Storm Master monitors the Storm Market ecosystem against fraudulent activities and maintains the positive growth of the network of Storm Players. Storm Masters will recruit Storm Makers to engage the network of Players.
Benefits Of Storm Market
Storm Market aims to offer the following benefits:
- Reduced transaction fees compared to traditional micro-task marketplaces (StormX will charge 1% fees plus gas, compared to up to 40% on existing exchanges)
- Reduced friction between buyers and sellers with no middlemen
- Enables micro-rewards for the completion of small tasks
- Reduces counter-party risks and the costs of dispute resolution by enforcing the engagement terms within smart contracts
- Enables both Storm Players and Storm Makers to reach a wider audience, helping businesses complete micro-tasks more efficiently while giving skilled freelancers more earnings opportunities
How Do Storm Tokens Work?
Storm Tokens are the main currency in the Storm Market. Storm Makers can use Storm Tokens to post tasks on the marketplace.
Storm Tokens can be acquired by completing Storm Tasks or watching videos on Storm Play. They can also be purchased during the token sale or bought from the marketplace.
The tokens themselves are ERc20-complaitn tokens. The tokens will be implemented as a smart token using the Bancor protocol.
Details of the Storm Token sale, including the total supply of tokens available and other information, have not yet been announced.
Who’s Behind Storm Market?
Storm Market and the Storm Token are being created by StormX, Inc., a Seattle, Washington-based company. They have an existing userbase of 250,000 monthly active users.
Key members of the company include CEO and Co-Founder Simon Yu, CTO Rui Maximo, and COO Arry Yu.
STORM Tokens Conclusion
Storm Market aims to allow anyone to earn anywhere, from any device, by creating a frictionless freelance marketplace. You can advertise your skills to a global network, earn tokens with minimal fees, and participate in a wide range of gamified micro-tasks.
To learn more about Storm Market and their upcoming token sale, visit online today at StormToken.com.