Storm Why StorMarket?

After six months of hiding in a cave, CakeCodes, Inc. is proud to officially announce our latest project StorMarket. Our Token Generation Event, which will begin on August 15th, will enable users to become part of a solution to a global problem; the freelance marketplace. We are excited to build upon our successes after creating a solid foundation with our application, BitMaker, by expanding into the blockchain space.

BitMaker has achieved global success as millions of users have earned cryptocurrency (Bitcoin and Ether) for actively engaging with companies like Hulu and Game of War in their free time. As we continued to build out our platform and improve our application, we recognized that there was a much bigger opportunity that could help our users earn even more cryptocurrency. BitMaker provided us with the opportunity to get an in-depth understanding of both the micro-task marketplace and the cryptocurrency industry.

Over the past five years, there has been a major shift in the freelance marketplace. Employers have begun to place a much higher emphasis on technology and automation, rendering the traditional “9–5” obsolete. By utilizing blockchain technology, StorMarket can remove the inefficiencies that currently flood this $2 trillion industry and restore power to the users.

The freelance marketplace, there are benefits to both the task performer and task poster:

Companies are now able to hire people from all over the world while maintaining operational efficiencies and reducing costs. The digital world allows for a company to hire a software developer from Brazil, a UX designer from England, and community manager from China. This is a major advantage to both parties: task performers are no longer bound by geographical location and task posters are able to hire from the global talent pool.

The freelance marketplace is HUGE and there are continuing signs of growth. In the United States alone, 34% of the workforce consists of freelancers and that number is expected to rise to 50% by the year 2020. In India, over 135 million people rely on freelancing as a primary reward for their time. The market potential does not stop there. There are currently 4.68 billion eligible workers worldwide, yet only 3.4 billion are currently working. That results in untapped potential of nearly 1.3 billion people. As freelancing become more prevalent in the global economy, the opportunity exists for StorMarket to unify the global workforce by creating a secured, decentralized micro-task platform.

Centralized platforms have established this as a strong market. Companies like Fiverr, Taskrabbit, Upwork, and Mechanical Turk have billions of dollars circulating their platform but the existing inefficiencies are hurting the users.

Users are paying nonsensical fees, up to 40%, and not receiving the corresponding value in return. Under the centralized system, the freelancers are not given the protections that they deserve and it creates a toxic relationship between the task poster and task performer. Blockchain can change this.

StorMarket will use “Smart Tasks” which will be templates for agreements made between task posters and task performers. The Smart Tasks will lay out timelines, milestone markers, and payment terms. The implementation of StorMarket Smart Tasks will provide protections for both parties decreasing the likelihood of foul play. Another unique feature that will help automate processes is that task posters will be able to list requirements that are expected for a specific tasks and only users who are qualified will be able to carry out the task. This ensures high quality performance which increases the overall trust in the platform. Automation via the blockchain allows us to reduce friction and carry out all contracts seamlessly.

In addition, blockchain allows us to significantly reduce the fees associated with posting and performing a micro-task and return the cost savings back to the people. Compared to the traditional companies, StorMarket will only have a 1% fee, which will be split amongst both parties. A lower fee encourages more activity on StorMarket, creating more cryptocurrency rewards for all.

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