As things currently stand, the freelance market is completely centralized, and as a result, industry leaders such as UpWork and Fiverr charge up to 40% in basic transaction fees. However, the core issue here is the involvement of too many middlemen who not only make the freelance market expensive, but unsustainable as well. Through the use of the blockchain, work can be easily distributed in a streamlined manner, thereby allowing workers as well as employers to enjoy maximum returns.
StormX is a rebranded version of the already popular microtask application BitMaker. Its core use is to help in the integration of blockchain technology within app environments via the use of a native currency called Storm. Additionally, Storm Play will be the customer portal that will allow users to enter StormX’s existing microtask marketplace.
In its current incarnation, the Storm Market makes use of promotional tasks that are designed to engage customers. However, in the future, the platform’s devs envision the use of 3 different types of tasks that will allow for increased customer participation. They include:
(i) Promotional content that will allow users to earn tokens for completing simple tasks
(ii) Freelancing opportunities that will range from microtask completion to app testing
(iii) Shopping opportunities wherein users will be able to earn revenue for simply trying out sample products and goods
Overview of Storm
- Allows users to avail themselves of freelance opportunities more easily
- Makes social engagement easier, more fun and rewarding through the use of an incentive-based model
- Possesses an established platform that currently boasts over 250,000 monthly users
- Is intuitive and quite easy to use
Earning avenues Storm offers its users (courtesy of the whitepaper)
The Storm platform has three distinct components through which users can earn virtual currency. The first is called the Storm Play module. It can be thought of as a mobile ad-tech app which allows incentives to be earned by completing certain ad-related tasks.
Similarly, the Storm Shop is a marketplace that rewards its customers for buying certain listed products in the form of native tokens. These earned coins can then be exchanged for other digital items of one’s choosing.
The third avenue available to customers is called Storm Gigs. As the name suggests, these are tasks that involve the use of a smart contract and are coordinated exclusively between the job poster and task performer. The task’s price is established before any work is performed, and all payments are executed as soon as the job has been completed.
According to the company’s official whitepaper, the Storm Market aims to reduce transaction fees for connecting buyers and sellers from a market average of around 40% to a minuscule 1%.
How does Storm work?
The Storm network utilizes a gamified task model designed to increase user participation. Gamification is essentially the process by which micro tasks are made more accessible to users through the use of certain game-like elements. This process can be implemented in gaming as well as non-gaming contexts, and thus its possibilities are enormous in today’s blockchain-oriented market.
Gamification can be easily incorporated on websites, apps, and services, and has been statistically found to improve things like:
- Motivation to participate
- Customer engagement
- User loyalty
Operational model employed by the Storm platform (courtesy of the whitepaper)
Since it is a fully iterative process, it can be used within a framework in which the user has an end goal to reach. This can be observed in many of today’s games such as Candy Crush, Clash Royale, and Clash of Clans.
When using the Storm system, experienced users are provided with greater rewards. Incentives are also provided for things such as:
- Creation of microtasks that have defined goals and objectives
- Completion of tasks
- Managing other Storm Players that have been referred by a third party and ensuring that they complete tasks
- Assisting with the categorization of tasks and allowing them to be ranked in a specified order for increased maneuverability
Founded a couple of years ago, the Storm platform has evolved tremendously in its overall usability and features. It is headed by Simon Yu, who is the company’s CEO. He describes himself as an entrepreneur who has been in the business domain for a decade now.
Rui Maximo serves as the company’s CTO. He has been in the software development domain for over 25 years, and has been personally responsible for the creation of over 20 commercial products. Arry Yu is the company’s COO and is responsible for the management side of things. She has been in this sector for over 20 years, and has worked for companies such as:
- Giftstarter (CEO and founder)
- Galvanize (Advisor)
It is also important to note that Storm is backed by some of the leading industry experts within the blockchain domain including:
- Bill Shihara — CEO and founder of Bittrex
- Charles Hoskinson — CEO of IOHK (Ada/Cardano); former CEO and co-founder of Ethereum
- Anthony Di Iorio — CEO and founder of Jaxx and Decentral; co-founder of Ethereum
Launched at the end of last December, Storm has remained relatively stable as far as its value goes.
Storm token lifetime performance chart (courtesy of CoinMarketCap)
As can be seen above, the price of a single token was US$0.021 on the 25th of December, while its value currently stands at US$0.038 (as of the 15th of February). Storm reached its peak value on the 10th of January when it touched US$0.234.
With smartphone usage at an all-time high across the globe, the introduction of a platform that allows for the gamification of everyday tasks can be highly lucrative.
Considering the market backing that the Storm platform currently possesses, it would not be surprising to see this token rise considerably in value this year.
If you’d like to start investing in Storm, trading pairs are currently being offered on Binance.