STORM is an ERC20-compliant token which operates on the Ethereum blockchain.

CEO, and co-founder, Simon Yu, evolved this digital currency from an app called BitMaker, he and co-founder, Calvin Hsieh, worked on in 2014.

BitMaker allowed users to send money without transaction fees which was the main reason this app experienced high growth volumes.

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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.

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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.

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.

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