Blockchain adtech startup CakeCodes will use a “revolutionary” distribution method in the ICO for its upcoming jobs marketplace StorMarket.
“The STORM utility tokens will be sold through a revolutionary hybrid crowdsale mechanism, in which $40 mln will be available to participate through an Ethereum smart contract and $10 mln worth of tokens can be obtained through […] Bittrex,” it confirmed.
Frenetic Ethereum token market
The move will be a first in the frenetic Ethereum token market when the ICO goes live August 15.
StorMarket aims to create a crypto-based micro jobs platform where users are paid for performing microtasks.
“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,” CakeCodes CEO Simon Yu explained.
The sale comes several months after the company’s other project, advertising revenue app BitMaker, came out of stealth mode and announced a crowdsale.
“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,” Yu added.
“This means companies can gain insight into the skill levels of potential contractors and the highest-performing individuals are duly rewarded.”
Bittrex’s infrastructure will likely be put to the test if the ICO proves as popular as some recent sales, meanwhile, when the sheer volume of purchase orders produced huge backlogs on the Ethereum network.
You may be interested
Thai Stock Exchange Plans to Launch a Crypto Trading PlatformBrian Evans - Jan 18, 2019
The Stock Exchange of Thailand is looking to capitalize on investor interest in cryptos by offering a new digital assets exchange.
Dow Pounds Higher, But ‘Apathetic’ Bitcoin Trades SidewaysBrian Evans - Jan 18, 2019
The US stock market continued to rise ahead of Friday’s opening bell, with the Dow flashing triple-digit gains and its sister indices making similarly-bullish strides. Bitcoin, though,…
Chip Making Giant TSMC Reports Significant Drop in Crypto Mining RevenueBrian Evans - Jan 18, 2019
Bitmain’s ASIC manufacturer TSMC reports a sizeable drop in its crypto mining-related revenue in 2018