StormX Hopes to Decentralize Freelance Work Through Blockchain
StormX has recently launched their initial coin offering (ICO), an Ethereum based ERC20 token called Storm.
Their goal is to decentralize the freelance marketplace. Their vision is to create a world where it is easier to have the independence found through freelance work.
The increased connectivity that the internet brings us makes it increasingly easier for people to work remotely. Today there is a growing number of people who are self-employed freelancers, some reports estimate that 45% of the workforce could be engaged in some form of freelance work by 2020.
Services to connect employers and freelancers already exist today, the downside is that existing services like Fiverr and UpWork charge 20% or more.
Turning freelance tasks into play
StormX first plans to launch the Storm Play App.
The Storm Play App is a rebranding of an existing app, BitMaker, that has been available on Android for a number of years. With BitMaker, users could watch advertisements and be paid a very small portion of a Bitcoin.
The developers at Storm are using the existing technology behind what they called “gamified advertising,” and using it as a base to build in even more functionality, adding to the existing advertising structure that they call “gamified tasks.”
Storm Makers will create ‘Storm Tasks’ that users accomplish in the Storm Play App. When the tasks are completed players are paid in Storm Tokens.
The introduction of the Storm Play App is the first step in a roadmap that ends with what Storm calls the Storm Marketplace, a decentralized freelance marketplace. Storm hopes to improve on the model found in existing services like UpWork, to help employers and freelancers connect faster and with lower fees.
Their plan is to have the Storm Marketplace act as a platform where “Storm Makers and Storm Players can create and accept tasks using smart contracts powered and paid for with STORM tokens.”
A strong foundation
The Storm ICO just launched, ending in early December, and has been getting a lot of attention online.
With ICOs, you have an innovative new way for tech start-ups to raise capital, but you have a lot of people who’ve realized they can capitalize on the buzz surrounding ICOs to make a quick buck.
That being said, it does appear that StormX is on the right track. They are launching with Storm Play, which is a tried a true product. Their growth plans include using the existing technology to eventually build a fully decentralized freelancing platform they plan to call the ‘Storm Marketplace.’
StormX has also brought on a team of advisors that include some of the people who have helped shape and design digital currency markets to what they are today. Advisors include Bill Shihara, CEO & Founder at Bittrex; Charlie Shrem, made infamous for his involvement in BitInstant; and Anthony Di Iorio, CEO & Founder of Jaxx Wallet and Decentral, as well as Co-Founder of Ethereum.
Regardless of whether you are an investor, a freelancer, or an employer hoping to source freelance workers to build your team, StormX represents an interesting development in the blockchain ecosystem with a lot to watch out for.
Image credit: StormX
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