Storm Market has a simple motto – earn from anywhere, at any time, from any device. To a freelancer, who trades time and service in return for cash, this is a utopian proposition. Though a gamified micro-task platform Storm Market wants to change the way that people all around the world work and earn.
Storm Market is utilizing blockchain technology to create more earning opportunities for users all around the world. Types of earning opportunities that will be available to users will include QA testing, machine learning, and P2P freelancing tasks. In return, the freelancers will get Storm Tokens in return.
These tasks are currently available on their mobile app, Storm Play, which has amassed over 1 million downloads across 187 different countries. Founder Simon Yu says, “The focus of establishing a human-centric interface has resulted in a platform that promotes an engaging user experience and encourages active participation within the STORM Community.”
The Blockchain Use Case
The current freelancing job platforms like UpWork, TaskRabbit and Fiverr and often criticised for having huge service fees and commissions. The real innovation by the Storm Market team is in their blockchain use case. By using smart contracts, the team has been able to bring down their commission costs to 1% of the entire project’s cost.
As all transactions are in cryptocurrencies, withdrawal of funds is almost immediate, and fund transfer and escrows make financial on the platform extremely secure and private.
Traction till date
Perhaps Storm Market’s biggest advantage is the rapid pace with which they’re currently growing. Since the launch of their app Storm Task, their platform has seen over 250,000 monthly active users and the team shared that most of these users have been through referrals.
Founder and CEO Simon Yu says, “We have continually added and tested strategies to our business that have resulted in increased profitability. Since the implementation and release of our Storm Task feature, our revenue has been growing over 56% week over week.”
Our Take
Storm Market has just concluded its crowdsale and has raised over 32 million over the duration of the TGE. It has been backed by some of the biggest names in the crypto and blockchain industry, including Bill Shihara, CEO & founder of Bittrex, Tom Bollich, part of the founding team at Zynga, Anthony Di Iorio, the co-founder of Ethereum and Guy Benartzi, the co-founder of the Bancor project.
The team has also forged partnerships with QTUM, Jaxx, Kyber Network, ZenCash and Bancor for exchange and crypto support.
With all this, the Storm Market seems to have the right blend of team, traction and capital to run a successful company. As for the project itself, it’s one the few projects out there that are bringing crypto to the mainstream masses. The challenges will in advocating skeptical freelancers to adopt cryptocurrency as a means of payment and keep the demand for tasks full at all times.
Check out Storm Market – https://goo.gl/Pz1s2R
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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