Blockchain adtech startup CakeCodes will use a “revolutionary” distribution method in the ICO for its upcoming jobs marketplace StorMarket.
In a press release issued Wednesday, the company announced it would sell its STORM tokens on both an Ethereum smart contract and cryptocurrency exchange Bittrex.
“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.