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It is no secret that the freelance industry is mired in a wide variety of issues, ranging from everything from non-settlement of dues to either party’s incompetence. While several platforms already exist that specialize in the freelance market, none of them help account for the above. After observing the IT industry’s ongoing battle with contractor hiring inefficiencies, a decentralized platform named ALEHUB believes it is capable of fixing these pain points.
Post the spectacular rise of the cryptocurrency market, the technology underpinning them, blockchain, began gaining momentum. With it, the concept of decentralization was born, with a number of supplemental applications, such as smart contracts. On paper, they are perfect for negotiating freelance-type deals between a business and contractor. The reality, however, is hardly that simple, since smart contracts also lack convenience and reliability.
ALEHUB’s vision for the future of project management takes the best parts of a smart contract and combines it with a few novel ideas.
In comparison to other popular blockchain platforms that allow for the creation of smart contracts, for example, it allows participants to establish interaction rules instead of being limited to a predetermined one. Furthermore, unlike Ethereum’s contracts that are set in stone once created, ALEHUB allows both parties to add new clauses at a later date, while still maintaining the integrity of past recorded data.
Another key selling point of the ALEHUB platform is the compliance of every contract with the laws and regulation of the participants’ jurisdictions. Traditionally, it is the responsibility of either one of the parties involved to make sure that the contract is legal and binding. In the event of a dispute arising somewhere down the road, ALEHUB also offers the possibility of formal arbitration.
At its core, the underlying ALE platform was built to solve project management issues by combining the traditional and cryptocurrency economies. This composite economy has a number of distinguishing features, including the ability to offer liquidity, ensuring the commitment of all parties concerned and securely handling sensitive project data, among others.
The reason ALE can boast about these features is because of its radically different approaches it takes as compared to other blockchain-based alternatives currently on the market. For instance, payment on the platform is facilitated with the help of containers and not a traditional cryptocurrency like Bitcoin or Ethereum, since the latter are usually associated with the problem of extreme volatility and future uncertainty.
The company is introducing two different tokens for the ALEHUB platform, each serving their own specific purpose. The first one, ALETOKEN (ALE), is meant to provide investment liquidity and is ERC-20 compliant. The other token, AXEL, is not meant to provide value against other crypto or fiat currencies, but instead, act as the internal token for the platform’s container-based payment system.
The initial coin offering for the ALE token is scheduled to run between July 25 and September 25. Early investors that complete their purchase within the pre-ICO period will receive a 25 percent bonus on their transaction. The pre-ICO already began on May 25 and will close on June 25. Investors can purchase ALE in exchange for either cryptocurrencies such as Ethereum and Bitcoin or, in the future, dollars through the Bank of Singapore. The token sale has a hard cap set at an estimated total of 110 million ALE tokens. Project related updates can be found on ALEHUB’s official Twitter page.
A complete rundown of all ALEHUB features can be found in the project’s white paper and a MVP of the platform is available on its official website. Further discussion can be found on the project’s Bitcointalk thread as well.