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The freelancing landscape has changed dramatically in the past couple of years, buoyed by growing internet literacy and advances in mobile technology. Gone are the days when the on-demand professional was the ridicule of the global market now that it accounts for over 35% of America’s workforce and has been projected to dominate the global labor market by 2020.
The internet has made it easier to match employers with highly-skilled employees from anywhere in the world without the traditional overhead cost. Workers have been able to maximize every facet of their skills in ways the traditional 9-5 desk job wouldn’t have thought possible. Freelancing has grown into a $1.5 trillion industry, however, the industry remains fraught with perils ranging from dubious claims and reputation to conflict resolution, contract defaults, and fake identities. Ethearnal is set to disrupt this industry by bringing transparency and security to every engagement through blockchain technology.
Giving The Industry A Better Reputation
Ethearnal is revolutionizing the freelance industry through disintermediation of exchange, developing an ecosystem where users can direct engage each other. Ethearnal’s innovative ecosystem is built on trustless smart contracts, peer-to-peer (P2P) channels, and an immutable escrow and reputation system. The system deftly marries a tokenized reputation system with economic initiatives to give value to every engagement on the platform.
Reputation is one of the most difficult intangible assets to build, and the most expensive currency to leverage in any transaction. Unfortunately, its value has been cheapened by centralized systems that allow abandon flagged identities and start all over again.
Not so with Ethearnal.
Through smart contracts and IPFS technology on the blockchain, Ethearnal ensures that every identity is unique, cannot be falsified, and reputation is worth its weight in gold.
What’s My Reputation Worth?
By tokenizing reputation through its native Ethearnal token (ERT), Ethearnal has finally solved the age-old problem of this undervalued asset; tangibility.
ERT is the embodiment of users “reputation” on the network, which every party has to deposit into a smart contract for every engagement. This amount will only be released when the work is completed according to the smart contract terms, paying 99% to the worker. The remaining 1% will be split between both parties in the form of ERT tokens directly purchased at the current market price. 0.5% of the transacted amount will also be distributed to both parties to incentivize further engagement on the platform and reward them for upholding the terms of engagement
But What If Someone Questions My Rep?
Ethearnal has developed a ground-breaking mediation system to resolve disputes on the platform. The network will create a pool of moderators from the community who will have to stake their reputation to resolve any conflict on the network. Moderators will stake an equivalent amount of ERT tokens as the disputing party, which they can only get back by resolving the dispute with their integrity intact and effecting a positive outcome. This will incentivize the community to always be thorough, diligent, and vigilant in the resolution of disputes.
Innovative Project, Innovative ICO
ICOs have been getting a lot of flack lately, due to the fast and loose way some developers have played with the sum deposited for the development of their proposed solutions. Ethearnal will be leveraging the innovative ICO 2.0 model to distributed and develop its platform.
Dubbed “DAICO” by Vitalik Buterin, Ethearnal’s ICO 2.0 merges the best of DAOs (Decentralized Autonomous Organizations) and traditional ICOs to put the development of the platform directly in the hands of investors. Investors will decide how and when to release the ICO funds to developers.
Ethearnal team will only receive 10% of ICO funds to start development. Subsequent funding will only be released to the team when they achieve predefined milestone targets for the community to vote on. The community’s feedback based on their votes will not only inform the smart contract-based fund release, but also refund investors if they are unhappy with the progress of the project.
Unlike most ICOs that have made it the norm to issue their token sale in stages, Ethearnal will be offering a dynamic hard cap that changes hourly. $1000 worth of tokens will be made available in the first hour by $1000 every hour. This means no one large investor can come in and buy up large numbers of tokens in one fell swoop. $1000 per hour means the playing field is leveled for big fish and small. The ICO is set to launch this month, with more details available on Ethearnal’s website
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