Over the last few years the sharing economy has been growing to about $20 billion globally, a great example of this progress is Uber and Airbnb. These are business models that have been based on the sharing economy that has been able to turn each individual to a user or a provider. The only downside is that these have only been limited to two types of fields.
What Is Coins4Favors?
When we look at Coins4Favors, it is a decentralized platform that has been enabled by the blockchain technology that is designed for small favors around the world; thus it has been able to open the sharing economy to everyone around the world. With the platform, you are able to ask various individuals around the world to do small favors or mini jobs that will offer instant gratification.
Why You Need Coins4Favors Global Service Industry Blockchain?
We have seen the digital revolution has truly changed our lives making it more convenient and comfortable in performing various transactions. In the year 2017 the global sharing economy reached $18 billion and in the year 2025, it has been focused to reach $335 billion. Business models such as Uber and Airbnb are excellent examples of the benefits of per to per economy can offer.
But these models have only been limited to two industries, that is lodging and transportation, but what if you could turn each individual into a service provider for almost anything. Companies like Alibaba and Amazon have been able to revolutionize online shopping for purchasing goods and have been able to create a multi-million dollar industry that has been focusing on what people want. But what about the other non-standardized services.
Have you ever thought it would be a great idea if you knew someone locally who can do for you a little favor? Like someone who can wait in a queue, look something up for you, take pictures of a particular location, or deliver something to your home or office. None of the giant companies have been able to find a solution for these kinds of services, solely because their business models are not designed for this type of services.
This is where Coins4Favors comes in as it is has identified the problem that exists. The first being the lack of standardization because every favor that is carried out is different and not predefined skill set has been set. The next is low margins; this is even though you feel the favor will be valuable to you it is actually just low cost, and the lack of a proper payment system put in place makes such services hard to provide.
What Makes Coins4Favors Different?
So it is clear there is a significant gap for the non-standard services and also favors that individuals could offer. But with the Coins4Favors system, the gap can be filled.
The system is able to combine the innovative blockchain technology with a GPS based location service, a smartphone app that is state of the art and a web based database that allows each individual on the platform to offer or request for favors. Not forgetting there is the compensation aspect incorporated into the compensation with FavorCoins.
So what makes this system different is that it is a blockchain driven compensation system that has been incorporated into the escrow function to ensure payments are made. There is a rating option that has been based on the quality of services received, a located based filter to help identify who is near you and not forgetting the easy to use smartphone-based user interaction.
We tend to need some errands or favors done for us on a day that your to-do list is way too long for one person to handle. And having a platform that is able to offer this is something to offer. Or you could be on the other end of the spectrum where you have some idle time and wouldn’t mind making a few coins; then this is the platform you should be a part of.