LaborCrypto is a freelancing platform that embraces blockchain technology to provide consumers and providers of freelance services a chance to share similar value without a central authority. LaborCrypto will thrive to eliminate the costly intermediaries who inhabit the gig economy, to allow consumers and freelancer to interact and benefit from the interaction. Under the application and experience of the blockchain, LaborCrypto will give the freelance industry a corporate power structure.
Components of the freelancing ecosystem
LaborCrypto looks to challenge the existing status quo of the freelancing industry through
- LaborCrypto platform– under the people-powered freelance ecosystem, LaborCrypto acts as an administrator to match users to freelance and enable hiring. The platform will work to streamline the freelance economy through appropriate match-making
- Smart contracts– LaborCrypto works on a protocol design that uses smart contracts as an escrow mechanism to ensure due diligence on the participating parties.
- Digital banking– the goal to re-invent the freelancing community will also involve a virtual currency (LaborCrypto token) and the elimination of banking services for the transactions.
How the decentralized freelance system works
Consumers and freelancers get to register on the LaborCrypto website to seek their respective services. Inside the platform, customers post a job opening or attempt to hire a freelancer. Once the customer is satisfied with the qualities of the freelancer, then proceed to pay for the service in the form of LaborCrypto coin. The payment is held in the self-executing smart contract till the task is complete.
Does the media network token stand to offer any benefit?
- Quality freelancing- LaborCrypto provides for advanced features which attract top-tier freelancers to assure of high-quality services at relatively affordable prices
- Low service fees- at zero or minimal fees (3%), LaborCrypto provides for minimum charges to the freelancer unlike the traditional platforms that charge upwards of 20%
- User loyalty- by allowing users and freelancer to retain their earnings and fees, participants will repeatedly seek to use the services
- Profit sharing- LaborCrypto shares the collected fees with the token holders receiving 50% of the amount, based on their contribution
- Decentralization- with reliance on the blockchain, LaborCrypto peer-to-peer structure gives convenience to customers
How does LaborCrypto rate?
LaborCrypto's goal to reinvent the freelancing industry seems like a solid idea. Already the ICO has an existing freelancing product through ChoreRelief™, and this adds legitimacy to the overall venture. Hopefully, with the experience and knowledge of the team, the idea could have potential implications for overcoming the possible competition. Overall, it is fair to rank LaborCrypto as an ICO that can be trusted for investing.
LaborCrypto ICO details
15th June 2018 till 15th July 2018.
Maximum individual contribution- None
Hard cap- USD 3 million
- Token- LBR
- Pre-ICO Price- 1 LBR = 0.0005 USD
- Price- 1 LBR = 0.0005 USD
- Bonus- Available
- Bounty- Available
- Platform- Ethereum
- Accepting- ETH, BTC
- Minimum investment- 0.01 ETH
- Soft cap- 2,000,000 USD
- Hard cap- 22,000,000 USD
- Country- Cayman Islands
- Whitelist/KYC- KYC & Whitelist
- Restricted areas- The United States of America, China (except for Hong Kong, Macau, Taiwan), South Korea, Cuba, Iran, North Korea, Syria, Crimea Region.
- Token sale- 60% (60,000,000,000 LBR)
- Operations- 20 %( 20,000,000,000 LBR)
- Founders- 15 %( 15,000,000,000 LBR)
- Advisors- 3 %( 3,000,000,000 LBR)
- Bounties- 2 %( 2,000,000,000 LBR)
Token proceeds use
- Market development- 35%
- Software development- 35%
- Other operations- 30%