Thor just announced its token sale for March 12, 2018. Find out everything you need to know about the ICO today in our review.
What is the Thor Token?
Thor Token, found online at ThorToken.com, is a digital currency project that seeks to create blockchain-powered solutions for the gig economy. The goal of the platform is to help contractors earn more money, faster, and more securely. Thor Token also wants to offer contractors options like instant pay, access to an extensive job network, retirement planning, and health benefits.
Overall, Thor sees itself as “the gig economy revolution”. The token sale whitelist opened on March 2, 2018, with the token sale for Thor Tokens beginning on March 12.
How Does the Thor Token Work?
Thor is a blockchain-powered gig platform catered to entrepreneurs and contractors. The goal of the platform is to modernize the gig economy, helping contractors earn a better living wage from a decentralized marketplace of entrepreneurs willing to pay for their work.
Thor’s overall goal is to offer a blockchain-based marketplace where gig workers and on-demand companies can interact with one another. The platform targets three specific “prongs” of its solution, including:
- Easy access to benefits and financial security
- Instant payments
- A network of gigs (a jobs marketplace)
To accomplish these goals, the Thor team has built their platform on the NEO blockchain. All transactions in the marketplace will be performed using Thor tokens (THOR). Thor will be exchangeable into more popular cryptocurrencies like NEO, ETH, and BTC. However, THOR is used for platform transactions in order to facilitate cheap and fast transactions between contractors and businesses.
Some of the core functions of the Thor platform include:
Thor will validate contractor identity through the platform. They’ll use the following step by step process to validate all identities:
Step 1) The contractor submits identification: Submit your identification information to be reviewed by the platform.
Step 2) Thor validates your identity: Thor’s partner network will validate your credentials, streamlining your application process.
Step 3) Thor encrypts your identity: Thor encrypts your identity information, then stores it on the blockchain.
Step 4) The contractor manages privacy: You, as the contractor, can choose which companies see your information. You can selectively share your information with trusted parties.
Thor also emphasizes fast payments. Thor claims to use a mobile account that makes it easy to move your tokens to Thor’s retirement savings account. Thor has a legitimate 401k where contractors can start earning interest and grow their portfolio.
Users will send and receive payments in Thor Tokens. After receiving Thor Tokens, users can exchange tokens to Bitcoin, Ethereum, or NEO before transferring it to token exchanges. Thor will also offer a VISA card. Users will be able to spend Thor Tokens from that VISA card wherever credit cards are accepted.
Easy Online Dashboard
Contractors and companies can interact with Thor through an easy online dashboard. That dashboard has functions like:
- Jobs Network
- Identity Sharing
Your wallet holds your Thor Tokens. Your portfolio contains your identity as a contractor. The exchange can be used to transfer Thor Tokens to and from the platform. The jobs network is a marketplace of posted jobs available to contractors.
You can message other contractors or companies through the messaging interface, selectively share your identity with different members of the platform and control your account settings all through the Thor dashboard.
Who’s Behind the THOR Token?
Thor is led by David Chin (CEO), Matt Moravec (CTO), Matthew Lawler (CMO), and Cheech Pencavel (COO). The company is based in San Francisco, California.
CEO David Chin previously served as the Head of International Business Development at Dubai Silicon Oasis between 2005 and 2015. He also studied and invested in bitcoin between 2015 and 2017 before founding Thor Token in 2017.
In terms of a timeline, Thor plans to start testing with its first customers in Q2 2018, with all other features of the platform (including sales, marketing, account services, the debit card, and the 401k plan) established before the end of 2018.
The Thor Token Sale
Thor’s token sale begins on March 12, 2018. Whitelisting opened on March 2. Details of the token sale have not yet been announced. The whitepaper and website have not yet detailed the token supply or token distribution plan, for example. However, we expect that information to be announced in the near future.
THOR Token Conclusion
It’s no secret that the “gig economy” is growing every year. Thor seeks to disrupt the contractor industry and the gig economy by offering benefits like healthcare plans, retirement plans (including 401k plans), and a decentralized marketplace for jobs.
Overall, Thor believes that blockchain technology can fix the gig economy – and they want to be the economy that provides that blockchain-based solution. Thor is built on the NEO blockchain. THOR tokens are used for all transactions between contractors and companies within the Thor platform and marketplace.
The token sale for Thor tokens is scheduled to begin on March 12. To learn more, visit online today at ThorToken.com.