What Is UMKA?
UMKA is a decentralized, blockchain-based labor market with efficient project implementations and a wide variety of useful tools integrated into its system. UMKA provides a platform where users can find competent specialists, reliable customers, and online courses from leading educational institutions.
UMKA seeks to create expert communities and provide them with the best environment for work, education, or personal development.
UMKA Decentralized Blockchain Labor Market Features
UMKA is made of features that enable seamless corporation between employers and contractors. Some of the features are:
- Digital passport – contains all user data that is stored on the blockchain. The data includes the user’s skills and qualifications, their experience and courses they might have taken on the platform.
- Agile Smart Contract – These smart contracts simplify payments especially for long-term projects.
- Arbitration system – In case of misunderstandings, users can use UMKA arbitration to solve the issue.
- Google Neural Machine Translation – it is integrated into the system to help users from different countries communicate with each other on the platform
- The platform also features a user-friendly interface, which can be access via a mobile application, web version or a desktop client.
Through the platform’s smart system, employers can set the requirements for freelancers and be able to select for the numerous freelancers who have the required competencies as recorded on their digital passports. Freelancers on the other hand can be able to access projects, vacancies, training programs and testing systems in order to build their competency based on the current market trends.
UMKA UMK Token And ICO Details
UMKA will operate using assets for cryptocurrency and fiat currencies to simplify transactions between users. An asset is the UMK token supported by a user’s cryptocurrency balance in their UMKA wallet or their fiat account balance on the platform.
Transactions on the platform will be through the smart contracts that support Bitcoin and Ethereum although in the future more digital currencies will be introduced.
The platform is conducting an Initial Coin Offering in order to support marketing and development of the project. The ICO will issue the ERC20 UMK token on the Ethereum blockchain. Investors can purchase the UMK tokens, which will guarantee participation during the distribution of the platform’s revenue. A token holder’s balance will be displayed in their user wallet. Token holders will receive rewards based on the amount of tokens they have.
- Token Symbol: UMK
- Token Sale Starts: 1 June 2018
- Total Supply: 180 million
- Token Standard: ERC20
The token will not use mining as computing process, instead the network will use ‘witness’ which is a block maker that has been selected by the network that validates transactions and smart contracts. Users can offer witness services and receive UMK tokens as rewards.
Investors will receive additional tokens besides their tokens if they purchase a minimum token amount.
The platform will distribute a commission of 1% to token holders based on the amount of tokens available in their user wallets.
Transactions on the platform are carried out using smart contracts on the blockchain, which will allow tracking of all operations on the public network thus guaranteeing faster and secure transactions.
Lower Transaction Fees:
The decentralized nature of the platform means that intermediaries such as banks are not involved during transactions therefore the transactions costs are minimized, as there are no commissions.