Before the inauguration of Bitcoin, the financial industry was heavily centralized. However, the introduction of the world’s first digital currency instigated a paradigm shift towards decentralization. Years later, in 2015, this concept was further bolstered by the establishment of Ethereum-based smart contracts. These contracts heralded the creation of decentralized applications, popularly referred to as DApps.
Essentially, decentralized apps rely on blockchain technology to facilitate the secure and trustless transfer of digital assets. Simply put, these applications eliminate the necessity of intermediaries in their business model.
Last year was remarkable from a cryptocurrency perspective. Ethereum and Bitcoin hit all-time highs, with the latter nearly reaching the $20,000 milestone. Overall, the market capitalization of digital currencies shot up astronomically in 20117. On the other hand, freelance websites such as Upwork and Freelancer continue to rake in millions on a yearly basis, mainly due to the exorbitant service fees they levy on their clients.
What Is Workchain?
Workchain is a blockchain-powered decentralized freelance platform which creates a conducive environment for the interaction of freelancers and their respective clients. The primary objective of the project is to create a secure and trustless ecosystem through which all parties to the freelancing world are satisfactorily served.
The Current Situation In Freelancing
Approximately, close to 80 million individuals across the world are freelancers. Moreover, these figures grows gradually on a daily basis a people look for supplement the income from formal employment.
Preferably, a freelancer should be in direct contact with the client with whom they are working. However, this is not often the case, primarily due to trust issues. Consequently, these parties often resort to centralized freelance sites. While these platforms offer an expedient way for interaction and solving payment issues, it has significant shortcomings. The website usually takes up a sizeable chunk of the job value as service fee, funds are not released instantly, and the means of accessing the payment are heavily limited, especially in developing countries. Lastly, all disputes are solved by the intermediary, meaning that arbitration process cannot be objective.
The Workchain Solution
The Workchain platform will use the following measures to combat the issues challenging the freelancing industry.
- Self-executing Ethereum smart contracts to bind the two involved parties
- Aligning the economic initiatives so that all parties Ares satisfied by the outcome of the process.
- Availing a decentralized system of compensated moderators founded on the game theory and provide objective dispute resolutions on the basis that the majority is always right.
- Tokenizing reputation and giving it monetary value.
Workchain WCH Token ICO Details
Workchain intends to issue WCH utility tokens in an ICO whose aim is to raise funds for this project. Out of the total, 70% will be sold in the crowdsale, where ETH will be the only acceptable currency. 20% of WCH are reserved for the marketing campaign, as Workchain plans to expand its global reach.
The Workchain concept was conceived in the last quarter of 2017. As of now, the company is making preparations for the impending ICO. Afterwards, the project will develop smart contracts as well as smartphone apps. Finally, Workchain will embark on marketing in a bid to extend its coverage worldwide.