Well, to start, like any technology, it’s not the technology itself, but the spirit in which we deploy it. LaborCrypto is about people and using technology to empower them.
In a nutshell, blockchain is a method of recording information in a more transparent and secure manner.
Currently, we record data and store it in a central database usually controlled by the person offering the service. As we all know these centralized databases are vulnerable to hacking and always require a third party to manage them.
Instead of recording data in centralized storage, blockchain records data in many places in a more public manner. Instead of a private record, it creates multiple public records.
By recording data this way, hacking becomes almost statistically impossible. Also, the data somewhat manages itself in a very transparent and public way reducing the need for a third party or middle man to manage it.
Now, you’re wondering how does Bitcoin come into play? Well, Bitcoin operates on blockchain technology, which is essentially computer code, just like the code that banks would use between themselves for electronic transactions, just very different.
So using blockchain, Bitcoin creates a way to transfer currency between parties without an intermediary. Remember blockchain creates multiple records to verify and ensure accuracy, creating a public ledger or accounting record. Every time someone transacts, there are many people verifying every single transaction, called miners.
Just the idea that people can execute peer to peer transactions is quite different from what we are used to. And for those of us in countries with developed banking systems, this is pretty cool, but for places that lack developed financial systems, this is extremely empowering. That’s a whole other conversation.
Now, let’s dig a little deeper. We have these things called smart contracts, which are computer code that executes a contract between parties. They virtually guide the business process of an agreement from start to finish. They have methods of execution for process management, payments and conflict resolution. Smart contracts are out there today, working.
So now let’s put this into perspective by looking at how this impacts freelancing.
Currently we have third party businesses, like freelance platforms, that facilitate work between parties. They manage the entire process between the hiring party and the contractor doing the work. They connect them, oversee the project and process the payment. They also cost money, like 25% — 30% of the project cost paid by the users.
Think about how, a cryptocurrency, like bitcoin or any token, and smart contracts can impact that process.
These technologies dramatically reduce the role of third parties, mainly banks and third party platforms. By employing this peer to peer style of business you can extract a lot of value for the actual parties transacting.
Now we can see why LaborCrypto exists. Using these technologies, we reduce the third party role in facilitating business and create a peer to peer experience. We also created a cryptocurrency token for the users to exchange for services.
By doing this we, extract the value currently taken by third parties and allow the users to keep more. We save the users payment fees, and dramatically reduce the service fees charged in the current industry.
LaborCrypto is not deploying these technologies to keep the value, we are passing it to the users. Our intent is to operate the network and continue to create more value for the users as we grow.
But not only, is LaborCrypto dramatically reducing the service and payment transaction fees, we are also sharing 50% of revenue with the users. This creates an enormous amount of user value, which is what the industry has been struggling with. Users, both consumers and workers keep more of their money and get additional benefits of being in the network.
We believe this is how you can use technology to improve lives on a global scale. Find out more about our Upcoming ICO here www.laborcrypto.com