Preface of ETHEARNAL:
Freelancing is well known by everyone, they work online for any type of organization, with flexible time hours and earn while sitting at home. There are approximately 77 million freelancers from all around the world. But now with blockchain, entire world is even more connected, decentralization smart contracts have reduced the risks over transactions and payment methods. Now code is new law, everyone can trust the platforms based on blockchain technology. So ETHEARNAL provides a completely decentralized, blockchain technology based forum through which people will get the opportunities to work online without any physical barriers and millions of people will get job.
ETHEARNAL overview:
ETHEARNAL token based freelancing platform is way different from other online recruitment forum in many ways such as user friendly, thousands of freelancer for one type pf job will be available, easy recruitment, escrow system, no intermediaries to reduce the cost of earning of any freelancer, no locking and holding period of payment, objective type of dispute solving. The platform charges no more than 1% (or less) as fees for services while many centralized freelancing forums charges 10 to 20% fees. Even developers cannot charge you for anything or no extra cost deduction. Even that 1% deduction will be used to maintain the structure of forum. On the other hand, there are many freelancers who get the payment but don’t work accordingly, afterwards they make another account with new identity but this will not be the case in this decentralized platform for sure. Smart contract of network takes the responsibility from both sides. It provides incentives in the form of tokens, which definitely have monetary value as well.
Procedure:
Steps to be the part of this system are meant to be followed in order to get results with 100% accuracy. These are as follows:
- First of all freelancers who are registered on forum have to make an overview of their skills and services they can provide or make fix gigs on the web (these files are kept in the system using interplanetary file system).
- Every information will be on cloud, they are not asked to be online for distributing their portfolio.
- In similar manner, the employer from a company or organization will either post a job or task so that relevant freelancer can contact them or simply go through particular freelancer’s listings and contact themselves to ask them to the work. (Insignificant amount of fees will be charged by the forum to something from both sides either freelancer or employer in order to mitigate the risks of spamming).
- When an employer agreed with a freelancer he/she have to submit the fess instantly which will be kept lock in escrow system and will be given to the freelancer after confirmation of the employer that the job has done accordingly.
- But a token amount (after agreement from both sides) will also be locked into the system. But a time duration is maintained, if the deal is closed within the time duration, the locked amount will be released.
- This is only for the security purpose and are known as staked/ reputation tokens.
- Then finally the freelancer will get payments in the form of ERT tokens. Note: if the contract has ended with mutual understandings from both sides, no one will get anything and both will get back their staked/ locked reputation tokens.
Funding, voting & ICO:
The token used for all transactions or payments is ERT token. The ERT-tokens are available during ICO-sale. The ICO of ERT tokens is unique as it does the voting and investors will have complete control over system’s spending. Voting is done in order to know about what investor wants on 10% increment on funding. If the voters holding 51% proportion of tokens out of total tokens say yes, more funds will be released to work on investor’s behalf.
Purchasing and token utility:
Another uniqueness of this freelancing platform is purchase of the tokens. Every investor will get chance to buy tokens of worth 1ETH during the first hour while they can purchase tokens of worth 2 ETH in 2nd hour and so on, so thousands of investors have various options to purchase the tokens. Everyone from any part of the world can be part of this platform either in the form of freelancer, employer or investor. Not only employer but also freelancer have to purchase the ERT-tokens. They have to purchase tokens in order to stake the amount for reputation during a contract (as mentioned above in the procedure) which is refundable after holding period in case of successful dealing.
Token supply:
The total ERT token supply is 40,000,000 ERT tokens but they are only generated when the purchasing amount has been sent to the platform. 1000 token per 1 ETH will be generated. Ending date of ICO sale is 31st of March, 2018.
For further insight about the project please visit whitepaper.