Freelance market current state
There are over 567million freelancer all over the world, bringing in over $5.4 trillion dollars a year. A large Payoneer survey found that 70% of freelancers use online marketplaces to find work. It’s a colossal market that’s only getting bigger and hungrier for new ways to connect.
So, what kinds of work are all these freelancers doing? A quick search for recent posts on Upwork, the largest online freelance platform, gives the following results:
• 33% Web, mobile, and software development
• 18% Design and creative
• 15% Sales and marketing
• 11% Writing
• 8% Admin and support
• 15% Other
The current centralized freelance platforms have a simple pay structure. The platform takes a cut of all payments. Some charge a flat rate on all transactions, while others charge variable rates depending on the type of work. Here’s a quick breakdown of the fees of the major platforms:
• Upwork: 20% up to $500, 10% up to $10,000, 5% over $10,000 per client
• Codeable: 15%
• Fiverr: 20% ($1 for a $5 gig)
• Freelancer.com: 13% (3% to employers, 10% to freelancers)
• TopTal: Undisclosed. High hourly rates of $65–200
These fees can quickly add up. For a small $500 freelance project on Upwork, the fees will already be at $100 before the PayPal fees are added. For large $100,000 project on Codeable, the fee would be $15,000 for just a single gig.
The payment options are pretty similar for all the platforms, with most accepting credit cards, PayPal, or bank transfers, and paying freelancers via PayPal, Payoneer, and bank transfers. None of the major platforms accept or payout in cryptocurrency yet.
The freelance-industry benefit
The current world of freelance aid us with almost endless possibilities. With the global orientation of benefit of ICT you can work in the confort of your home in any remote area ,all you need is a computer/smart phones and the Internet.
But it is not all about the remote work only. Freelance also includes offline-work, seasonal work. Although the outsourcers will have the most advantages indeed. As a result of an active society cybernation, new jobs will appear, which could be performed fully in a remote format.
Why does freelance attract people? The reason is in the following advantages:
• free work schedule;
• there is no need going to the office;
• the ability to earn more than the average for the living region;
• the possibility of simultaneous participation in several interesting and advanced projects;
• the opportunity to enhance your professionalism through the implementation of more complex tasks;
• you can easily find a job abroad.
Challenges faces the freelance industry
Although, despite the listed advantages, the freelance-industry has its own undeniable cons, which slows down its development. Such negative aspects include:
• risk to not get paid for the work done;
• the possibility of conflict situations with a customer regarding the quality and timing of the work performed. For example, a customer gave an unclear TOR, so the work is not 100% meet his requirements;
• tedious search for customers and performers;
• opaque pricing;
• lack of trust between a customer and a performer;
• it is not always possible to officially formalize a labor activity and a pension. It is caused by both the lack of a legal regulation of the freelancer’s activities at the state level, as well as the customer’s unwillingness to sign contracts when a freelancer performs certain activities in order not to pay taxes
Problems That Need Solving
The major problem that have been undervalue and attention not paid to is the immature way handling payment escrow, issuing tokens and fundraising with smart contracts and ICOs . Decentralized apps are slower and harder to use than their centralized counterparts, and developers need to find ways around this.
Other problems that new blockchain apps face are a little more subjective. Getting economic incentives right is extremely difficult, especially since many of these incentives have never been studied before, and decentralized protocols and smart contracts are hard or impossible to change on the fly. There’s also the issue of community engagement and network size. A freelance platform’s main asset is its network of workers and jobs.
So, who is looking to solve these problems?
Introduction of LaborCrypto in a decentralized market place.
LaborCrypto will be using the expertise of its founders and applying blockchain (Distributed Ledger) technology to make a freelance hiring platform that is decentralized, has extremely low fees, allows for the unbanked to make and store money, and will have a built-in arbitration process. Additionally, LaborCrypto will share 50% of collected fees and advertising revenue with all token holders that are actively using the tokens and their memberships in the LaborCrypto marketplace. There will be no inactive shareholders that earn money based on the work of others. This combines the advantages of an employee-owned company with the advantages of being self-employed!
Good reason why you need laborcrypto
LaborCrypto’s use of blockchain computing will make payment transfer rapid and nearly costless and will make the overhead required to operate LaborCrypto very low. In order to take advantage of blockchain technology, LaborCrypto’s users will be using the LaborCrypto™ coin (LBR) to pay for services related to freelance work
User Loyalty and Freelancer Quality Because freelancers will retain almost all of their individual earnings and be awarded quarterly revenue-sharing, quality freelancers will be more likely to stick to using LaborCrypto to find jobs and make money. Having quality personnel do worthwhile work will incentivize users to keep using LaborCrypto to hire the people that they need
Brains behind the project
Conclusion
The global freelance marketplace is huge and has many inefficiencies. Users struggle with high fees, slow payments, low work quality, dishonest employers, and an all-powerful centralized control structure that can ruin entire careers in mere seconds.
laborcrypto Decentralized freelance market place has make freelance more easier and user friendly with lots of benefit
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