The world is getting smaller and smaller with the advent of new technologies which act as enablers, connecting one individual with another. We constantly discover, interact or connect with people offline and online, and the internet has made the discovery process very easy and fast. From conducting business to collaborating to hiring someone, the internet has made it possible. Although it sounds easy and simple those who actually conduct business online will tell the pain associated with it. Trust is a big issue considering the rise in a number of frauds or fake rating and reviews.
What is Ties.network?
I came across an interesting project, Ties.network, which aims to solve the problem of fake or sponsored reviews and ratings. Ties.network is a platform which allows users of blockchain community to connect with each other for a business opportunity. The best part is the rating or review of the other party with which one strikes a business deal is verified and stored on blockchain which is transparent as well as beyond doubt. The financial remuneration for the work is escrowed and is bound to a smart contract which ensures payment if the job or service is provided. This arrangement is a win-win situation for both the parties. The applications of Ties.network is immense encompassing hiring resources, receiving or lending expert services, advertising, making financial deals or investing in projects.
How is it different?
Ties.network solves the single biggest problem of doing business online—Trust. When we hire someone we generally look at their CV or go through his business profile available on sites such as LinkedIn. The problem with this approach is that we cannot ascertain that the capabilities or caliber which the candidate showcases in their profiles is correct or not. The second major problem is if we collaborate with someone online can we trust the person with confidential and private data. Ties.network effectively tackle this problem by creating a review system where only the concerned parties in smart contracts can provide reviews or feedback for the services which they undertake. This will ensure there are no fake or sponsored reviews. The reviews and ratings are associated with the user's profile and are stored on the blockchain. These ratings and reviews can be a ready reckoner for an employer who wants to hire that particular user.
Use Case
Imagine John has a revolutionary idea to set up an e-commerce platform for vintage phones and antiques. To bring this idea into a reality he needs a team of specialists who would undertake different works. He needs analysts who can find out the market potential of this idea, the market growth rate, drivers, restraints, challenges, and opportunities. They would also check if the project is financially viable or not. Hiring these analysts will be like finding a needle in a haystack. He will have to browse thousands of profiles to shortlist few profiles before interviewing them. At the interview John finds that the profiles were nothing but empty words, the candidates were not up to the mark and the talents portrayed in the CVs was a sham. This not only wastes valuable time buy also leads to the selection of substandard talent in desperation. John logs onto Ties.network and finds that analysts are listed on the platform with their real reviews and ratings. He can also check which kind of projects the analyst has undertaken. The search and decision of hiring the analyst are made easy and transparent by Ties.netword. In a similar way, John finds himself a project manager, developer, content creator, marketing & branding expert and other member of his team on Ties.network.
Features and Benefits offered by Ties.network
• Hiring suitable and talented resource is made easy
• Real ratings to ensure there is no dissonance in expectation and reality
• Search users based on their locations, name, ratings, skills etc.
• User tagging based on location or skillset so that an employer can remember "Web-Designer from Canada" or "Content Creator from Japan"
• Transparent outsourcing of work so that funds are released only when deliverables are provided
• Shout-out to interested investors, developers or other stakeholders when a project of their interest is posted on the platform
• Access to highly trained and diverse resources from all around the globe
• Dispute resolution by a team of highly able and professional mediators
• Decentralized architecture ensures transparency, zero downtime, and high stability
• Fast processing speed as compared to present day cloud-based systems
Ties.network: Economics behind Revenue
Ties.network majorly earns from two important services which the platform provides. Premium accounts and escrow fee. Users pay in TIE tokens (Native altcoin for the platform) for premium services such as higher visibility, featured results in search among others. The premium services help new users to immediately connect with clientele. This helps them in improving their personal ratings and reviews.
Escrow service dissipates any counterparty risk by ensuring payment is done once service is delivered. Once a contract is completed the smart contract ensures that the payment is released which was earlier blocked in escrow. Users have to pay for escrow services to the platform in form of TIE tokens. The fee collected from premium accounts and escrow is paid out to moderators to keep the platform healthy and safe.
TIE Tokens
TIE token is used for all transactions on the platform. The tokens can be purchased internally or from an external exchange. During signup process, users use various cryptocurrencies to pay for their account. This amount is converted to TIE token and returned to them in their wallet. The token is an ERC20 compliant token based on the ethereum blockchain.
Verdict
The rise of cryptocurrency has caught the attention of every investor around the globe. Every day there are multiple ICOs raising capital in a jiffy. As most of them are startups with just a website and a whitepaper it becomes very difficult to separate the wheat from the chaff. Ties.network is the first of its kind project, providing a platform for everyone associated with cryptocurrencies and blockchain to make professional deals, hire best talents across the globe and conduct secure transactions with them. It would not be an exaggeration if we say—
As ethereum is to an ICO, Ties.network is to the team behind the project
To know more about this project visit
Website: https://ties.network/
Whitepaper: https://cdn.ties.network/white-paper-eng.pdf
Bitcoin talk Thread: https://bitcointalk.org/index.php?topic=2071592.0