PAYPERBLOCK - TURNING THE FREELANCING PLATFORM INTO A DISTRIBUTED AUTONOMOUS JOB MARKETPLACE
is a blockchain-based freelancer platform, which is owned and operated by Payperblock Ltd and is used to connect professionals and jobs. The primary customer pool for the company includes freelancers who are blockchain experts and organizations. The company headquarters is located in Oulu, Finland, as the city is rich in terms of talent and resources for the technology industry. Payperblock operates on the same functionality principles as the popular cryptocurrency Ethereum. Instead of relying on a centralized authority system, Payperblock employs a distributed network of token holders (ICO investors) in the company.Freelancing is one of the fastest growing industries in the world, and the industry is already worth more than $1.5 trillion in revenue per year. Over 77 million people on the global scale identify their primary employment as a freelancing job.
Almost all traditional freelancing networks suffer from an inherent issue in the basic model of freelancing model, and this impacts the overall performance of the platform as well. Some of the most notable and inherent issues with the conventional model of freelancer platforms include the following:
A centralized authority exists in the organization that raises concerns among freelancers about fair dispute resolution and justifiable policy changes.
Getting paid can become a chore in many cases if the client is not supportive.
The issue of unjust negative reviews left by clients or freelancers for reasons like personal bias or frustration.
Payment for work is not always guaranteed.
The fee for using the platform service can be very high in many cases including the costs related to creating a contract, accepting a contract, a share of the payment received, currency conversation and withdrawal fee.
This new blockchain technology serves as the catalysts for innovative change in the economic, particularly in the financial sector. These changes gave birth to noteworthy technological social and economic innovations like distributed ledgers, digital currencies, blockchain IoT systems, which remodeled many industries from finance and insurance to energy and cyber-security. With the automated capacity of this technology (which can automate the basic workings of social institutions) as well as the increased interconnectivity, it is interesting that we now have more technological means to create large organizations which are distributed and automated. This is one thing we haven’t seen earlier and whose potential is barely really limited by one’s creativeness. The Blockchain technology gives the prospect of decentralizing these platforms by building fully autonomous distributed systems of a marketplace without the need for a centralized organization to control the platform. With this technology, we can now boldly create distributed Job marketplace at a worldwide scale, which is something we don’t have before the advent of blockchain technology. A decentralized autonomous marketplace, likewise referred to as “DAM”, is a company that is run by guidelines which was created by its members in a consensus process of after which was written in a set of contracts that are run through computer code, and therefore enabling the automated management of a distributed organization in an advanced level. A DAM (Decentralized Autonomous Marketplace) is a company that’s managed by rules/guidelines and coded in smart contracts and run on the blockchain technology. Being a centralized organization limits the potential of a freelancing network as all decisions come down to the choices of a single individual or a small team which may or may not compare to the choices made by the majority of freelancers. At PAYPERBLOCK, the structure of the marketplace operations is intentionally kept as autonomously distributed. The system approach for PAYPERBLOCK is designed to operate in a way that is practical, futuristic and self-regulatory. Instead of opting for a single authority group in the company structure, the decision and policy-making powers within the freelancing platform will remain with a large group of token holders. In this approach, fairness in decisions and dispute resolution systems is increased significantly for the users of the freelancing platform.
The majority of the decisions is taken by a selected group of token holders out of thousands of token holders, making the platform highly decentralized. As for the process of reviewing a project dispute on the platform or changing a policy on the PAYPERBLOCK platform, votes will be invited from the token holders, who have an incentive in making the right decision that helps the platform in the long term. For instance, any changes in fees for the freelancers in the future will have to pass through the token holders’ voting process.
The popularity of the freelancer market is only growing higher in all areas of the world as more and more people are getting access to the high-speed internet connections. Furthermore, both small businesses and even Fortune 500 companies alike are aiming towards hiring freelancers to reduce costs in many aspects of the business. The number of freelancer jobs and the total market cap of the industry is consistently growing, and it is projected to grow even more. It is also worth noting that the skills that are more prominently shared in the freelancer markets are also growing in popularity and demand.
PAYPERBLOCK intends to revolutionize the freelancing industry by providing a platform that is fair, decentralized, transparent, and has a lower fee structure than most other platforms. With the industry size of the freelancing industry being so large, even the initial response to the Payperblock platform should prove financially viable and profitable as the revenue generated by it will be of many millions. The appeal among freelancers and clients for the Payperblock platform should be obvious due to its distributed authority network and lower service fees, making Payperblock in many ways superior to many top freelancing platforms of today at the launch of Payperblock.
ISSUES THAT FREELANCERS COMMONLY FACE
High commission rates: the freelancing platforms are essentially a marketplace that provides a platform for clients
and freelancers to meet and engage in business transactions in a secure manner. A majority of the freelancing websites and platforms charge high commission rates that cannot be justified from any logical standpoint. These charges generally range from 5% to 20%, and there may be some fees even for clients as well. These charges are just for projects and getting paid, while there are other monetization methods adopted by freelancing websites including premium memberships, skill exams, and high currency conversion fee.
Flawed dispute resolution: not all freelancing projects get completed smoothly, and many projects end up in a dispute
where clients and freelancers are not in agreement. In this kind of scenario, where clients and freelancers dispute over
the quality of work or payment, most freelancing websites offer some form of dispute resolution process. The issue with these dispute resolution approaches is that they are designed to favor the clients significantly more than freelancers. In this system, freelancers get treated unfairly as they have fairly low chances of succeeding in their dispute, even if their claim is more legit. This system is frustrating for the freelancers and creates a sense of uncertainty for them while working on a high-price project.
Delays in payment: freelancing websites employ a method of payment release and withdrawal that is very rudimentary. There may be no urgency for the client to pay the freelancer for a completed work shortly after it has been handed over. For this reason, there is always an unpredictable delay for freelancers in getting paid for projects completed. Additional delay comes from the withdrawal functionalities of these freelancing websites that can take anywhere between a few days to two weeks, and even a month for the very first withdrawal.
No guarantee of getting paid: most of the freelancing websites offer an escrow system that takes payment from the client in advance and freezes it for every project. However, this approach is not mandatory for projects, and as such, a significant share of projects get started without any frozen monetary amount, removing the guaranteed payment aspect of freelance work.
COMPANY UNIQUE SELLING PROPOSITIONS (USP)
The business model of Payperblock is based on the Payb blockchain for communication and transfer of all transactions. In addition to the blockchain method of operations, the whole organizational structure is intentionally kept distributed to ensure that both clients and freelancers get fair treatment. The unique and superior business model of Payperblock is very robust and is very likely to gain attention and trust of both clients and freelancers due to its USPs that are unmatched in the whole freelancing industry.
These USPs include:
Lowest fees in the industry: for all our clients on Payperblock, there is a provision of 1% fee if they are using PayB coins for payment. Even if clients use Bitcoin currency, fees will go up only to 2%, which is significantly lower than with any rival company.
Decentralized authority: the company policies are not decided by a single authority team, but instead, all policy decisions are taken in a voting process among all the token holders of the organization, which is a large and diverse group of people.
Guaranteed payment: Payperblock adopts a vigorous process to ensure that freelancers never have to worry about getting paid. For every project, the agreed-upon amount is instantly frozen on the Ethereum account of the client and is released to the freelancer upon completion of the project. If there is any dispute, the resolution is performed by a diverse group of token holders who review the case and provide a fair resolution.
Enhanced and fair dispute resolution process: both the clients and freelancers working on Payperblock have access to a distributed dispute resolution process. The resolution may refer to a dispute on the quality of the work performed by a freelancer, a dispute on payment, or the issue of an unreasonable or unjustifiable negative review for a project.
Dispute elimination method: We will implement a method that will considerably diminish the occurrence of disputes altogether. We will set up a robust management system that both parties can monitor for a solid workflow that will lead to a successful project.
To obtain funds to put the business plan of Payperblock in action, the ICO process will be used. In this approach, tokens will be distributed as a way of providing people a stake in the organization.
A grand total of 10 billion Payperblock tokens will be minted for the freelancing platform business operations. Out of all the tokens minted, 45% will be made available to general public for purchase, 25% of the tokens will be reserved for the task of future development of cold storage, 15% for the development team and project advisors, and the remaining 15% for the bounty program and bonus provisions on the Payperblock platform.
Currencies that will be accepted on the Payperblock platform and for the purchase of Payperblock tokens include ETH, BTC, and LTC. The exchange rates for Payperblock tokens will be determined a day before the ICO begins.
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