Laborcrypto is a freelance ecosysten that is built on blockchain. Freelance market or gig economy as it is otherwise known is a system where freelancers (workers) offer their services to other consumers within the platform. Such services might be article writing, academic writing, artistic designs, video production, photo editing, etc. Examples of freelance sites include upwork, fiverr, elance, etc - although these do not operate on blockchain and might be seen as traditional freelance markets.
As expected, every economy has its ups and down sides, and same is the case with traditional online freelancing. Traditional (or off-chain) gig economy is laden with a number of challenges prominent among which include;
Low Payment: Most gig markets offer very little to workers(freelancers) by way of payments which are hardly enough to compensate for their time and efforts in accomplishing given tasks.
High Fees: The service fees imposed on workers in most of these sites are too high (some as much as 30% per task executed and some 25% per task) which when taken from their already low payments, leave the workers with almost nothing to take home.
Regional Restrictions: Some individuals from certain regions/countries are unable to offer their services on some sites because of regional restrictions which may not favour them in recieving payments for their jobs.
Lack of a Reliable Dispute System: Individuals who have had experience with the gig economy would admit this is one of the major lags that make the economy unattractive. Individuals (workers and consumers) have no reliable channel to lodge their complaints and seek assistance in the event of injustice meted to them.
Laborcrypto evolves out of the need to resolve these challenges in the gig economy and render it a fair and smooth playground for all parties. The platform is created by a team of professionals who have had many good years of experience in the gig econcomy and as such are well aware of the loopholes in the system which impede its smooth running. The team has created and successfully run a company known as ChoreRelief which is a gig market where consumers can outsource services and connect with the workers/freelancers. Laborcrypto is an evolution of this market. Unlike ChoreRelief however, labourcrypto is a blockchain based platform which the team proposes to set up with the primary intention of tackling the challenges that were hitherto difficult to solve in the tradional freelance system such as the ones highlighted above.
Basically, the team visualizes a decentralized platform as ideal in tackling the challenges in the gig economy hence, their adoption of blockchain technology which is essentially decentralized in nature. Thus, laborcrypto as a blockchain-based platform would be a decentralized market place for freelancers and consumers of freelance services.
The blockchain technology would ensure that workers have maximum control of their funds and can choose to move them anytime they please with convenience.
Transaction processing is swift with blockchain unlike in traditional freelance system. There's also low transaction fees in processing payments since the technology has no need of middlemen/intermediaries in the transactions and these would all characterize laborcrypypto ecosystem.
Laborcrypto guarantees good payment for workers for their efforts because for one, workers won't have to lose huge amounts of their earnings to middlemen. Secondly, the platform will charge very low service fees per task that workers complete (as low as 3% service charge - unlike other systems that charge huge percentages per task).
The blockchain technology would also make it possible for individuals who have problems with traditional banking system from their regions to work on the laborcrypto platform and earn in the form cryptocurrency since their paymentas would be processed using smart contract. These individuals would have the freedon to later convert their earnings to fiat at their very own convenience.
To cap it all, labourcrypto would have a sort of an automated arbitration system. That is, a dispute system which users can recourse to seek redress if they encounter problems with other users on the platform. This system would be possible with the blockchain on which the platform would be built.
From all indications, there's no telling that laborcrypto - viz the blockchain technology - would bring about a milestone evolution in the freelance market. It would help foster transparency and efficiency as well as add value to the gig economy in general.
Visit the laborcrypto official website for more information on the project: https://laborcrypto.com/
Also refer to their whitepaper here for every detail of the project that you need: https://laborcrypto.s3.amazonaws.com/laborcrypto/assets/LaborCrypto-White-Paper
IMAGE SOURCE: All images in this post are screenshots from laborcrypto whitepaper: https://laborcrypto.s3.amazonaws.com/laborcrypto/assets/LaborCrypto-White-Paper
Bounty0x username: marthahunter