“Ethearnal” is a seamless independent external system designed to connect freelancers and entreprene
How the platform works:
The platform serves as a meeting point for both freelancers and employers. Employers list their job offers on the platform and decide whether or not reputation stakes should be involved and the amount. The freelancer browses through the lists of available offers and based on his skill and expertise selects any of the jobs offered which he can handle once he evaluates the terms of the agreement.
ERT stands for Ethearnal Reputation Token. Reputation stakes are in form of ERT tokens that ensure that both parties will adhere to the contract terms set by the employer.
Yes, ERT makes it happen; as it acts as a double-edged sword in that, the more tokens you stake you try not to lose it, and prompts you to deliver on the terms promptly. However, if both parties decide to annul the agreement, they both can come to a consensus and the contract is terminated with nothing lost from the deal — both reputations staked and gig rewards are returned to the respective owners.
If all goes well between the employer and the freelancer, a 1% deductible value of Eth or price value of the contract is used by the platform to purchase ERT on the open market, thereby creating a cyclic pool, whereby the system sustains itself and increases its own worth on the open market.
In case of dispute, the moderators can step in and can earn from the output of the resolution, this way they earn tokens too. Another important feature of this platform is the way the ICO 2.0 operates. Token holders control how the team spends their funds in the development of their project. In other words, team members will not relax despite successful crowdfunding. They will have to be on their toes to ensure they deliver on the terms of the agreement, and should they default, a single token holder can initiate a refund process. Awesome!
No doubt there are other platforms out there seemingly providing solutions to freelancing problems, such as blocklancer, freelancercoin, coinlancer, boontech, to mention a few. But what stands Ethearnal out is their ICO 2.0 platform service. You could do your due diligence and make a comparison.
What is the utility of ERT token ?
It depends on what role you have in the network.For the freelancer, the more Ethearnal Reputational Tokens he has, the more contracts he is likely to land. Hence, more 24 money in his pocket. Also, he needs them to be able to enter into smart contracts with employers since he needs to stake some of them.For the employer, he needs them to be able to hire people since he needs to stake the same amount the freelancer does.For the moderator, he needs them to be able to moderate, since he stakes proportionally as well. By moderating, he earns more tokens, which he can sell if he chooses so. So, he needs them in order to make money via moderation.For the token holder, other than the expected appreciation due to the few demand vectors we’ve implemented, they effectively give them revenue share of all system prot pr oportional to their tokens. He can also use them to vote if we should get more money released from the smart ICO contracts or claim a refund.
Who will buy the token ?
- People who want to make extra income via moderating
- People who believe in our solution and believe the token will appreciate due to its real utility
- People who would like to get a percentage of the prots of this project that has the potential to disrupt a $1T+ industry
- Pure speculators looking to make a quick ip. That is unavoidable.
What are the taxes for buying/selling ERT token ?
- Upon successful completion of a job (no arbitrage needed) 1% is deducted from the value of the contract. However, this is used to buy ERT tokens on the free market, which are then split between both parties. So, freelancers and employers get back 0.5% in ERT tokens. This means that the effective fee for the freelancer is 0.5%, and the employer gets 0.5% back in tokens, which is a slight initiative for them to use this system over others. This may or may not bring more work for the freelancer, and thus offset the already small fee.
- When arbitrage is needed, 1% is deducted before releasing the money to the winning side. This is shared between token holders in ether directly. However, the winner of the dispute gets the rep tokens of the minority mods that voted against him. This might or might not offset the 1% fee.
Token Distribution and Hard Cap.
THE PRICE OF 1 ERT IS 0.001 ETH. That means that 1 ether gives you 1000 ERT tokens.
HARD CAP IS $30M WORTH OF ETHER.
It will be set in ether using the price at the time of the deployment of the ICO 2.0 smart contract.
75% of the tokens will be sold during the pre-sale and ICO.
20% of the tokens will be kept for the founders.
5% will be kept for bounties.
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