Ethearnal is peer-to-peer (P2P) freelance system
Ethearnal is peer-to-peer (P2P) freelance system, in which employers and freelancers meet, enter into trustless smart contracts with reputation and money in escrow, and take advantage of a decentralized system of moderators, if needed. “Freelancers now make up 35% of U.S. workers and collectively earned $1 trillion in the past year, according to the “Freelancing in America: 2016” survey released this morning by the Freelancers Union, based in New York City, and the giant freelancing platform Upwork, headquartered in Silicon Valley. The Freelancers Union represents 300,000 members.”
Freelancers can create listings presenting their services and push them on the network using a web client. On the backend, we use IPFS (interplanetary file system) to keep and distribute their listings on a peer-to-peer basis. No servers needed. They don’t have to keep their web client online; the offers just live in the cloud. Also, employers can search all of the listings from the same web client, or publish their own offers searchable by the freelancers.
Once they find each other, they enter into a smart contract where:
The employer has the contract value locked in smart contract-based escrow.
Pre-agreed amount of reputation tokens are staked from each side. Each listing has a predefined amount of reputation tokens that needs to be staked in order to enter into smart contrac based agreement with. The listing creator sets that value. Both sides have to stake the same amount. The side taking the listing needs to accept that condition and stake the required amount of reputation tokens.
Predefined timeframe upon which if none of the following outcomes have been met, it self-releases everything back. That is just a safeguard to prevent funds from being indefinitely locked .
Directly buying them on the free market. That way, anyone can start right away and avoid the egg and chicken problem of new freelancers who need reputation to get contracts, but need contracts to get reputation.
Taking jobs on the network and being rewarded reputation tokens upon successful completion.
The way to ico 2.0
Have you ever asked yourself why you should TRUST ICO creators to handle your funds fairly and actually deliver on their promises, when the whole idea of crypto is to be TRUSTLESS? Since we now have the technology to replace TRUST with self-enforcing smart contracts, why are we still doing things the old way, based on promises? We propose a way where you, the INVESTOR, control how and IF we spend money. The system we propose ensures that at any point in time you front 10% of your investment. Every token holder can initiate a voting process to terminate the project and get proportional refunds on the remaining funds.
Upon completing the ICO, the smart contract automatically distributes the tokens to you, and 10% of the collected funds to us. We use that money to start working. We update you on the progress of the project regularly via email, Reddit, Twitter, Slack and Telegram. You can follow development closely on Github.
When we run out of the initial money, we send 0 ETH transactions with additional data to the smart contract, asking to start a voting process. It continues for one week.
On all social media channels, we explain and SHOW what we have delivered so far and for what we will use the next increment of 10% funding.
Based on that, you decide if you want to vote in favor of providing us the next 10% increment of funding or not. You do that by sending 0 ETH transaction to the smart contract with additional data telling the contract if you vote YES or NO. This will cost you the gas fee though.
Every token holder can initiate a termination process. You send a 0 ETH transaction to the smart contract with data telling it you want to start a refund process. You cannot get an individual refund. If voted yes, the contract refunds all of the money left in it proportionally to all the token holders, and kills the project. Since the people that still count on the project and want it to continue will be refunded as well (if they are a minority) and this cannot be undone, we propose more serious thresholds for this to happen, in order to ensure that the consensus is significant and that few people will be unhappy with the termination.
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. Only ethereum will be accepted during the sale and pre-sale
20% of the tokens will be kept for the founders. They will be locked in the ICO smart contract and will be released to the founders only when there is 0 ether left in it. Since 90% of the crowdfunded ether is locked in the same contract and can be released to us in 10% increments only after voting of 51% of the token holders this would mean that we have delivered the project OR we have failed and the people have initiated refund process and got back their funds.
5% Of the tokens will be kept for bounties and economic initiatives where needed. For example we might be giving tokens as rewards to users of the system that first reach certain milestone. Adding gamification element that way. If there are not enough moderators at the beginning we can use those tokens to add extra initiative.
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