Ethearnal is a peer to peer freelance system. ICO started in 28th of February and the end date is going to be March 31 of 2018. Its ICO 2.0, AKA DAICO and that means that it’s a little bit more of a fair process to make it simple but I’m going to go over the different aspects of this and the token holders remain in control of the team’s spending so only 10 percent of the collected funds are released to the team upon completion of the ICO, the other 90 percent in the founder’s tokens remains all locked up in smart contracts. They keep the community constantly updated on when the new funds and then there’s the voting process to actually release those funds to the team so they can move forward so it prevents you know conflicts of interest and greediness and stuff like that. Another thing that they have going on which is really cool is that every token holder can start a refund process so if you’re holding at least 1 ERT token, you can initiate a refund voting process there’s going to need to be 65 percent of the tokens vote for a refund there is that possibility if things go wrong. Another thing that they have that’s really interesting and really evens the playing field is a dynamic hourly ICO cap. I’m going to go into a bit more detail on that in further of article but basically, it’s just a ICO system that works to prevent whales and you know big players from taking control and gives small players a chance. So, as you can understand the basic idea is that every hour that goes by you can invest an additional one ether like I mentioned I’ll go into a bit more detail than.
You have to remember about the ERT token is that it is a utility token so there’s an actual use for it. Freelancers need ERT to get more work, they have this whole reputation system that you know makes you basically more valuable and more attractive to employers and you get that by having ERT. Employers need the token to stake when hiring, everyone in the system needs this ERT token and that’s where the incentives are all aligned. As a moderator to solve this butte actually have to the stake tokens every moderator can more than double the stake tokens for each dispute that he solves. So, we also have to buy the token to start their career really interesting a system that they have going on. Another thing is that the system itself buys ERT on the free market if the contract has finished without the near need of arbitrage the system uses one percent of the contract value to buy ERT tokens on the free market and that then rewards employers and freelancers with 0.5 percent each right as far as the staking is concerned. That way as you can understand they receive reputation proportional to the contract value and also creates demand for the token. So, they have all these systems in place that actually create more demand for the token itself and that’s really key here is, is that they thought about that demand creation.
Another thing is that you earn ether just for holding them and then that goes back to what I said right the whole staking that they have in place. They also implement a bit of game theory in there and as you can understand one percent deducted it from the contract value is distributed among token holders proportionally directly in either. They have a minimum viable product also known as an MVP so I’ll go over that towards the end of the article but basically everything is done through 100 percent trust list smart ethereum smart contracts. There’s no tricking the system you know code is law here. they also implement game theory logic to align incentives and of course you know everything of the value of the contract is an escrow they also have that staking mechanism like I have mentioned. Another thing is the tokenized reputation that’s what I was talking about before where your reputation is actually called it’s the ERT token the Ethearnal reputation token and that’s what they’re selling in their ICO. Another thing is that 0 fees go back to the developers.
Basically what happens here is that 0 percent to 0.5 or 1 percent is charged by the network and basically if it’s not going directly to token holders, it’s actually used to buy back the ERT tokens on the free market and they basically replace centralized profit taking sides with self sufficient technology and pass the savings on to the actual users and what’s interesting here is that really the whole concept and the platform of Ethearnal is fully decentralized, not even a bit of centralization is at play here, it’s 100 percent decentralized. This a decentralized arbitrage by a simple majority vote. Of course, there’s that moderators will earn tokens by solving disputes, there’s also the reputation at stake. if they catch only one percent of the freelance industry and only 10 percent of the contracts go through a dispute one ERT will get 0.38 in fee share and the token itself should appreciate several times in value each year.
Little bit more about the token itself, we have a hard cap of 30000 ETH. As I mentioned before ICO starts on February 28 and ends March 31. For the maximum possible token supply that’s going to be 40000000 ERT which is actually pretty low always a good thing. 51 percent majority vote as well as 65 percent for token refunds and only 10 percent is going to the team itself as far as the funds that are released after voting in their favour. As they mentioned they have a dynamic ICO hourly cap and that basically increases the amount of ether you can invest each hour by increments of one so for the first hour only one ethereum per person but after the tenth hour you can invest up to 10 ethereum and that just goes up all the way at looks like to 18 per hour. For the token distribution a majority goes to the public sale, a small left for bounties and founders and fund distribution majority goes towards marketing, that’s something that they’re very keen on is really making sure that their head of the game as far as marketing is concerned and It looks like it’s going to be the main priority especially down the line in otherwise of course a good amount of that is going towards product development and a small amount towards legal and administrative work.
Website: https://ethearnal.com/
Twitter: https://twitter.com/ethearnal_com
Facebook: https://www.facebook.com/ethearnal/
Telegram: https://t.me/joinchat/Agtv4UQu_FjJ2qWipFTswg
Whitepaper: https://ethearnal.com/ethearnal-whitepaper.pdf
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2628593.0l
Authored by: donniedarko
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