LaborCrypto is putting a new face on a successful and proven, business model. We're all familiar with sites like eLance, Upwork, and Fivver. Customers upload tasks that need fulfilling and providers bid for the projects. Once a contract is awarded, the provider completes the task and sends it in for approval. If the customer is happy and satisfied they approve the project and the provider is paid. I'm sure you know what I'm talking about. We've all browsed work from home sites like these. Maybe you've even worked for some. As successful as these sites are, they still have a few problems. Problems that blockchain technology solves.
A surprising 39% of all people around the world are unbanked. This is not only a problem in third world countries, it's a worldwide problem. You only need to take a drive around your city to see all the check cashing places on every corner. People with bank accounts use direct deposit or stop at the bank to cash their paychecks. Who is using all these check cashing places? The unbanked. Check cashing places are almost as common as coffee houses. You can see it with your own eyes. Since all work performed on LaborCrypto is paid in cryptocurrency. All that is needed to send and receive cryptocurrency is a secure wallet. A bonus is that payment only takes a few seconds.
High fees and low payments are often a problem with traditional freelance sites. However, with cryptocurrency, there is no middleman. LaborCrypto collects a small fee of 5% but this is shared with holders of the LaborCrypto Utility Token. 50% of the fees and advertising revenue is shared with token holders who contribute to the site, either as customers or by providing services. Detailed revenue sharing information is found in the LaborCrypto Whitelist.
The problem of non-payment or slow payment is solved with the use of Smart Contracts. In coding terms, a smart contract is an If-then statement. If this happens, then do that. For instance,
If
The project is complete and accepted
Then
Send payment
Smart Contract is a fancy buzzword for simple programming that has been around forever. But it is a powerful thing because it can't change its mind or pull any shenanigans. It can't haggle with you for a lower price or tell you that the check is in the mail when it isn't. However, disputes will arise from time to time and the programming allows for this. If either party is unhappy, they may stop payment and transferal of files until they resolve the dispute.
LaborCrypto has a unique system for resolving disputes. When a project is in dispute 1% of the customer's fees, and 1% of the provider's payment, is placed in a holding area. The site then chooses 3 mediators from members of the community with a higher than 4-star rating who are asked to settle the dispute. Whichever side wins get's their 1% back, and the loser's 1% fee is split between the 3 mediators.
For information on the amazing team behind LaborCrypto please visit their website.
Written by Sunfrog
