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A new international Start-Up just announced their decentralized p2p freelancer platform, which will be funded by a new ICO 2.0 that gives the participants a voice by voting. Following the principle that no one should pay fees to a third party that adds no value, a peer-to-peer (P2P) system was created where employers and freelancers meet, enter into trustless smart contracts and may use the services of global pool of moderators, in case needed.
By tokenizing reputation and giving it value, the economic initiatives of all parties, moderators included, are aligned and it is in everyone best interest to act honestly toward the same outcome. There is no middle man that gets a cut with each transaction and not a cent from the contract value goes back to the developers. The fees vary from 0% to 1% and all go back to the network to align the initiatives of all participants according to game theory principles. Including to reward them with reputation proportional to the contract value.
The most interesting part is the arbitration system. Anyone, who has enough reputation tokens to stake, can be a moderator. Decisions are made by simple majority, and if you vote against the majority, you lose your staked tokens. The losing side‘s ERTs go to the majority of moderators and the losing moderators ERTs go to the side winning the dispute. Still no centralised entity involved or profiting.
The other new feature of this endeavor is the ICO itself, functionality wise it very well can be called ICO 2.0. As far as we know we are the first and only one doing it that way..
First of all, upon completion of the ICO, only 10% of the funds are immediately released to the developers. The Rest are locked until the team delivers milestones, to release the next 10% of the funds, every participant can vote with their tokens and decide if we should receive the money or present a better results before doing so.
Every token holder can initiate a termination process and if enough votes agree, then the rest of the Funds (up to 90%) can be returned via the magic of smart contracts to the investors.
An ICO Dynamic Cap is set to spread the tokens as widely as possible. The contribution amount in the first hour is capped to ether worth $1,000 per unique sending address. Then every next hour, the cap per unique address increases with $1,000. This means $2,000 for hour two, $3,000 for hour three, and so on. Each new hour, a previously used address can participate again with the new limit. So, you have multiple chances to get in. This achieves two things, makes it economically inefficient for whales to use huge gas fees to enter first, and gives the regular investors multiple chances to get in where the whales are at odds with thousands regular investors. While not bulletproof it algorithmically instead of bureaucratically ensures wider spread of the tokens.
About the Ethearnal Team:
An international group of experienced Freelancers, investors, programmers and presenters started working on this idea. As the project grew more people joined in and it was clear that a solid funding may bring freelancing, cryptocurrencies and even ICOs one step further into the future. Currently the project is self funded with working minimum viable product. For more information, please visit https://t.me/ethearnal
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