ETHEARNAL - No Limits, Just Busniess!
What is Ethearnal?
Ethearnal is a 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. Ethearnal collide reputation and economic initiatives into one by tokenizing reputation and giving it value. All parties, moderators included, have strong and aligned initiatives to act honestly, since everyone has something of value at stake and something to gain if the desired outcome is achieved.
100% trustless, smart contract based!
Code is law. All agreements are set in stone via the magic of trustless, self-enforcing Ethereum smart contracts. All parties have reputation at stake. The contract value is in escrow. Only if needed, a pool of moderators with a reputation at stake step in and decide by simple majority vote. Game theory logic aligns the initiatives of all parties involved.
Tokenized reputation!
Ethearnal collide reputation and economic initiative into one by tokenizing reputation and giving it value. Your reputation is worth real money, can be bought, sold or transferred. You stake some of it when entering a contract. The more reputation you have, more visible you are in the network and can participate in bigger projects. It’s up to the offer creator to set how much reputation he wants at stake, but it’s to be expected that bigger projects will require more reputation at stake. Reputation is called Ethearnal Reputation Token or ERT.
Zero fees go back to the developers!
Depending on the case, 0%, 0.5% or 1% is charged by the network, but none goes back as profit to the developers. Everything is used back in the system to align the economic initiatives of everyone involved, including the token holders! Depending on the case, those fees are used to buy reputation (ERT) tokens on the free market and awarded to the contract participants or distributed to the token holders in ether directly. Ethearnal replace centralized, profit taking sites with self-sufficient technology and pass the savings to you.
Decentralized arbitrage by simple majority vote!
When there is a dispute, a pool of moderators aligns to solve it. They have a reputation at stake, as well, and game theory-based initiative to judge honestly. Every token holder can be a moderator and earn by solving disputes.
Freelancing is $1.5 Trillion industry ripe for disruption!
The freelancing industry is estimated to be worth over $1.5 trillion dollars in 2016. While this number is impressive, the trend is to go even higher at faster rates. Most freelance sites charge 10%-20%, and up to 30% in very rare cases. Most of that goes to support their hefty centralized infrastructure and staff, and a huge portion of it goes as profits in the pockets of few.
We finally have the means to replace them with technology and return the meaning of “free” in freelancer. The great thing about decentralized technology is that, once built, it can be made self-sufficient and doesn’t require salary or profit.
So, how does it work?
As a freelancer, you can publish fixed price gigs, browse job offers, or wait for someone to hire you at your hourly rate.
As an employer, you can browse gigs, hire freelancers by the hour, or publish your job offer and wait for it to be accepted.
As soon as you match with someone, you enter into a smart contract based agreement, where each party stakes reputation tokens (ERT). Reputation with measurable monetary value. Contract value is secured in a smart contract-based escrow. If things go wrong, there is a pool of moderators waiting to solve your issue by simple majority vote. Moderators have a reputation at stake and a clever reward/punish system based on game theory to give them initiative to judge honestly. It is described in great detail in the whitepaper.
It is a good project with a high ratings on ICO’s site so you definitely have to keep your eye on.