Feb 18, 2018
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. We collide reputation and economic initiatives into one by tokenizing reputation and giving it value. Thus, all parties, moderators included, have strong and aligned initiatives to act honestly, since everyone has something of value at stake, as well as something to gain if the desired outcome is achieved.
Only 10% of the collected funds are released to us upon completion of the ICO. The other 90% and the founders’ tokens remain locked in the smart contract. We keep the community constantly updated on our progress, when we need more funds released we initiate a voting process.
Every token holder can vote proportionally to his tokens by sending a simple transaction to the smart contract, if we should get another round of funding. If 51% vote no, we don’t get anything and continue working until the token holders are satisfied enough to vote yes the next time we initiate a voting process. Our smart contracts are public and everyone with the skills can verify the above.
At any time, anyone holding at least 1 ERT token can initiate a refund voting process by sending a transaction to our smart contract. If 65% of the tokens vote for a refund all remaining funds are refunded proportionally.
So, at any time, we are in possession of only 10% of the funding and if we stop delivering on our promises, you can get back the rest of your investment.
Everything we do is open source and easy to monitor. We already have minimum viable product developed with our own funding.
During the first hour of our ICO, the smart contract accepts maximum of 1 ether per person. Every transaction above 1 ether will not be accepted. The second hour that cap is increased to 2 ether and so on every hour until the end of the ICO.
This makes it inefficient to have a huge gas fee to make your transaction go first and out place the smaller participants. And if for some reason your transaction didn’t get through you have a new chance every hour! That way, a whale must compete with thousands of regular participants every hour, leveling the playing field as much as possible (not bulletproof though), without an invasive and bureaucratic onboarding process.
Freelancers are sorted by reputation by default. The more reputation you have, more likely to land more jobs, hence more money in your pocket.
Also they need to meet the employer requirement of minimum ERT at stake in order to enter into a smart contract with him.
Since the employer must stake the same amount of reputation tokens as the freelancer, every employer needs them to hire reputable people.
Moderators must stake tokens to solve disputes. Every moderator can more than double the staked tokens for each dispute he solves successfully. People that want to work as moderators will buy tokens to start their career.
When a contract has finished without the need of arbitrage, the system uses 1% of the contract worth to buy ERT tokens on the free market to reward the employer and freelancer with 0.5% each. That way, they receive reputation proportional to the contract value, creating demand for the token and indirectly benefiting the token holders by appreciating its value.
When the contract completes via a dispute, no new reputation is bought. The already staked one by all participants is re-distributed in a clever way using game theory principles.
In this case, the 1% deducted from the contract value is distributed among all token holders proportionally in ether directly! You earn ether just for holding tokens.
The token must have value for the whole system to work. That’s why it’s only fair if we reward the people that help support that value.
We are building BitTorrent like web app, that can be run from every major browser. It doesn’t need central server, doesn’t need TRUST in central authority or any party involved and is fast and easy to use.
Some technologies we use are: Kademlia DHT, Ethereum smart contracts, Inter Planetary File System (IPFS), Python, SQLite, CherryPy, OpenAI, WebCRT
We actually have a product that you can see right now and follow our further development.
The Bright Future
Q3 - Q4 2018
Attention. There is a risk that unverified members are not actually members of the team
SummaryMainly, Ethearnal is a good ICO that plans to disrupt the freelance industry. However, we’ll have to see how it expands itself as a platform and a network before we see any noticeable differences. Still, it has a great idea, and we can’t wait to see how it will unfold in the years to come.Positives Affordable: Ethearnal has the lowest rates in the world with 0-1% fee per transaction. This gives the developers zero profit as a result. Trustless: Each of the agreements are made in Ethereum smart contracts where everything must be adhered to. Decentralized Moderation: Ethearnal has a large pool of moderators that are incentivized to act honestly. Negatives Limited Whitepaper: Users were not fond of its Whitepaper because it showed no form of financial explanation. Questioned Legality: While it’s accessible in Hong Kong, we don’t know if this ICO will be accepted in countries in Europe or the US.
The project lacks financial projections, it’s almost impossible to evaluate its potential after ICO. There is no competitive analysis either, but the market is saturated and the strategy of “standing out from the crowd” is required. The team also needs strengthening. The product targets the market with stable growth trends - the demand for new ways of organizing working processes will spread. The project gained strong coverage in relevant media.
The freelance is getting more and more popularity every day and that is a worldwide tendency. Yet the participants of this area make many common problems repetitively.In case Ethearnal will accomplish its proclaimed goals that can be a project that worth attention and investments. At the moment, there is no confidence in its success.
Ethearnal is a freelancing platform that aims to disrupt today’s freelancing ecosystem. Today, millions of people work as freelancers worldwide. The US workforce is estimated to consist of 35% freelancers. However, these freelancers lack a good, modern solution for connecting to clients. Today’s freelancing platforms charge fees of 10% to 30%. They also have centralized dispute resolution mechanisms – many of which favor the buyer over the seller. That’s where Ethearnal sees an opportunity. Ethearnal uses Ethereum smart contracts and Ethearnal Reputation Tokens (ERT) to create a safe ecosystem for freelancers and clients. The platform has a built-in dispute resolution mechanism where moderators are incentivized to side with the majority.
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