Sep 16, 2019
With the massive development of communication when you think of a modern company nowadays, it is not always a centralized office where all departments are located in one place. On the opposite, more and more companies are scattered across the country, or even around the world. There is no need for the personal presence of an employee because most of the tasks can be solved remotely. Hiring a freelancer is beneficial to both parties, the freelancers freely manage their time, and employers can save money on renting offices and buying the necessary equipment. On the other hand, we have blockchain technology that has numerous use cases, what's more, it has crossed over gaming, gambling, financial services, healthcare, and a lot more. Our goal here is to adopt and implement the blockchain technology in another area of daily life, which is the freelance industry use case.
Employees quickly evaluate the benefits of working with independent specialists and freelance services - this is not only lower prices but also the ability to view the portfolio of artists, reviews from other employers, rating and statistics in the profile. All this data being generated in the process of work is difficult to fake it. As the study shows, the freelance economy is booming, with 56.7 million Americans doing freelance work today—up by 3.7 million since 2014, according to a new survey of 6,001 workers commissioned by the giant freelance platform Upwork and the Freelancers Union. According to a report called “Future Working: The Rise of Europe’s Independent Professionals”, the European freelance economy looks like the following: Freelance numbers have increased by 45% from just under 6.2 million to 8.9 million in 2013, making them the fastest-growing group in the EU labor market.
Problem with existing freelance market
To date, however, there are some significant flaws with the currently existing freelance market, centralized industry leaders like Fiverr & Freelancer.com, charge up to 40% in transaction fees. The current system has too many intermediaries making the freelance market expensive and inefficient. If you think it was bad, well most of the currently existing freelance platforms are using PayPal as the primary payment method, because of that withdrawals can take up to 3 working days in most countries.
An ideal solution is one that enables freelancers to work on a platform in which they gain complete control over their profits. It is also essential to protect clients from exit scammers. This solution has proven difficult, but not impossible. Escrowed trade, for instance, allows performing safe P2P transactions, in other words, when a user pays to the seller, the specified amount of any crypto-assets required to close the deal, assets are transferred from buyers wallet and held locked by escrow service. Assets are locked until the buyer confirms the job was received as described, in case of the problems support crew will resolve based on evidence provided by both parties. Another bonus of utilizing blockchain technologies is decentralized applications (DApp) powered by the Ethereum network. DApps are smart contracts that mimic the logic of a business agreement. Because they are decentralized and running on blockchains, they minimize the need for intermediaries (banks, brokers, lawyers, courts, escrow agents) to guarantee the execution of tokens. Implementing these features in one platform provides the ability to eliminate intermediaries from the system, and significantly reduce transaction fees, in this case, also utilizing the decentralized blockchain network as a payment infrastructure means of providing royalties and rewarding everyone supporting the system. Here we present PIXBY, a new freelance marketplace that addresses all of these problems. PIXBY is a decentralized app (DApp), i.e., 'blockchain smart contract enabled' platform, which protects your assets from scammers and rewards you with PIXBYTOKENs (PXB) tokens.
PIXBY Cold Staking Protocol
PIXBY Cold staking is a protocol that rewards long term PXB holders. The protocol will be created in a solidity smart contract that will imitate the logic of the business agreement, PIXBY Cold Staking is not associated with PoS or PoW. Stakeholders have no right to generate new blocks or confirm transactions. The primary purpose is to secure your tokens and provide the ability to earn a 90% annual rate of interest.
Due to the small supply, which is 150,000,000 PXB, the Staking pool is limited to 50 stakeholders with 80,000PXB. Each staker is allowed to lock 80,000 PXB not more or less and have to wait for 24h for coins to mature. The daily reward is fixed to 200 PXB, and it can be withdrawn anytime without affecting on staking balance.
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