LaborX set to decentralize freelancer gigs
LaborX, a new peer-to-peer remote on-demand employment service based on the Ethereum blockchain, enables customers and freelancers to arrange work and organize payment in crypto securely, with no unnecessary fees or middlemen. This places LaborX in a well good position to decentralize freelancer gigs.
The lockdowns imposed due to the COVID-19 pandemic have accelerated the trend towards remote working, and more people than ever before are seeking to access freelance opportunities from their own homes.
Smart contract-powered employment opportunities
LaborX provides wide-ranging functionality based on Ethereum’s smart contracts.
The interface is similar to existing remote and on-demand employment platforms, with a user-friendly interface, social login, and profile pages detailing users’ qualifications and experience. Anyone can create a profile, post or apply for jobs, or browse freelancers and work opportunities.
However, unlike other platforms, LaborX allows customers and freelancers to formalize their agreements with a digital contract – including key milestones and part-payment for work along the way if required.
All payments are arranged in fiat-equivalent amounts but settled in cryptocurrencies for speed and efficiency, with funds escrowed to ensure payment takes place.
Reputation and dispute resolution
The team behind LaborX has taken a modular approach to development, launching key features, and building on them over time. The Contract Module enables users to organize work and set payment terms. Meanwhile, additional modules are in development, with the Reputation and Dispute Resolution modules already providing basic functionality to protect users.
The Reputation module creates a decentralized score for each user, based on feedback from previous jobs and other key criteria. This is a valuable way for parties to filter search results and ensure they are working with reliable customers and freelancers. Unlike similar centralized platforms, because the system is based on the blockchain, it is resistant to being gamed by fake reviews.
Additionally, the Dispute Resolution module currently provides basic arbitration in the event of disagreements.
These and additional modules will be refined and released in the coming months, ensuring users enjoy a smooth, secure, profitable freelancing career.
The latest feature bringing it to the masses
Many prefer to advertise their skill sets to various entities and with the latest update…LaborX has done just that. Allowing freelancers to advertise their services all from one place.
Freelancers can create a task according to their skills, set the price, and let the customers browse the listings and contact them.
This will be a very welcome addition to LaborX, with the team looking forward to seeing their users create adverts and gain working opportunities.
With this latest addition, LaborX has managed to create lightweight smart contracts which also streamlines the process.
Additionally, there have been some changes to platform fees. LaborX charges 1% from the customer when a contract is signed, and 5% from the freelancer when funds are released. Which is far less than traditional freelancing platforms, thanks to its decentralized nature.
For Premium Account holders, fees are waived completely: LaborX charges zero commission!
This is a great deal, allowing freelancers to earn more and customers to save money on every single job and as mentioned above…the fees work out much more in their favor.