Coinlancer Aims to Revolutionize the Freelancing Industry using Blockchain; ICO Raises $5 Million on Launch Day
Blockchain startup CoinLancer has announced the launch of its freelance investor platform and is already registering a successful crowdsale turnout, with $5 million raised in the first day of its ICO. Coinlancer hopes for their crowdsale event to raise somewhere between $50 million and $300 million to further develop its platform. The sale is ongoing and runs until November 14th, 2017.
All interested participants will be able to purchase some of the 300 million CL tokens available, for a fixed price of USD 0.25 per token. The blockchain-backed Coinlancer platform aims to offer a direct trade of services for cryptocurrency between freelancers and clients, without the need for a third party. In addition to decentralized business, the platform also promises much smaller fees to that of current alternatives.
Since the birth of the internet, freelancing has increased significantly as a career path and is now one of the most popular professions. The freelancing Industry is currently worth in excess of $3 billion dollars but as of yet, has not seen any significant progress within the blockchain community. Centralized mainstream platforms such as Fiverr and Freelancer are still the status quo and fees for their services are substantial. Coinlancer’s blockchain freelancing platform looks to disrupt the market with a different protocol and lower costs.
Coinlancer offers a freelancing platform which uses blockchain technology to create a more meritocratic freelancing environment. The platform employs protocol design and a smart contract-based escrow mechanism, to democratize power equally between both clients and freelancers. The Coinlancer platform uses Ethereum-based blockchain technology to facilitate transactions between the freelancer and the client, removing the need for a trusted third party. This also guarantees the highest level of transparency for audits.
Coinlancer uses an escrow service to hold clients payments safely prior to the completion of the project. Once the freelancer has completed the project, the escrow can be released from the platform. This process ensures that the client cannot pull out all of their funds once the freelancer has completed the task. Coinlancer plans to accept over 20 different cryptocurrencies, including Bitcoin, Litecoin, and many others.
Traditional freelancing platforms have a substantial fee structure, are not always well managed and offer less security than blockchain technology alternatives. Some current freelancing platform charge upwards of 20% commission to their users. Coinlancer has stated that it plans to set up a standard fee of 3% to its users.
The Coinlancer platform also employs tribunal system which allows its’ users to vote and settle disputes. This more democratic approach gives freelancers more of a say when settling potential disputes with clients. With numerous other financial markets becoming streamlined by blockchain technology it comes as little surprise that the freelancing sector has a new contender.
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