Why
CryptoTask Could Disrupt the Trillion-Dollar Freelancing Market
When most people think of
cryptocurrencies and the blockchain, they typically think of Bitcoin. But now
developers are starting to build innovative applications on top of the
blockchain that go far beyond just new currencies. Take CryptoTask, for
example. This is a fully scalable freelancer marketplace that’s built using
Ethereum blockchain technology. Building on top of the Ethereum blockchain
immediately gives CryptoTask advantages over similar types of freelancer
marketplaces, such as Upwork.
Factor
#1: Low Fees
First and most importantly,
CryptoTask is fully decentralized, and that means lower fees collected on every
freelancing transaction. On many centralized freelancing marketplaces, the
percentage that is kept by the marketplace can be anywhere from 10 to 20 percent.
Now compare that to CryptoTask, where the fee for any transaction is only 1 to
2 percent. Lower fees means a much more
equitable division of all wealth being created by the Ethereum blockchain.
Here’s just one example of
why a centralized marketplace is so inefficient compared to CryptoTask. Let’s
say that Freelancer X has entered into an agreement to write a five-page whitepaper
for a small business. For that work, the small business has agreed to pay $100
to Freelancer X. On the surface, you would assume that Freelancer X would keep
the full $100. However, since the marketplace is centralized, a portion of that
$100 (usually $10 to $20) is kept by the marketplace for acting as a middleman
in the transaction. That $10 to $20 is then used to cover the overall overhead
of the marketplace (including the salaries of the marketplace owners).
But CryptoTask works on a
completely different paradigm. It is completely decentralized, meaning there is
no company that owns it. So there are no monthly salaries to pay, no overhead
costs to worry about, and no need to collect an exorbitant share of the final
transaction. A freelancer using CryptoTask would collect nearly $99 of the
total $100.
Now, if you were a
freelancer, which platform would you rather use in order to boost your
earnings? Of course, you’d choose the platform where you keep $99 of every $100
rather than a platform where you only keep $80 of every $100 earned. For that
reason, CryptoTask has the potential to rapidly grow in size and scale as
freelancers worldwide migrate away from other platforms in search of higher
earning potential on CryptoTask.
When you consider that the
freelancing and task market is roughly projected to be close to $1 trillion,
you can start to grasp the enormous potential of CryptoTask. If this new
decentralized marketplace gains only 10 percent of the overall market, that
would still make it a $100 billion marketplace! In the U.S. market alone, it is
estimated that as much as one-third of the total workforce engages in
freelancing projects for additional income.
Factor
#2: No censorship
Another key factor in the
future success of CryptoTask is the fact that there is no censorship possible
on the platform. It is completely decentralized, which means that there is no
central authority figure capable of rejecting orders or withdrawing any orders
that have been submitted. That’s not the case on other platforms that are
centralized. On those platforms, values such as free speech are not always
championed and ideologies can come into conflict with business decisions.
Moreover, a centralized
marketplace is expected to follow all business, regulatory and legal rules for
that legal jurisdiction. That causes enormous complications for businesses in industries
that are heavily regulated. As an example, take the legalization of marijuana
in the United States. In some states, it is completely illegal. In others, such
as California, it is permitted for both recreational and medicinal purposes.
The same case is true for the casino gaming industry and sports betting – it is
such a difficult legal and regulatory environment to navigate that many
marketplaces try to ban this activity entirely.
But that’s not the case on
CryptoTask. Chinese political dissidents could use CryptoTask to publish
reports on China without fear of retribution by the Chinese government. And
businesses in the legal “gray area” can operate without fear of being shut down
or neutralized by censorship. In the debate over net neutrality , for example,
freelancers would be able to use CryptoTask to share their opinions openly.
Factor
#3: Stronger trust and verification mechanisms
The final factor in the
future success of CryptoTask can be thought of from the perspective of trust
and verification mechanisms. On most freelancing and task marketplaces today,
the system is bogged down by trust problems. Freelancers can never be entirely
sure if they will be paid, due to potential disputes that a seller can initiate
(sometimes fraudulently).
And sellers can be never
entirely sure if the work that they are receiving is 100 percent free of
problems like plagiarism or intellectual property theft. Imagine paying
hundreds of dollars for original photography to be used in a new branding
campaign, only to find out later that the work was “stolen” from someone else!
Or imagine working 10 hours on a freelance project, only to have the seller withhold
payment on dubious terms.
Those are two scenarios that
CryptoTask can help to avoid, based on the underlying technology of the
blockchain. All transactions are 100 percent verifiable, and moreover,
CryptoTask has implemented a one-of-a-kind review system that is meant to stamp
out fake reviews, fake disputes and all manner of billing and payment problems.
Looking
ahead to the future of CryptoTask
It’s clear that CryptoTask
has several built-in advantages – including lower fees, no censorship and no
limits on task value – that differentiate it from the current crowded field of
freelancing and task marketplaces. Now that CryptoTask has launched its ICO,
it’s time to see how much of its initial promise it can fulfill. For now, the
future looks very bright indeed.
Even if CryptoTask manages to
capture just a tiny 1 percent share of all freelancing transactions worldwide,
we’re still looking at a multi-billion dollar market opportunity. One thing is
certain: CryptoTask is on pace to change the way we think about the blockchain.
It’s not just about fostering the creation of speculative cryptocurrencies like
Bitcoin – it’s also about creating a new way of working that is based on
technologically superior blockchain technology.
