Cryptotask-Descentralized Freeelanced Market

Introduction

They propose a decentralized task market based on blockchain technology that disrupts current freelancing systems. The basis is a consensus mechanism similar to that used in existing prediction market projects such as Augur and Gnosis, with some important differences and innovations that enable scalability, an issue plaguing most of the popular blockchain projects. One key innovation is a reviewer board selection mechanism built into the blockchain, including an escalation option that satisfies Nash equilibrium. The selection mechanism satisfies the condition of secrecy in order to discourage potential collusion and off-chain communication between reviewers by implementing a reporting mechanism. They propose applying the blockchain technology to the current freelancing market. The commercial potential is huge, with freelancers making up 35% of the workforce in the U.S. and contributing approximately 1 trillion USD to the economy [3]. The decentralization that blockchain enables offers multiple advantages: lower fees, no censorship, dispute process transparency, no financial limits, no arbitrary meddling from corporations or governments.

Untapped freelancing market

They propose applying the blockchain technology to the current freelancing market. The commercial potential is huge, with freelancers making up 35% of the workforce in the U.S. and contributing approximately 1 trillion USD to the economy [3]. The decentralization that blockchain enables offers multiple advantages: lower fees, no censorship, dispute process transparency, no financial limits, no arbitrary meddling from corporations or governments.

Comparison to prediction markets and other relevant projects

Prediction market projects based on blockchain are the most relevant to the proposed system. These markets are created for the purpose of trading the outcome of events and can be used as oracles as well. The reason for relevancy is that prediction markets’ event decision process is based on a consensus mechanism similar to the one proposed here. It is, however, easier to design the proposed system robustly than a general prediction market, as the value of each task is defined in advance, unlike with prediction markets where the value of the outcome changes over time as traders place bets. Also, on task vs event basis, task markets scale more easily as review processes are triggered only in case of disputes; that is to say for most cases the task creator and freelancer will agree on the task result and payment without the need for arbitration, while prediction markets always require an oracle. Additionally, unlike prediction markets, parasite attacks are not a concern, as the system

ICO Token Issuance Plan

✔︎   The team is aiming for a conservative cap in order to ensure post-ICO buy pressure and significantly higher token trading prices on the exchanges.

✔︎   The funds are released to founders in three stages, every six months, with a voting mechanism that enables the investors to halt the project and get a refund in case the dev team doesn’t deliver.

✔︎   Considering that 20% tokens go to founders, for the end investors voting mechanism is a roughly two-thirds majority.

For more information about Cryptotask ICO access the link whitepaper and Cryptotask.