Project Name: Softwork
Project Track: Web3
Team Member(s): 2, @Horlarmmy , Dulaz
DevPost URL: Softwork(Devpost)
Project Goal: To build a decentralized peer-to-peer freelance system, in which clients and freelancers can conduct businesses and process numerous transactions for services using non-bounded smart contracts on Tron network by reputation and cash in escrow. We intend to combine economic initiative with reputation into one by tokenizing reputation and assigning it a value. Thus, all parties, moderators included (if need be), have a common goal to act honestly since, since they all have a common interest — which is to exchange services and funds.
The traditional centralized freelance industry is faced with particular challenges. Freelancers and clients meet these challenges on freelancing platforms such as Upwork, Fiverr, PHP, and others.
- Freelancers don’t receive 100% of their revenue after completion of a job as 5% — 30% goes to the intermediary or platform. For example, Fiverr takes 20% off all the income made by sellers in every sale made.
-There are limited ways for users to receive their funds, most especially for users not in the US or Canada.
- Disputes are handing: this is a very trivial issue as disputes are bound to occur when transactions are carried out between the buyer and seller (freelancer and client). Disputes are resolved by single entities which question the objectivity of the resolutions made.
- Delay in funds clearing: Freelancers are faced with this challenge as they are forced to wait several days after completion and settlement of a job/transaction before their revenues are released to them. It is only reasonable for freelancers to want their funds released to them after completion of a client’s job. This is entirely understandable as getting paid online could be cumbersome. With Fiverr, you need to wait for a buyer/customer to complete an order before the project is marked as completed, after which you would have to wait for another 14 days for funds clearance before funds become available for withdrawal. Cryptocurrency payments are instant and having no limitations, even across international borders. This is useful to freelancers as cryptocurrency can be easily exchanged, so funds can be withdrawn and used as soon as transactions are marked as settled. The blockchain uniqueness lies in its potency to tokenize any industry/market and the major problem which faced by buyers/employers and sellers/freelancers on the current platforms is the trust.Cryptocurrency tokens and smart contracts can be employed in strategic ways to incentivize everyone to act professionally and reasonably at all times. Softwork aims to tokenize reputation, and assigning it a real market value on softwork platform through swapping TRX to USDD stables for accurate and transparent transactions. This will prove to be a more secure environment for freelancers and employers who would patronize the platform. Decentralization can also mean fairer, distributed dispute resolution, leading to better contract outcomes, more accurate ratings, and less centralized authoritarian control.