LibertyLance offers Freelancing using Blockchain technology
Freelance Market
Introduction
Freelancing is now becoming more interested in spite of the unsteady income maybe because of the flexibility in working hours with multiple employers, freedom (striking a balance between work and life) and the aids of technology as confessed by some freelancers. These could be the reasons for an upward increase in the number of freelancers in many country of the world today.
According to research, in the United State from 2014 to this year (2018) freelancers have added 2million to the existing 53million making up 35% of the U.S workers with a collective income of $1.4 trillion in the past year and estimated contribution of $715 billion to their economy. Statistics also show that the numbers of freelancers that have experience increase in recent time are more than those that have experience decrease.
However, the growth pattern of United Kingdom freelancers is not the same with that of United State. In the United Kingdom, research shows that there are 1.4 million freelancers that are working across all sectors. According to statistics, the number of freelancers in UK has grown 14% over the past 10 years and the flexibility that is offered by Britain’s freelancers has added positive value to their economy. In UK, freelancing is a very lucrative career option for graduate who chose to work as a freelancer. Statistics also states that 69% of graduates have concluded that freelancing is better for them as it strikes a balance between work and life and also grant them the opportunity to work on variety of projects on various platforms. Freelancing is a market that is on the increase not only in United State.
Problem in Freelance Marketplaces
Despite the freedom and flexibility enjoyed by freelancers, there are also some problems they are facing. Some of the problems affecting freelancers include invalid suspension of freelancer’s account by The Central Authority and confiscating funds earned by freelancers for job already completed.
Commissions and Payment are also problems faced by freelancers. Commission charged per earning is on the higher side and payment withdrawal at times can take a longer period. This marketplace is also challenged by high competition rate. Another challenge freelancers are facing is the problem of funds. They are always at the mercy of the marketplace and their lay down policies.
There are challenges of bad clients that do not pay promptly while some are unresponsive. Others mount so much undue pressure on freelancers as regards the deadline to deliver their job. This can be curbed with an involvement of a jury.
Undeserving Reviews is another problem to the services of freelancers as they are expected at times by the clients to throw in their towel. It could be on the side of deliver something more or even something that is entirely different which can be very frustrating and time consuming for a freelancer.
That is why LibertyLance wants to come in as regulatory decentralized platform to control the funds and also with the aim of proffering solution should there be any form of undeserved review and other cases.
Introducing LibertyLance
LibertyLance is a platform that gives freelancer the opportunity to change their life. It is a self-regulatory decentralized gig marketplace for freelancers and clients. Freelancers will be able to showcase their gigs for a fixed price using Ethereum as the mode of payment and smart contract as rules and condition for agreement. In other words, LibertyLance is introducing a trustless and automatic platform that does not have to depend on a single authority for its operations.
How LibertyLance works
Freelancer will submit gigs and from which the client will make a choice from them and finalize payment on a particular gig. Thereafter, smart contract will be involved to charge the client of the 2% fee plus the gig amount. Upon releasing the funds to the freelancer for a satisfied job, the smart contract will deduct additional 2% from the gig amount. The figure below explained the whole process between the two parties.
Disputes Resolution and Incentives
In case of any dispute, there will be refund in either side. For fairness only the people with LTN tokens will participate in resolving the dispute by voting. With this method transparency and effective decision making will be achieved. It is designed in such a way that incentives are paid to those LTN token holders that were right at the time of dispute resolution. They are going to be rewarded the 2% transaction fee of the payment deducted from the participants that didn’t vote correctly. The 2% is distributed in the order of greater amount of token.
Marketplaces Comparison w/ LibertyLance
Dispute Cases
There are three scenarios in dispute cases and they are as follows:
Case no.1- No Dispute
Case no.2- Client Wins Dispute
Case no.3- Freelancer Wins Dispute
The figures below shown the three cases
No Dispute
Client Wins Dispute
Freelancer Wins Dispute
Gig Cancelation and Expiration
A freelancer can only cancel a gig within four hours after submission. Anytime this is done both fund and transaction fees are returned to the client as shown from the figure below.
LibertyLance Token
LibertyLance Token will serve as a gate pass in the marketplaces which will aid holders participate during dispute resolution between freelancers and their clients. Fifty million tokens will be made available to give room to a good quality and sound settlement as well as curb manipulation in the voting system.
Purpose of the Token
The purpose of LibertyLance token is to make sure a peer to peer dispute settlement system is decentralized by the token holders to eliminate the involvement of a centralized marketplace.
Marketplace Access
To access features and functionalities in the marketplace, freelancers must possess a minimum of token in their account to enable them unlock features and accept gig orders from clients. With this marketplace will be stable and bad actors will not be comfortable.
There will be features to access the marketplace which will include: numerous gigs posted by freelancers, detailed dashboard statistics (earnings report, portfolio management, past gig details etc.), offering upsell services, Exclusive seller badges, eligibility to be featured at promotional listings, etc.
System of Voting For Dispute Resolution
In dispute resolution, LibertyLance uses a completely distributed dispute settling mechanism. The propose system is called incentive/punishment system. Incentives are made for those that voted for the case winner and punishment for those that voted for the loser.
The process only allows nine participants with a minimum of $200 equivalent to our tokens to cast their vote. It is programmed in a way that the token holder can only vote once and after which the results and the winner will be declared.
In Favour of Client
The case is in favour of the client when more participants cast vote for the client than for the freelancer.
In Favour of Freelancer
The case is in favour of the freelancer when more participants cast vote for the freelancer than for the client.
Selection of the Jury
Anytime there is dispute between the freelancer and client, token holders are randomly and equally chosen for the dispute settling between the two parties. For fairness in participation, token holders cannot choose any disputes on their own.
Multiple Same Accounts Attack
It is part of LibertyLance design to grant multiple users other accounts under the same IP address provided they complete the verification process. In spite of that there will no room for any person with multiple to make an attempt trying to use their LTN tokens distributed over multiple accounts under different IP addresses to participate in the dispute settling process in his/her favour. To further strengthening this, marketplace is going to have a zero tolerance policy towards such behavior. Therefore, before taking part in the dispute resolution process all accounts must first be verified.
User Account Verification
LibertyLance expects every new user after their registration on site to submit documents for proof of identification and proof of address as part of the verification process in order to gain access to the services and features of the marketplace.
Token Sale Details
Token Distribution
Funds Allocation
LibertyLance Roadmap
For more details please refer to the following links:
Website: www.libertylance.io
Email: [email protected]
Authored by: https://bitcointalk.org/index.php?action=profile;u=1785678