A decentralized task market based on blockchain technology that disrupts current freelancing systems. Bitcoin appeared in 2009 and started the blockchain revolution, decentralizing basic finance. Soon, other projects followed, with the main idea of decentralizing more than just the monetary system. That culminated with Ethereum which is a decentralized Turing complete machine, that theoretically allows other projects to implement their logic on the Ethereum platform, instead of building a new blockchain from scratch. However, scalability remains the main issue. Considering Ethereum is not proof-of-stake (PoS) and does not support sharding yet, any larger amount of calculation gets very expensive. Additionally, Ethereum gas prices are unpredictable, as other projects compete for computation time on the same platform. Thus, building on top of Ethereum for us is not feasible, considering the computational load of the reviewer assignment mechanism and other processes.
Comparison with other markets and 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. For example, a potential Truthcoin market attack would require a significant stake of voting coin,however the attack revenue is nearly unlimited. Augur prediction market does not have a dispute mechanism well-defined in the original white paper, however recent blog posts suggest a hierarchical escalation mechanism similar to the one wepropose. Stox is yet another proposed Ethereum-based prediction market, with dispute architecture not yet defined. Blocklancer is the only blockchain task/freelancing market project that we are aware of. The dispute mechanism is basic, requiring all stake holders to vote on all disputes, thus it is difficult to achieve scalability.
A blockchain-based task market system consisting of clients, freelancers and reviewers. TaskCoin holders get a small percentage as a dividend. In the simplest case, the client and the freelancer will agree on the job outcome. If the job is completed, the freelancer gets paid, and if it isn’t completed or the deadline expired, the client gets a refund and the freelancer’s deposit. Clients put a deposit equal to the task value, while freelancers need to put down 10% of the task they applied for. The freelancer deposit is used as a measure against wasting the client’s time, as without it, freelancers could basically DOS the system. It is also used to initiate disputes, as it will be paid to reviewers as compensation.
It is a novel system that solves scalability issues present in current prediction markets and freelancing systems, letting us target the commercial freelancing economy, offering a number of advantages such as lower fees, no censorship and other blockchain related advantages. Considering the size of the freelancing economy, the commercial potential is huge.