CryptoTask is a blockchain-based task market system consisting of clients, freelancers and reviewers. Clients post job offers, freelancers apply for these and reviewers are stake-holders that put down a deposit, at least equal to the value of tasks they intend to be reviewers for, and define their area of expertise; in the case of a task dispute for which they were selected into the review panel, they are required to cast a vote on whether the task was completed or not. Reviewers will want to define their areas of expertise honestly, otherwise they risk losing in the consensus mechanism. Reviewers get a percentage of each task value even if no dispute process is initiated, and if a dispute is initiated, they get a larger percentage as compensation. Also, all 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. In case of a dispute, depending on the result, either the freelancer or the client will lose 10% of the task value, that will go to the reviewers. Also, 10% of each reviewer’s deposit who voted against the consensus or did not cast the vote, is distributed among other reviewers in the panel. Otherwise, if disputes were sufficiently rare, it could be reasonable for reviewers to ignore their duty in case of a dispute, and just collect the fees from tasks that were not disputed.
The platform is also working tediously to make the prediction market better and more positioned for valuable competition. The platform employs mathematically provable attack model to provide resistance with likelihood calculations using probability distributions. This is also to support certain market postulations and to give the participants the breathing space to understand how the platform intends to support the large community of persons who will queue into the vision of the developers of the platform. To further achieve the outlined objectives of the platform, ICO is out for offer, to allow a wide range of persons including but not limited to freelancers and the general public.
CryptoTask is a novel system that solves scalability issues present in current prediction markets and freelancing systems, letting 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.
- Token: CTF
- Supply: To be announced
- Platform: ERC20
- Accepting: ETH