New Startup Braintrust Wants To Reform Freelance Marketplace For Tech Talents
New Startup Braintrust Wants To Reform Freelance Marketplace For Tech Talents
July 1, 2020
New Startup Braintrust Wants To Reform Freelance Marketplace For Tech Talents
New Startup Braintrust Wants To Reform Freelance Marketplace For Tech Talents
July 1, 2020

A new startup called Braintrust wants to change the way freelance talent and respective clients find each other through a community-run platform. The project will feature its own governance token.

The core premise of the platform is to remove middlemen from the process of hiring highly skilled talent for contract and freelance work, primarily in the IT industry.

However, Braintrust will not force users into a proprietary token for payments but create a community-run platform.

CEO, Adam Jackson believes that existing freelancer aggregation platforms, like Upwork and Fiverr, suffers from misaligned incentives between the owners of the platform and its users:

“Their job is to connect buyer and seller, company and talent, and then facilitate the transaction. And then take as large a fee as possible as a percentage of that transaction.”

The fees incurred by freelancers are usually about 20% of the total billed amount. This is the norm for any “two-sided market” born on the internet.

ALSO READ :  Singapore's DBS Bank Joins Blockchain Trade-Finance Network Contour Built Over R3'S Corda

The firms usually gets away with large fees due to the value they add by creating a trusted environment and providing escrow services.

But that aspect can be recreated by a peer-to-peer vetting system. Users will be incentivized to validate new clients and freelancers as additions to the community.

The system is not a decentralized autonomous organization though, and a non-profit foundation will take care of some aspects of the system, like accepting money.

Jackson added:

“But that’s just one of many companies or people or entities that are helping build this thing”

However, Braintrust is not completely feeless, as the foundation will collect 10% of each transaction from clients. But the exact rates are subjected to change by community governance.

ALSO READ :  Binance Teams Up With Oasis Labs To Fight Fraud In The Crypto Sector

Payments on Braintrust will be conducted through traditional fiat USD, though crypto-based payment will also be supported.

The Braintrust token, or BTRUST, only has governance functionality. Its holders are able to vote on key aspects of the platform:

  • what kind of clients and talent to accept
  • what features to develop
  • how much the platform should charge

Jackson hopes that the new model will promote a vibrant talent network that will be actively interested in improving the ecosystem:

“This new model I’m describing actually isn’t possible without a token. The token, [and] the blockchain facilitates replacing the middleman.”

Jackson says that Robert Leshner, the founder, and CEO of Compound, is an advisor and investor in the project. Furthermore, Braintrust is reusing a fork of Compound’s governance code to power its own systems.

The platform’s users will earn the token by contributing to it, for example by evaluating new candidates. However, unlike some DeFi protocols though, the platform’s revenue will not be distributed to token holders.

ALSO READ :  Blockchain in Recruitment Sector

Braintrust’s concept represents an interesting use of crypto-native systems to solve real world problems.


Source: Cointelegraph | Image: Unsplash

Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!