At the present time, technology progression has encouraged the introduction of innovative ideas to keep up with the growing trends in technology. Currently, Cryptotask is the trending topic of the town globally. Cryptotask’s newest idea is to introduce a decentralized task market based on blockchain technology that disrupts current freelancing systems. Today, the freelancing industry is well established and computes up to 35% of the entire workforce in America. The primary intention of Cryptotask is to commercially scalable consensus mechanism with reviewer board selection built into the blockchain. This accessible tool will include developing a blockchain-based task market system consisting of freelancers, clients, and reviewers.
Cryptotask,’s proposal to decentralize the task market is expected to offer multiple advantages in the cryptocurrency industry. First of all, Cryptotasks will help freelance and reviewers find jobs that will get them paid. Ideally, clients will post job bids, and freelancers will apply for this position. Consequently, the reviewers who are stake-holders will put down a deposit; at least equal to the value of the jobs they intend to be reviewers for and define their area of expertise. In the case where a task dispute arises, the reviewers are required to cast a vote on whether the task was completed or not. Moreover, the reviewers are expected to define their areas of expertise to avoid losing in the consensus mechanism.
Most importantly, Cryptotask will help the clients get their job done. For instance, the client and the freelancer will agree on the expected task outcome. If the freelancer completes the task, they will get paid. When the job is not complete, or the deadline expires, the client is expected to get a refund and the freelancer’s deposit. Cryptotask has put freelancer deposit so that it can be used as a measure to prevent freelance from wasting clients’ time. Also, the freelancer deposit will be applied to pledge disputes since it will be paid to the reviewers as a compensation.
Cryptotask proposal also features low fees as one of the advantages of decentralized task market. The proposed blockchain is efficient since it eliminates the unnecessary expenses and overheads. Elimination of these costs will offer the customers the benefit of paying lower fees compared to any centralized service. Clients will pay 1-2 % fees in the decentralized platform compared to the 10-20% on the centralized platforms. The elimination of unnecessary overheads will help clients get their work done a lower cost compared to rates on the centralized platforms.
Furthermore, Cryptotask creates a platform where there is guaranteed dividends payout. The dividends will be paid to all the stakeholders and the extra amount spent to the reviewers. In Cryptotask platform, the client will put a deposit that is equal to the task value they want freelancers to do. The freelancers are required to put down a 10% deposit of the task they have applied for. The 10% is used to initiate a dispute and based on the outcome of the litigation, the client or the freelancer will lose 10% of the task value. This 10% of the task value from the freelancer or client will go to the reviewers. Similarly, 10% of each reviewer’s deposit which did not cast a vote or voted against the consensus is distributed among other reviewers in the panel.
Additionally, decentralized task market that is based on blockchain system creates a platform that has no censorship and accepts high-value tasks. In this decentralized task market system, the participants will have freedom of speech and freedom of action. One of the objectives of the platform is to allow a wide range of persons. Both the freelancers and the general public are free to participate in the platform. Also, in each dispute that is initiated, reviewers will be selected randomly to create a review panel. Moreover, the blockchain system makes the task creator unknown as well the reviewers when applying for the review panel. Therefore, blockchain system fulfills Nash equilibrium.
Last but not least, Cryptotask platform engages mathematically provable attack resistance model. The mathematically provable attack model provides resistance through likelihood calculations using probability distributions. The mathematically provable model supports specific market postulation. Besides, it enables participants to understand how the platform will help the broad community of persons who seek to use this platform. Therefore, Cryptotask platform makes the prediction market better and provide a basis for a valued competition.
Conclusively, Cryptotask presents an advanced system that will resolve scalability concerns present in current prediction markets and freelancing structures. Participants in the Cryptotask platform will have access to blockchain advantages such as low fees and no censorship. The commercial potential of is Cryptotask huge the freelancing industry constitutes 35% of the entire workforce in America.