UMKA - The Decentralised Labour Market: Essay Example, 880 words GradesFixer
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UMKA - The Decentralised Labour Market

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Labour Markets can simply be described as the marketplace for freelancers or job seekers and their potential employers, the main commodity that is in demand and supply is Jobs, the Potential Employers needs some tasks/jobs done and the Freelancer has the expertise to do it.

Jake is a brilliant young man who studied law and even worked as a lawyer for a couple of years before he quit, although he could hold his own in the cooperate world, Jake was dissatisfied, he liked the freedom of not answering to anybody, he liked the freedom of regulating his own work hours, he liked the freedom of just sleeping whenever he felt like and so after much deliberation, Jake decided to quit his job, even though it provided him with a retirement plan that included pension and other perks.

Jake has always heard good tales about being a freelancer so he decided to be one, he had skills so he decided to be a freelancer, after the first few days of working as a freelancer, Jake came to a sudden realisation. The freelance market wasn’t what he expected at all, he had to pay high commission to the platforms like Feverr and Upwork. To crown it all, there was no enabling environment for newbies or professionals to meet and talk about the projects. Sometimes fraud is the order of the day because there is absolutely no guarantee of payment.

There are millions of freelancers out there and the majority of them are facing the exact same problem that Jake encountered, as a freelancer, have you ever hoped for a platform where you don’t have to pay exorbitant commissions for every job you secure through the platfom? A platform that would use the revolutionary Blockchain technology to ensure a truly peer-to-peer exchange of contract without any middle-man involvement? A platform that would not just serve as a medium for freelancers and employers to meet, but would also serve give freelancers and investors to earn from the platform? If your answer to these questions is yes, i have great news for you, sucj a platform does exist and it’s name is UMKA.

What is UMKA?

When Blockchain technology was invented in 2009, we never fully grasped it’s capabilities until the invention if smart contracts, with smart contracts, Two or more parties can make an agreement and create a smart contract to seal it and just like a faithful legal entity, the smart contract would execute that exact command given to it, once a mart contract has been deployed, it is devoid of any human influence, so this technology can be used for many things but one aspects it is deployed the most is as an escrow service.

UMKA is a revolutionary decentralised platform that utilizes smart contracts in the EOS Blockchain to execute agreements between freelancers and their employers. Because if this Tamper-Proof method, Freelancers are guaranteed payment after their services and Employers can be rest assured that they would be getting what they pay for.

UMKA developed it’s very own Smart contract called the AgileSC, AgileSC make it possible to divide a project into different stages, set milestones and set them up by adjusting the three parameters: Time, Work and Budget. This revolutionary Smart Contract can only be found in the UMKA platform and it would enable both employee and Employer to have the very best Services and Payments.

Apart from the ease and guarantee of payments, UMKA packs some more goodies as well, UMKA features:

Chat Groups: Employers in UMKA can create project groups within the UMKA platform. This would enable them organise all the freelancers working for them in the same project, this is a revolutionary idea by UMKA.

EOS Blockchain: Another platform that has the smart contract capability is the Ethereum Blockchain but the Ethereum blockchain is known for being quite slow attimes because of the Transactions Per Second(TPS) it can handle, presently the Ethereum blockchain can handle just 15 transactions per second and this causes backlogs of transaction, This is why the Brilliant team if UMKA decided to utilize the EOS Blockchain for this project which would guarantee lightening fast execution of smart contracts which would be beneficial for all users.

No Language Barriers: In other platforms, there is always the issue of Language and this restricts the number if talent an Employer has access to because he wpuld only be able to negotiate with people who speaks his/her language, UMKA solves that by integrating Google neural machine translation in the platform, this means that Employers and Employees alike can communicate with all and sundry no matter their language. This gives people access to a wider variety of talent and Employers to choose from.

Very Low Fees: UMKA charges just 1% fees on transactions, this is lower than you would get in any platform.

Currency Variety: UMKA would enable users to choose 15 currencies, this is unique and no matter the currency you choose, there would be no extra charges.

Online Courses & Security: The UMKA platform integrates the services of renowned Educational Institutions, this would enable freelancers to sharpen their skills and give them the neccessary knowledge and certificates they would need for their Jobs. All user information would be stored in the blockchain and would be secure.

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