The DigRate has assigned Quality Rate High to Ethearnal project.
Ethearnal is a peer-to-peer (P2P) system for the interaction of employers and freelancers. Labor relations between the employer and the attracted remote executors are built on the basis of a smart contract, through which the employer initially deposits the amount of payment for the work of the freelancer in Ethereum (ETH). The main criterion for assessing the level of qualification of freelancers within the Ethearnal platform is the ERT in-system token. The number of ERT on the participant's balance sheet directly affects the number and complexity of projects in which he can participate as an executor, employer or moderator.
The system commission is a 0 to 1% and depends on whether the transaction was disputable. If the terms of the contract are successfully executed by both parties, then there is no need for arbitration and there is no fee . To resolve disputed situations, the moderators are involved in the role of arbitrators. To participate in the dispute, the moderators transfer their ERT to the balance of the smart contract and choose the side that they think is right in this situation. The winning moderators get back the ERT they contributed and, as compensation, the ERT of the losing party, as well as the tokens of moderators who voted for this side. 1% of the ERT balance of the winners’ controversial smart contract is written off and distributed proportionally among all holders of the ERT token within the Ethearnal system.
A study by McKinsey & Company of the global market for remote work showed that in 2016 only in the US and Europe there were more than 160 million freelancers, for 50 million of them, remote work was the main source of income. More recent data for 2017 was published by Upwork, in which the number of freelancers in the US is 57.3 million people, that is 36% of the working population of the country. The chosen market niche for implementing the Ethearnal project is highly competitive, but in demand and has a great growth potential. At the moment, there is a large number of centralized services on the remote work market for the interaction of freelancers and employers. Also, with the development of blockchain technology, many decentralized projects are entering this market: Blocklancer, Coinlancer, Bitjob, Jury.online, Wordcoin, FreelancerCoin, Gems. Currently, ICO Blocklancer has already attracted 4 thousand ETH, and the completed Bitjob ICO - 8 thousand ETH. The price of the Bitjob token after the release on the exchange showed a steady growth of 120%, but then fell below the original price. It should be noted that the Ethearnal project can compete with Jury.online, which is not a direct competitor, but has functions for solving Ethearnal's tasks. A significant advantage of the Ethearnal project is the introduction of the ICO 2.0 concept, which enables investors to monitor the expenditure of borrowed funds by the project team.
The main advantages of the project over competitors are:
– low commission fee for participants of the system (0 to 1%);
– the funds raised during the crowdsale in ETH are blocked on a smart contract and transferred to the Ethernal project team 10% each after the positive voting of ERT holders (ICO 2.0);
– if investors’ expectations in evaluating the performance of the Ethernal team are not met, owners of ERT tokens are able to return the remainder of blocked ETH on a smart contract;
– the project team intends to collect profit from the project on general terms, as the holder of 20% of the total number of ERT.
There is MVP on project’s website, the source code of the project is published on GitHub. Safety audit of the smart contract was carried out by Authio and is available on the website. An indefinite bounty program to find bugs in the Ethearnal system is announced. One of the project's founders has an extensive experience in freelancing and has positive feedback. The disadvantages of the project are the absence of the test results for non-recognition of ERT as a security and the insufficient elaboration of the competition methods. The project is popular and widely covered in thematic media. The main factor for the success of the project, and, accordingly, the demand for ERT is the detailed "aggressive" marketing strategy for popularizing the project, taking into account the narrow segmentation of the market and targeting its audience.
More information about the strengths and weaknesses of the project can be found in our review.