Mycro | Whitepaper- did you know? | The Solution
Blockchain solutions for an age-old market
Throughout this series, you will have invariably learned more about Mycro than you could have hoped for. Today, we focus on the market that we are disrupting and exactly how we plan to do that. Mycro intends to make two complicated things simple, the gig economy and balancing your time and money.
The time and money equaliser
By utilising the Ethereum blockchain, Mycro plans to tokenise how you balance your time and money. The MYO token will be an essential part of the decentralised peer to peer solution. We are building an intuitive application that makes it easy to post simple, short-term jobs to the Mycro network, for free. Intelligent, self-learning algorithms that support dating platforms will match jobs just-in-time with the right jobber.
One person gains time, the other gains money.
Fast, simple and trustworthy
The most important technical part of the platform, to Mycro, is our algorithms. We aim to provide, in a fast and straightforward way, the right jobs and the right jobbers. Mycro will allow both job providers and jobbers to specify their preferences and rank them according to importance. The self-learning algorithm will then sort these preferences and match jobbers to the perfect job and vice versa. The application interface will operate similar to apps such as Tinder, jobbers will be able to swipe through relevant job offers and apply to them accordingly. These jobs will be sorted in descending order based on compatibility.
Studies show that sixty per cent of people read user-provided ratings before deciding on a product. This number is even higher if ratings are perceived to be reliable. As such, independent user reports are 12-fold more important than manufacturer’s product descriptions. At present, these ratings are only present in a closed environment, we want to change this.
Every user profile will be linked to an Ethereum wallet, and every job will be managed by a smart contract. Once the job is successfully completed, the smart contract will allow both the job provider and jobber to evaluate each other. These ratings are then linked to the Ethereum wallet, which will be open for all to see. This will also allow Mycro to rule out fake ratings or rating manipulations.
Users will also be verified by an off-chain company which they will need to send personal identification documents to. Once this is done, verification will be linked to the blockchain which will then need to be re-completed, should any data be changed. Using the blockchain means manipulation is impossible and will also create transparency and reliability.
Security and low fees
Both the job provider and jobber will receive a personal QR code when a job is agreed. The job starts when the job provider scans the QR code of the jobber. Assuming the option is available, payment by cryptocurrency will then enter an escrow smart contract. Neither the job provider nor the jobber can access this until the job is completed. Once the job is completed, the jobber scans the job providers QR code, and the payment is released. This will eliminate the need for both intermediaries or payment services unless both parties decide to settle remuneration with cash.
The ultimate vision is for the Mycro application to be completely decentralised without an intermediary. Traditionally, a central company will take a thirty per cent fee. However, users of the Mycro application will only have to pay a two per cent fee for each job on the decentralised Mycro platform.
Mycro job shopping
Jobbers will use their profile on the platform to apply for jobs. To increase their chances of securing the role, jobbers can also use MYO tokens to boost their position on the job providers dashboard. The amount of MYO tokens will affect this position along with their reputation and job history. Search engine analytics show that users will typically select a link from the first page. Applying a similar thought process to our platform, jobbers will be in a better position to secure a job the higher up a job providers dashboard they are. The MYO token is integral in this job application system.
The gig economy currently finds itself in a bilateral monopoly. No real solution exists for small jobs to be offered to willing jobbers. As such, both jobbers and job providers are unaware of each other. Mycro is aiming to create a bilateral oligopoly. By matching job providers and jobbers, Mycro will bring supply and demand together.
As user numbers increase, there will be an abundant supply of both jobs and jobbers. This will create a polypoly which is subject to economic market mechanisms. Say, for example, three jobs with exactly the same description are created. Job one pays eight pounds an hour, job two twelve and job three eighteen. In such a situation, the majority of jobbers will wish to secure job three. The requirement of the job provider, however, is to find the most skilled and motivated person for the job.
The Mycro token will ensure this.
Mycro token solution
As previously stated, jobbers will be able to use MYO tokens to boost their position for a job. The jobber will not have to pay out these MYO tokens until they have been awarded and indeed, complete the job. These tokens are documented when the QR code is scanned at the start of the job. This auction mechanism will ensure there are no impulsive applications, the jobber is serious and motivated and creates a dynamic market situation.
The tokens from this bid are then added to the reward pool. When users rate each other, they will then receive tokens from the reward pool as an incentive. The better the rating, the better the reward. Mycro is only paid upon the successful and satisfactory completion of each job, and as such, it is vital for us to create the best platform to ensure that we can earn revenue as a business.
By allowing users to pay with cryptocurrencies, Mycro aims to contribute to the mass adoption of cryptocurrencies. As the platform grows, so will the number of cryptocurrency acceptance points which will aid usability and liquidity of cryptocurrencies. Bear in mind of course that this is subject to regulation and users will be able to pay with fiat if they so desire.
This is the solution that Mycro offers to the gig economy, you and the cryptocurrency market. We aim to bring everyone together to balance their time and money better, and we plan to utilise to blockchain to achieve this. Do you think the gig economy is ready to adopt cryptocurrencies? Get involved at the social media links below and let us know!
Telegram Medium Github Website Facebook Twitter LinkedIn Instagram Youtube Bounty