UMKA: A REVIEW

obiobi (12)in #bounty • 8 years ago

A lot of people are not familiar with who a freelancer is and this is a person that is self-employed without any commitment to a particular employer for a long time, just till after the job is completed and payments for the job is then received.
While it may appear easy to be a freelancer, it is quite tough because there are various challenges faced such as inability to get an employer, or not getting paid for jobs done, all of which is very discouraging.
Although alternatives like putting the skills of the freelance online through websites and various Social Medias have been a bit helpful, it cannot fully combat it as qualifications needed for the job might not be verified, thereby making employers uninterested and freelancers frustrated.
It is therefore important that an avenue be created for freelancers to practice their trade effectively which is what UMKA wants to do through the EOS blockchain and the integration of many features to make a friendly environment.
This is a labour platform that is decentralized in structure and built on the EOS foundation for the purpose of reducing transaction fees and making life generally easier for users into freelancing as a result of faster operation time.

The Working Structure
To make the use of this platform seamless, assets are gotten for fiat and cryptocurrencies which will stand as an equal equivalent to the amount of funds owned by the user without disrupting the inner workings of the platform. Also this asset causes transaction fees to be reduced considerably and makes the use of smart contracts to occur faster.

Assets are deposited based on the number of cryptocurrency purchased which means that for every Ethereum bought, equal amount of assets is released and can be withdrawn to an external wallet.

This is followed by profile registration by the freelancer to upload qualifications needed for the job and the Employers also upload the job opportunities and the kind of qualification needed for it.

Why use UMKA?
Several features kept in place to make UMKA platform a friendly environment for all parties includes:

Consensus Algorithm; UMKA works with the use of a consensus algorithm known as BFT-DPoS which is a high grade compared to its counterparts such as Proof-of-Work, Proof-of-Stake which are popular among blockchain projects but have tendencies to go wrong with slower transaction rate.

Transaction Cost; Transaction cost or fees as is present in other blockchain projects is absent and this is because rather than employ miners, the platform employs block makers who serve as witness to various transactions and verify smart contracts while also getting paid in UMK for services rendered to the platform.

Agile Smart Contract; This is a new type of smart contract that makes it possible for smart contracts to be executed rapidly in terms of what needs to be done i.e. work, when is the deadline i.e. time and what remuneration i.e. budget which are generated for all types of services rendered by the platform. This smart contracts makes sure that the case of dispute rarely occurs by ensuring all parties are aware of the contract and puts funds on hold that will be used in payment of services.

UMKA Digital Passport; All profiles created on this platform has an integrated digital passport which will contain the freelancer’s work experience, academic qualification and other information that boost the CV while the employers profile will contain company details and other important information which are stored in the blockchain.

UMKA Functionality; This includes all processes that make the platform function such as rating system, payments made internally with the use of the UMK wallets, the UMK Token which ensures users benefit from the platform, and 1% fee on transactions made by the employers. Also the integration of Google Neural Machine Translation, to remove language barrier among users of this platform i.e. the freelancers and the employers.

Peculiarities
Several benefits are enjoyed by both the freelancer and the employers that use this platform and they are:

⚫️ The use of EOS blockchain makes smart contracts free and faster which helps the freelancers and employers in tying all loose ends of the deal.

⚫️ The use of Agile Smart Contracts that reduces to a great extent risk involved which usually occurs in the form of disputes.

⚫️ The use of up to about 15 cryptocurrencies and Fiat assets which will remove the need for transaction fees in turn saving the funds of users.

There is payment guarantee for freelancers as after being asked to do a job by the employer, the funds for this job is kept on hold in the wallet of the employer by the platform and released immediately the job is completed to the freelancer.

It is obvious that UMKA platform intends to create an environment that is very much friendly and has all necessary tools and features to make the work of freelancers easier.

TOKEN FEATURES
The token of this platform is known as UMK which is built on the Ethereum blockchain and serves as both security and investment token.

The Public ICO will take place betweenJune 1, 2018 and August 1, 2018.