The ecumenical economy is set to take an incipient revolution because the system is gradually transcending toward digital driven ecosystem. Most of the capitals and funds transfer made today, are via paperless transaction and the emergence of cryptocurrency has taken this economic sector to another incipient caliber. However, cryptocurrency has not addressed all the financial desiderata of we humans. One of the reasons why this awe-inspiring invention is yet to address all financial needs is because the ascendancy and the banking sector has restricted the cryptocurrency from meeting every desideratum. As a result of this, Umka has come to tackle these issues.
UMKA as a Solution:
UMKA was developed to mitigate some of the quandaries in the traditional centralized and decentralized freelance platforms. UMKA – a blockchain predicated platform, is bringing decentralization into the labor market with particular interest in the freelance industry.
It utilizes the blockchain in offering wider and secure approach (decentralization) while offering other viable technologies that will contribute to the magnification of the freelance industry.
Here, both clients and freelancers can have efficacious communication while securing their deals through a viable keenly intellective contract kenned as the Supple Astute Contract. It features turing-consummate blockchain and keenly intellective contract technologies for its implementation.
A Working Product:
UMKA features viable technologies. This will avail it achieve consummate decentralization of the freelance industry. Unlike traditional perspicacious contracts, the Nimble Perspicacious Contract (AgileSC) will be responsible for the procurement of a transaction on the UMKA blockchain. It achieves a transaction through the parameters of “Time: what needs to be done”, “Work: when is the deadline” and “Budget: what remuneration”.
The Nimble Keenly intellective Contract (AgileSC) will withal hedge transactions and payments. It will keep the project’s fee in the client’s custody pending the commencement of the project.
As a utilizer on the UMKA blockchain, you’re issued a digital passport that contains your data such as certificates and diplomas. Your passport additionally contains your freelancing records such as your specialization and work experience. On the client’s part, his company’s profile and contractor reviews are visible in his digital passport.
Because of slow transactions on other blockchains (such as the Ethereum blockchain), UMKA is utilizing the EOS blockchain in offering scalability to its users. The EOS blockchain offers the application of perspicacious contract in decentralized applications and autonomous organization and there’s no fees incurred by utilizing the blockchain.
Google Neural Machine Translation:
By utilizing the UMKA mobile application, UMKA users (freelancers and clients) can bridge language barriers in their midst. UMKA features a Google Neural Machine Translator that can be utilized in comprehending alien languages.
UMKA is bringing efficiency to the freelance industry by sanctioning multiple partnerships among freelancers in undertaking a job. Utilizing the Limber Keenly Intellective Contract, clients can engender grouped projects for freelancers to undertake.
Multiple Payment Channel:
Traditional freelance platforms such as Upwork and Fiverr accept only fiat currencies as payment. Blockchain and decentralized platforms likewise mostly operate mono-payments.
UMKA is coming with 15 different payment channels all in cryptocurrencies. You can now receive payment for your job through any cryptocurrency of your cull. If you don’t wish to get payments in crypto, there are options of withdrawing your earnings in fiat currencies. The good news here is that you don’t incur transaction fees for your withdrawals.
Conclusively, UMKA settles disputes between clients and freelancers. It makes utilization of highly-rated users (predicated on their job procurement) in settling these disputes after which it reaches concise decision on which party (client and freelancer) that was at fault.
For every dispute intervened in and well-settled, the utilizer gets 5% cut from the amount cited in the verbalized dispute. Now that is a good way to earn while engendering tranquility on the platform.
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