UMKA: THE DECENTRALISED LABOUR MARKET

lollyk (35)in #ico • 6 years ago (edited)

INTRODUCTION

The decentralized blockchain technology is giving a facelift to almost every sector of all human activities. This is possible with the advancement of science and technology to new frontiers. This development has also extended to the labour market with UMKA platform at the helm of blockchain affairs. UMKA provides a comfortable space that accommodates employers and contractors while at the same time field an array of useful tools to bring an unprecedented experience to all members. UMKA aims to build expert communities and provide them with the best environment for work, education and personal development.

PROBLEM STATEMENT

Most the of existing platform support only p2p interaction which limits freelancers live communication. Also there is no timely payment which indirectly affects performance. While most of the platforms support only p2p format, the few ones that support freelancing charge a high commission fees.

A number of the decentralized solutions to this problem are based on the slow Ethereum blockchain which is also expensive. They as well make use of single cryptocurrency limiting transactions. When using the traditional smart contract for secure deals, it is impossible to break payment which increases the risks.

Freelancers are poorly integrated into the professional community thereby exposing them to inadequate information. Another is the problem of language barrier due to diverse groups and languages.

UMKA SOLUTIONS

UMKA provides a platform where employers can create project groups for freelancers working on a single task. There is a safe deal operated by Agile smart contract to process payment according to stages agreed by all participating parties. In this model, if one party fails , the other party does not incur financial loss.

The commission fee for UMKA platform is only 1 percent per transactions. A new generation EOS blockchain with fast and free smart contracts will be used to remove speed problem and cost. The platform allows transactions in 15 cryptocurrencies and fiat to enable a smooth transaction without any charge. Agile smart contract built by UMKA will help to break transactions into units.

UMKA chat has Google neural machine translation built into it to enable smooth communication between users of different languages. All these make it easy for freelancers to communicate with one another professionally.

UMKA ARCHITECTURE

UMKA operates with proof of stake consensus algorithm and the delegated proof of stake to carry out tasks. It has a software implemented with a smart contract written with the c++ programming language. Instead of miners who has to be paid for their work when users make transactions, there are witnesses selected by the network to validate transactions and smart contracts. Agile Smart Contract is used to ensure an efficient and smooth running platform.

TOKEN INFORMATION

The token of the platform is UMK. It is an ERC20, token issued on the Ethereum blockchain. UMK is a security and an investition token. It gives its owners the right to pursue their investment interests. A total of 180 million tokens will be issued.