UMKA: PROVIDING A BLOCKCHAIN PLATFORM THAT GUARANTEES TIMELY PAYMENT AND PROPER WORK PERFORMANCE OF FREELANCERS LABOUR MARKET
Hello esteemed reader, it is great to have on again on my article on ICO projects. Today we shall be looking at an ICO project called “UMKA”. I had to spend days carrying our lots of research about UMKA an existing company currently registered in Synchelles. The company is set to revolutionize the labour market through blockchain technology. It is the first decentralized labour market on blockchain. Especially with the growing trend of freelancers in the labour market, there is need to protect both parties and maintain a sustainable labour market as trend changes.
The Labour market and Current challenges
The labour market is a platform for employers to meet and interact with workers who are able and ready to work. The Labour market is growing exponentially because of large turnover of skilled personnel and graduates and no new establishment of companies to absorb these workers. This has contributed to high unemployment rate all over the world. In a bid to cut down on the pressure in the labour market many governments all over the world are encouraging the training of workers with entrepreneurship skills so they can create jobs without having to cue long in the labour market for survival and greener pastures.
Some creative tech enthusiast created platforms where people can work from the comfort of their home without being full staff of any company. These set of workers are called freelancers and their numbers are growing rapidly every year. In US currently more than 20% of their workforce are comprised of freelancers. Platforms like PeoplePerhour, Fiverr, Freelance, Upwork had supported freelancers to get jobs online and get paid while working from the comfort of their homes.
Both freelancers and non-freelancers labour market have their challenges which may be general or specific to their market and few of them are heighted below
Challenges encountered in Freelancing labour market
Non-prompt payment of completed payment. Some freelancing platforms give 15days notice to withdrawal of earned funds to the account of the freelancer this can be frustrating at times for the freelancers.
Poor job delivery is becoming a serious issue on most freelancing platforms. There have been complaints by companies of poor quality jobs by freelancers.
Challenges encountered in Non-Freelancing labour market
Owing or delay of payment. Some organizations or government do make workers payment late. It might not be deliberate because most payments are done through banks and may take some time to clear the payment voucher.
Poor performance are being recorded especially when there is low motivation and incentives for the work. Non-compliance to work agreement can encourage low performance on the part of workers.
UMKA SOLUTION ON BLOCKCHAIN
UMKA decentralized blockchain is designed to protect accommodate transaction on the blockchain using a smart contract. Smart Contract is a digital contract that is created when two parties initiate an exchange of service. It ensures transparency in transaction, it is an Ethereum based financial application. The original smart contract developed on Ethereum network set out he rules for a transaction when a company seeks for the service of freelancer. The company deposits token on the Ethereum blockchain while the freelancer performs the task. When the project is completed and uploaded on the blockchain after confirmation by both parties then the token is transferred to the freelancer. The token acts a value on the blockchain network for transactions between both parties. In the event of any party not meeting up with the smart contract conditions the no payout is made and this helps to save financial loss for any party responsible for the payment. The smart contract condition is made public to ensure transparency on the blockchain network.
The traditional Ethereum based smart contract was modified by UMKA and termed AgileSC i.e. Agile Smart Contract. The model breaks down payment into milestone based part of the project completed. The key parameters on this model time, work and budget. So the agile smart contract allows both parties involved to amend the conditions which must be consented by both parties. Since it is breaking down project work and payments into bits some data such as work schedule, budget and specification must be provided by the company. A contract is binding when both parties sign with their private keys on the blockchain. The transaction amount is put on hold in the employer’s account until projects begin. When the terms and conditions are set out and agreed upon then it is transferred to the agile smart contract on the blockchain .As the freelancers complete the project phases and gets approval the tokens are transferred to the wallet. When a project phase completed the employer clicks approve automatically the token previously transferred to the smart contract is moved to the freelancer's wallet instantly. This ensures that the freelancer is not cheated or employer suffer financial loss in the case where the freelancer doesn’t meet up with the project phase deadline. The Agile Smart Contract model is designed to encourage prompt payment as we have seen from the explanation. This break down of project into phases improves work performance on the part of the freelancer and the completed project is void of mistakes and flaws as it assessed at every phase which are interlinked to other phases.
How does Agile Smart Contract Transaction Work?
The parties use peer-to-peer chat to discuss on the terms and conditions of the contract. Upon finalizing the terms and conditions they can then click on the handshake button which confirms acceptance to the contract agreement and it becomes binding.
The next phase is negotiating of the contract parameters which includes time, phases and budget. If two milestones is required then the budget split into two to reflect the worth of each phase. Like the time duration is negotiated too.
A safe Agile smart contract transaction is generated upon approval by both parties and the employer transfers the budgeted amount in cryptocurrency to the Agile Smart Contract.
When the freelancers completes a phase as agreed on the duration, the project is submitted to the employer who reviews the work according their agreement on the terms and conditions. If meeting the contract terms and condition clicks on the approve button. Automatically the equivalent cryptocurrency value or token is transferred from the Agile Smart Contract to the freelancer’s wallet on the blockchain. When the final phase is completed, the remaining part is transferred to freelancer from Agile Smart contract.
ABOUT UMKA TOKEN AND ITS SALE
Every blockchain project is powered by a token is a measure of value on the blockchain platform. The token issued by UMKA is called “UMK”. It is security token which allows users to trade the token at cryptocurrency market and also share in the profit of the token. In order to fund this ICO project UMKA is issuing a total of 180,000,000 tokens which will be sold at USD$0.10 per token. It sets a softcap for the ICO project at USD$1 000 000 which has been reached and a hardcap of USD$10 000 000.Tokens can be bought using Ethereum or Bitcoin and current sale will end on 29th July 2018 which will be followed by another stage on 1st August 2018.
It is a promising project having reached their softcap before end of token sale shows how much value other investors see in the ICO project. There is huge market opportunities for Freelancing platforms with projection of over 50% of US labour force migrating to freelancing. I hope you make your input by investing on this great project with prospects.
To learn more about UMKA Project and their token sale, visit the links below.
Website: https://umka.city/
WhitePaper: https://drive.google.com/file/d/1IalOIO0euDT_x9HLam6h5hGvT2gsVRqj/view
Bitcointalk ANN: https://bitcointalk.org/index.php?topic=3382203.0
Twitter: https://twitter.com/umka_freelance
Facebook: https://www.facebook.com/freelance.umka/
Instagram: https://www.instagram.com/umka_freelance/
Telegram: https://t.me/umka2018
Medium: https://medium.com/@umka_
LinkedIn: https://www.linkedin.com/company/umka/
CONTENT AUTHOR DETAILS
Bitcointalk Username: Finixfly
Bitcointalk Profile Url: https://bitcointalk.org/index.php?action=profile;u=2141081