Ethearnal ICO Review: The Decentralized Freelance Network

What is Ethearnal?

Ethearnal is a P2P application where freelancers and employers interact with each other. It’s run by smart contracts where each of the user’s reputation is moderated through its decentralized system. It rewards cooperation via giving reputation value and tokenizing it.

Because of this, both sides have an incentive to work together since both of them have their value at stake. And they have something to gain if they make the desired outcome.

Ethearnal works by having freelancers post listings of their services and uses a web client to place them on a network. This is different than traditional freelance sites because there are no servers required. The web client doesn’t have to remain permanently online since the offer is accessible and stored in the cloud.

What Issues Are Present?

ethearnal reviewThe freelance market is a global industry that has gained over $1 trillion in the past year. About 35% of the workers in the US use freelancing as a way to obtain money without the issues of commuting daily to a job.

While the freelance industry has gained a lot of revenue, there are still some issues that it needs to tackle. For instance, disputes often occur between clients and the freelancers (i.e., complicated design projects).

  • There are limited ways to receive funding. This can be detrimental in some developing economies.
  • Disputes aren’t objective because they are only solved through one entity.
  • Your funds aren’t released immediately by current freelancing platforms.
  • 10% – 30% of the job’s value goes to the job immediary.

Ethearnal’s Solution Overview

Here is a list explaining Ethearnal’s solution to the problem that’s currently faced within the freelancing industry.

  1. The employer uses a smart contract that has a predetermined value on it.
  2. There is a pre-agreement where both employer and freelancer stakes reputation tokens on each side. Both sides must stake the same amount of tokens so that it remains balanced and both parties know what they are staking during the process.
  3. The timeframe that’s determined so that if both parties don’t follow through, each of their reputation tokens is self-released back to them. This stops the funds from becoming completely locked.

Token Sale Information

Disclaimer: This post is for educational reasons only. Invest in your own risk and speak to an adviser before doing so.

Positives
  • Affordable: Ethearnal has the lowest rates in the world with 0-1% fee per transaction. This gives the developers zero profit as a result.
  • Trustless: Each of the agreements are made in Ethereum smart contracts where everything must be adhered to.
  • Decentralized Moderation: Ethearnal has a large pool of moderators that are incentivized to act honestly.

Negatives
  • Limited Whitepaper: Users were not fond of its Whitepaper because it showed no form of financial explanation.
  • Questioned Legality: While it’s accessible in Hong Kong, we don’t know if this ICO will be accepted in countries in Europe or the US.

Ethearnal
3.7

Summary

Mainly, Ethearnal is a good ICO that plans to disrupt the freelance industry. However, we’ll have to see how it expands itself as a platform and a network before we see any noticeable differences. Still, it has a great idea, and we can’t wait to see how it will unfold in the years to come.

mm

Adam Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

We will be happy to hear your thoughts

Leave a reply