Blue Whale ICO: A platform for freelancers

chamika (48)in #blockchain • 6 years ago (edited)

Introduction

Most of the time small business owners or freelancers should wait for the approval of larger cooperation to continue their business deals. This has become a big problem in this business world. These monopolistic behaviors of these larger cooperations are trying to suppress small and individual businesses. The situation discussed here is quite a different. These small and individual businesses are not employees of this big cooperation. They are only “independent contractors”.

There are 3 major problems of these contractors

1. High commission fee

2. Insufficient financial security

3. Cost of advertising

High commission rate

There are high commission rates between 20% to 50% for each transaction. Sometimes There advertised commission fee is 25% but the real charge is around 42%.

Insufficient financial security

Independent workers do not have any employment benefits. They can not afford to lose work time due to emergencies like health problems, family emergencies and etc. Blue whale aims to change all these aspects which affect freelancers.

Expensive marketing and advertising costs

Small or individual business owners had to stick with these centralized platforms because they gather information. There job to collect a lot of information in one place. That somehow reduce customers time and money.

The problem is the advertising cost is so much higher in advertising platforms like google and facebook.

Average small business owner spent $100,000 to $120,000 per year only for online advertisements.

Whale Foundation is a company that's aiming to change the line of the GIG economy works, as they wish to build a system that's decentralized and provides self-employed and freelancers people the ability to get exact advantages when they make participation to the network. Blue Whale platform wishes to be of help both the small business people and the self-employed community. Payments will be made quickly and with almost ZERO charges. There're also a few truly investing features as part of the ecosystem, such as pensions of retired people and paid time off what for the nearly all part are things that just people working as salaried staffs will receive.

Blue whale foundation’s aim is to answer this entire question. They have 3 major solutions

1. Contribute activate manager (CAM)

2. Reward bank (ReBa)

3. Decentralized associated network (DAN)

This 3 component altogether consider as Blue whale’s WORK (Worker Optimized Reward Keeper) system

Contribute activate manager (CAM)

In this component, they keep records of people who help to drive traffic in the system to freelances and small businesses. The process makes an alternative for high price advertising platforms and makes a chance to become everyone an advertiser.

Reward bank (ReBa)

Reward ban receives Blue Whale eXchange (BWX) coins and they distribute those among CAM contributors as a payout. This transaction automatically becomes transparent and trustworthy due to blockchain technology.

Decentralized associated network (DAN)

In this network Blue whale provides

• Booking software

• Customer Relationship Management tools (CRM)

• Advertising solution

These tools help individuals and small business to reduce their advertising cost. This network will gather consumer data via data mining and other methods. Then they can use these valuable data to do statistical analysis and distribute those results, unlike Google and Facebook.

WORK (Worker Optimized Reward Keeper)

WORK ensures all the participants in the Blue whale sharing platform will benefit through blockchain technology.

Generally, it is difficult to build a trustworthy system, but with blockchain technology, this has become an easier task. Blue whale’s plant to build multi-node blockchain network and this can track all BWX transactions in reward bank. This involves few steps

1. New transaction occurs

2. The exchange happens either automatically or confirmation by freelancer/ service provider

3. Verify by the verifier in the pool

4. The transaction will be a success

5. Account updated

Transactions can happen through two processors

1. Promoting work – ad payment involves in this situation. For the transparency of the transaction, there will be a smart contract

2. Validating work – validation work of freelancer by either service provider or other freelancer. The smart contract will be used in this validation process too.

Federal architecture on the blockchain

Each node in Blue whale’s ecosystem is called a province. These provinces have their own type of governance. These provinces can exchange wealth and ideas among each other. Also, provinces can issue their own coin which compatible with BWX coins.