Blue Whale - The Decentralized Ecosystem For The Self-employed
Overview of Future Labour Market
It is estimated that many of existing jobs will be lost in near future (estimated at around 5 million job loss by 2020) due to advent of Artificial Intelligence and Automation. This will lead to the further development of the "gig economy".
The World Economic Forum (WEF) has predicted that the jobs of the future will be led by 'gig economy" and it will be worth about US $ 1.3 trillion by 2025. Now what is this 'gig economy'?
'Gig Economy' is basically a sharing (labour) economy or 'Uberisation of Labour Market'. In a gig economy, employers will tend to hire freelancers and independent contractors, instead of full time employees. However, there are three primary problems affecting one side of the gig economy i.e. freelancers, contractors and small & medium business owners: -
- High Commission Fees
- Expensive Marketing and Advertising Costs
- Lack of Security (Social Security and Retiral Benefits, Insurance Benefits, Paid Leaves and Unemployment Benefits
The WORK system of smart contracts unveiled by "Blue Whale Foundation" aims to solve these problems using the blockchain technology. It is the only solution designed not only to solve the existing legal and financial challenges within the gig economy, but also to decentralize the concentration of power currently wielded by few tech giants.
Blue Whale' WORK System
As illustrated above, the Blue Whale's WORK (Worker Optimized Reward Keeper) system consists of 3 primary components: -
1. Contribution Activity Manager (CAM)
The CAM system is being designed to reward contributors for their efforts on the WORK platform. The contributors will be rewarded for connecting to the Advertising Network, resolving disputes through Arbitration and building trust with the Verification system.
1.1 Advertising Network: - The 'Advertising Network' is a decentralized marketing and promotional platform unveiled by Blue Whale Foundation. This network is established when service providers install the Booking Ad Widget and the Ad Widget. The Booking Ad Widget is a component of the Booking Software is used to provide advertisement window i.e. digital real estate for other providers to run their marketing and promotional campaigns.
1.2 Arbitration: - It is a Council of juries selected from clients and service providers (e.g. freelancers) who meet the prerequisite AdNet Score threshold.
1.3 Verification: - It's a system where users will review the work done by service providers (e.g. freelancers) for authenticity.
There are 3 payout packages through which contributors can draw their accrued rewards for their contributions and efforts on the WORK platform: -
A. Immediate payout
B. Event based payout: - Contributors meeting the necessary threshold pay and working period can earn rewards during their time off as a form of vacation or unemployment benefit
C. Long term pension (please refer the below reward table for pension system)
2. Decentralized Associated Network (DAN)
The DAN is created by installing SaaS tools like Booking and CRM on websites and social media accounts, thereby converting each such website and social media account into a node in the network. The DAN collects user data from online traffic and builds a decentralized 'Advertising Network' which will act as a main source of business for the Blue Whale Network.
3. Reward Bank (ReBa)
The ReBa acts as a depository for receiving and distributing reward tokens [i.e. Blue Whale eXchange (BWX)] to contributors.
[Note:- 20% of BWX tokens allotted during Blue Whale's initial ICO will be kept in the ReBa.
Transaction Generation
Further, the two key activities which will generate a transaction on the Blue Whale system are 'Promoting Work' and 'Validating Work'.
1. Promoting Work: - This activity creates incentives for Ad Referrals which results in payment made to service providers. This activity will be managed by smart contracts.
2. Validating Work: - This is an activity where either freelancers or service providers' validate the work of other freelancers. The Blue Whale Network will maintain a list of verifiers who will help in validating other's work. The validators (verifiers) will be rewarded for performing this activity. Even this activity will be managed by smart contracts.
Decentralized Autonomous Organization (DAO)
The main governance structure in the Blue Whale Network is the Decentralized Autonomous Organization (DAO). Each jurisdiction can have its own governance structure, however, for issues which can affect the entire participants of the Blue Whale Network, it can use the Blue Whale Foundation’s (BWF) voting system to participate in the BWF’ governance. With DAO, the BWF’ participants can handle a stable platform and maintain liquidity (currency market) by designing and accordingly adjust policies related to operating costs, referral fees, Rewards Bank’ (ReBa) savings rate, structuring of incentive / reward payments, issuance of new tokens etc.
Decentralized Ad Network
Users on different sharing platforms will be allowed to participate within the Blue Whales' Advertising Network through placing ads and providing marketing channels and window (i.e. digital real estate) for other advertisers. When the ad gets converted into a sale, commissions will be earned by both the window provider and the Blue Whale Network.
BWX Tokens
The Blue Whale team will follow 36 months vesting schedule. Six months after the end of the public sale, the Blue Whale team will receive 1/6th portion of their allocation. Subsequently for every month, the team will receive 1/36th of their allocation till the 3 year vesting period is finished.
*Website: https://www.bluewhale.foundation/
*Whitepaper: https://www.bluewhale.foundation/assets/Bluewhale_White_Paper_ENG_V.pdf
*Join The Telegram Channel: https://t.me/bluewhalefdn
*Follow on Twitter:- https://twitter.com/BlueWhaleFdn
*Join on Facebook:- https://www.facebook.com/bluewhalefoundation/
*Follow on Medium:- https://medium.com/blue-whale-foundation
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Published by 'Sameer S'
BTalk Profile URL:- https://bitcointalk.org/index.php?action=profile;u=1978491
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Disclaimer:- Nothing written in this article should be considered as legal or investment advice. Kindly conduct your due diligence before making your decision.