Reinventing the Gig Economy with Serve

Just a few years after the internet came around, it became a common place for people to seek freelancers and providers of certain goods and services. This was the birth of the world’s largest gig economy. Since, it was based on a globally accessible platform (internet), it has lived up to expectations.

Service providers have earned a fortune from providing value while individuals and companies who use these services leverage their experience to grow their business into multi-million dollar firms.

Current Flaws in the Gig Economy

At the heart of the gig industry, third-party platforms serve as intermediaries and charge exorbitant fees, between 5–20 percent, to connect freelancers to employers. These platforms are also responsible for how the connections are made while placing very stringent rules on users.

As if that problem alone is not enough, those who go on these platforms to hire services are often required to pay 100% upfront even though there is no guarantee that the freelancer or service provider they hire will deliver a quality job. This flaw has enriched freelancers since they can get paid for giving an output that is less than what was paid for.

As for freelancers, they can lose their funds on the third-party platform at any time. Whether if it’s for violating a rule or for the platform going down, this poses a problem to freelancers who rely on this source of income.

Reinventing the gig economy with innovative approaches

The era of blockchain and decentralization has made it possible for Serve to develop a first of its kind solution that will solve the present problems facing the gig economy. Beyond salvaging the current situation, Serve’s platform has been properly tested and passed fit to be the future of the industry.

How will Serve achieve this?

First, the Serve platform removes the middleman whose role is usually unnecessary and brings little to no value to a transaction. In his place, Serve’s blockchain-based ecosystem will facilitate the connection between the two parties free of charge.

Next, Serve will use its escrow service to ensure that the parties agree to the purchase and delivery terms before the deal is sealed. This removes the risk of freelancers providing a job that is below the purchase value while ensuring that employers fulfill their part of the agreement.

What may be considered the most innovative aspect of Serve’s solution is the “dual staking system.” Freelancers will put Serve Tokens upfront to show the client that they have “skin in the game” and will do their best to meet the project demands.

In the case of a disputed transaction, Serve has implemented a system that will allow a “verified arbitrator” to decide which party will prevail by reviewing the project details. In the end, the whole process is highly transparent and will foster the growth of the network.

Conclusively, Serve’s solution meets the need of everyone in the gig economy by first ensuring that freelancers get paid the full value for the services they deliver. Also, individuals and firms who employ these services can trust that their expectations are met by the service provider.

Given that Serve’s solution finds applications across many industries, one will not be wrong to believe that the Serve revolution is underway.

If you would like to learn more about Serve, please review our whitepaper here!