Blockchain — a huge chance to make our society more equal !
We all witness the 4th Industrial Revolution and the growing importance of Internet of Things, blockchain and ongoing automation as they are currently omnipresent in our media. These new concepts and technologies are hyped, highlighting the many chances and great opportunities stemming from novel business models and new possibilities revolutionising the way we work and do business. With the rise of the blockchain technology, the Internet of Things will evolve to an Internet of Value.
However, it is again the weakest members in our society who do not participate. The first sign of this is the cryptocurrency Bitcoin — currently at a value of around 10k USD, excluding a large part of the world’s society from ever owning a whole Bitcoin and be part of this revolution.
While also fascinated by the possibilities and unique new business opportunities derived from these developments, we from Coins4Favors feel that the discussion is too much focussed on increasing profits for the already profitable industries and value for those already favored. Little to no focus is given on accounting for the implications of these revolutionary technologies on less favored communities whose members do not have the education or economic means to participate and benefit from these developments. We fear that they will be excluded not only from the technology, but from the prosperity it creates.
Even worse, Robotics, blockchain and Internet of Things will make many of the low skilled jobs obsolete, taking away their chances to participate in the economy and earn enough to live a dignified life. Investment in education programs is a honourable effort, however we face a lot of jobs becoming obsolete, e.g. in industry through robotics or in transportation through automatization and not everyone is capable to get higher education to find another higher skilled job.
We realize that nobody can stop this development. Technology will always make its way into industries and society, but we see politicians and governments hesitant or not capable to regulate them for the benefit of the common people. This is why we, the leadership team of Coins4Favors, have thought about ways to use the brillant new technology for the benefit of the weaker and less privileged amongst us. We have come up with a unique opportunity to create a new service market utilising these innovations with a focus on simple jobs which do not require a specific skill or education — giving these people an equal chance to participate in disrupting technologies and creating true value for themselves and their families.
We are envisioning a marketplace that gives people a chance to work completely flexible on small jobs that match their qualification and require little to no upfront investment in assets, tools or qualification. What we establish with the Coins4Favors project is a global decentralised peer-to-peer marketplace for mini-jobs and favors around the world which get compensated with a specifically designed cryptocurrency, the FavorCoin. People can post requests for services in the platform and others who are seeking ways to find a meaningful employment can bid on the jobs. The blockchain technology that drives the Coins4Favors marketplace allows for easy, immediate and barrier free compensation across borders, currencies and timezones. An integrated escrow function reserves the compensation in an escrow till completion of the mini-job, ensuring that the provider will be paid by the requester. Should there be disputes about the completion, independent jurors can arbitrate the situation and earn small commission for that job, too. All details can be found on our website www.coins4favors.com and in our white-paper here or you can simply watch the explanatory video on youtube here.
Coins4Favors is completely decentralised, does not require any bank account, credit card or whatsoever to participate. People can simply setup a profile in the free app and become an instant service provider and start to earn coins for small jobs such as providing local information about a vacation location if they live there, checking things locally (for example if someone finds a used car on the internet but lives 8 hours away, he can hire a local person to go and take first hand pictures, check features, etc.). A rating system replaces attestations of school grades, etc. and serves as the quality control mechanism to give people a chance to assess service providers as well as requesters.
Through this system, we create fair trade: People pay people, without a middlemen profiting from the work of others. We pay what the job is worth — regardless if the provider is in the US or in Cameroon. Everyone is treated equally on the platform and can communicate and deal with everyone in the world, without exchange into weak and high volatile currencies, but all based on a blocklchain-driven utility token (FavorCoin).
The FavorCoin will be listed on global internet based exchanges, allowing people to easily convert the coins back into FIAT currency which can then be used locally regardless of where in the world they are located.
We are confident that apart from creating a way to make a living on their own with their skills for the people who are left behind in the modern technology developments, the participation in the Coins4Favors ecosystem will also reward people by giving them the feeling that they are needed, can contribute and participate in the society by utilising their own unique skills and experience for the benefit of the overall community.
The Coins4Favors Leadership team consists of international experts who support the project because they believe in it. We are all well-settled in our jobs, working in leading positions for international acting companies or NGOs. It is our aim to make the world better by bringing the benefits of the blockchain technology to everyone.
The Coins4Favors Team