Ever needed a small favor somewhere remote and wished you knew someone there ?
Ever needed something from a remote place and wished you knew someone who could bring it for you ?
Our world has become a global and a digital one at the same time. We are used to ordering goods and services online via smartphone, tablet or computers for almost anything and in almost any situation. Uber, Airbnb, Amazon and Alibaba have made it easy to order goods and services and revolutionized the industry, changing the way we do shopping and service ordering.
However, not everything is available via these platforms yet. Especially smaller jobs and favors which do not cost a lot of money and don’t allow a middle man concept due to lack of standardization and low acceptable overhead costs are not readily available via internet platforms.
Coins4Favors is leveraging the peer-to-peer concept of Uber where everyone can be a user and a provider at the same time to the field of small favors and mini-jobs. We allow compensation with FavorCoins, our own ERC20 based token that runs on the ethereum blockchain. The advantage is clear, everyone can accept these Coins as compensation without a need to have a bank account or be able to charge credit cards, etc. Compensation works across countries and currencies and almost in real time.
The escrow function which the Coins4Favors smart contracts include also address another key issue for the peer-to-peer market. Imagine you want someone to reserve a parking lot for you in the city at a certain date and time. While the payment itself could be done upon arrival in cash, the provider (maybe a young student) has no way to be sure that you will arrive and actually pay. The blockchain technology that powers Coins4Favors will address this issue as follows:
- upon requesting a favor, the amount of FavorCoins offered will automatically be reserved in an escrow, making it impossible to withdraw them once a deal has been accepted by both parties.
- once the favor is done the FavorCoins can only be released to the favor provider
- any disputes over the provided service will be resolved by majority vote of independent jurors
An integrated rating system will help assess quality and trustworthiness of both parties prior to accepting a deal.
Our Coins4Favors App allows to post favor requests, find possible providers in the are where the favor is needed via GPS location aware filters and help with communication and negotiation during the pre-deal phase.
Thanks for being part of the Coins4Favor ICO.