Interview with CoinJob Co-founder, Max Oltersdorf
The following is excerpted from and interview between CoinJob President and Co-founder Max Oltersdorf and Jim Reynolds of InvestItIn.
The full interview can be read at: https://www.investitin.com/coinjob/
Coinjob is planning to build a platform where the relationship between employers and workers can be managed with ease and efficiency for the benefit of both. The twist is that the currency paid to the programmers, designers and other workers is going to be a specific cryptocurrency called Jobi. Max Oltersdorf, CEO and founder of Coinjob explains the interesting concepts behind this project.
Why have you decided to build Coinjob?
We recognized that traditional “gig” economy labor marketplaces suffer from deficiencies that can be solved by incorporating elements of the blockchain and our own associated crypto-token. Also, there is currently no easy way to sell labor in the crypto-economy.
How will manage to make it cheaper?
- First, our talent acquisition costs will be lower and our contractors more talented. We plan on getting top technical talent to work on our platform by incentivizing them with Jobi signing bonuses from the company reserve. In this way, our acquisition costs are negligible and we can charge less.
- Second: Have a crypto-token allows for no interchange fees on the platform itself and therefore a lower cost to both parties
- Third: By offering automatic arbitration, this will allow us to avoid having to directly issue refunds and are again able to lower our total cost.
Where will the company be incorporated?
In the United States.
How much of your own funds are you investing in the project?
I don’t want to get into specifics but the founding team has put considerable funds, time, and effort into making this happen. In addition, the founding team is not directly receiving any of the Ether we raise, instead electing to take a percentage of Jobi, so that investors know our incentives are totally aligned with theirs. We only do well as founders if we build a successful platform that rewards our ICO participants.
In addition, the founding team is not directly receiving any of the Ether we raise, instead electing to take a percentage of Jobi, so that investors know our incentives are totally aligned with theirs. We only do well as founders if we build a successful platform that rewards our ICO participants.
How will the coin itself be used?
The Jobi, an Ethereum-based crypto-token will be the main transaction mechanism on the site and will be used to compensate members who participate in arbitration.
Who is the team behind Coinjob?
We have a fantastic team. I am the President of CoinJob and have formerly worked at the White House under President Obama, Goldman Sachs, and other private equity and hedgefunds.
My partner Ryan is CTO, has worked as a senior engineer at Applied Predictive Technologies and is a co-founder of JukeBox, among other positions.
We also have a star advisory team that includes a machine learning expert, who previously conducted Mathematics and CS research at NYU and the CEO of Exceedr, a SF area startup. We feel confident that we’ve put together a team that can execute on our goals.
When will the ICO start and end?
The ICO begins at 00:00 UTC on July 14th, 2017, with presale starting July 13th at 00:00. We have allocated 1/3 of the total offering for presale.
What is the minimum amount needed for the project to go ahead?
The minimum needed to push forward will be the ETH equivalent of $5mUSD
Will the fees be shared with the token holders?
The token holders will not be entitled to a share of the fees. However, the fixed number of Jobis means that, as the platform grows and Jobis become more widely used and in higher demand, the price should rise, thereby rewarding early investors. We want to make sure that anyone who puts their faith in us during the ICO is well rewarded if we are successful and, again, the team at CoinJob is only receiving Jobi from the ICO so we don’t do well unless investors do well.
What are the benefits of contractors?
Distribution of ICO funds
Contractors get quick and efficient payment upon completion of work and higher take-home pay as our platform has lower fees than competitors
Will contractors be able to import their reviews from other platforms?
We are actively working on ways to make this possible and we definitely don’t want people to have to start from scratch.
What are the benefits of those hiring?
Twofold: “employers” can be rest-assured that only top software developer talent is using our platform and that they will be paying lower fees compared to competitors.
How will dispute resolution work?
- When a task is initially given, the amount to be paid in Jobis is deposited in a multi-signature wallet with the task-giver, the worker, and CoinJob as signatories. In order to release those funds, 2/3 of the signatories must sign the wallet.
- If there is a dispute, the material produced, along with the initial job description, will have key information automatically redacted and will be randomly sent out to a number of CoinJob community members, who will vote whether the task was sufficiently completed or not.
- In exchange for their participation, these members will receive a small amount of Jobi as a reward.
- Based on the result of this vote, the third key, controlled by CoinJob, will unlock the funds to be distributed to the worker as payment for their work or back to the task-giver as a refund, therefore completing the automatic arbitration.
What functionality will the system have?
CoinJob Competitive Edge
We plan on starting simply as a labor marketplace where people post jobs and then accept offers to work on those jobs. Down the line, we hope to offer collaborative projects and expand our reach beyond software development and programming applications.
Can employers pay in crypto? Which currencies will be accepted?
We plan on working with major exchanges to offer easy conversations between ETH, BTC and XCJ. Eventually, we hope to build currency exchange directly into the platform to further reduce friction and cost.