Maester coin: The holy grail of blockchain based digital consulting
The global on-demand economy has disrupted industries like ride-hailing and food delivery. However, a need-gap analysis clearly implies that the $250bn consulting industry should be next in line to become a part of the fast-growing on-demand economy.
There is tremendous ambiguity when it comes to users looking for consulting options over the internet. Maester protocol provides a unique solution by introducing a blockchain based on-demand digital consulting protocol. This aims to bring consultancy seekers and professionals all under the same roof and offers a seamless digital consulting experience to both. Users get connected to relevant consultants and professionals get a chance to showcase and monetize their skills.
In our previous article, we discussed the differentiating factors that separate Maester Protocol’s blockchain based consulting solution, from the rest of the solution providers. In this article, we shall discuss Maester coins (MAP) which serve as the transactional tokens for this protocol.
Maester coin (MAP) is an Ethereum based ERC223 token and is the only method of payment through which transactions are made on the Maester Protocol platform. As soon as a call is initiated between a user and the consultant, the user’s wallet is frozen, ensuring that the Master coins cannot be used elsewhere. Payments are made automatically from the user’s wallet to the consultant basis the consultation time. The entire process is executed through a smart contract on the blockchain. Using the smart contract, allows Maester protocol to have a dispute-free transaction while giving the user the flexibility to talk for any period of time.
One would think that an escrow account using fiat currency may also solve the purpose but its limiting in the following ways –
- An escrow or pre-authorisation will need to the user to allocate some funds before the call starts which means the user cannot extend the call beyond the amount already transferred to the escrow.
- If the call ends earlier, the platform needs to refund the user which is another financial transaction and will have a cost to the platform
- Since Maester Protocol allows the user to “Try and Buy”, if the user disconnects the call within the first minute, there is no financial transaction that happens at all thus ensuring zero cost both to the user and to the platform.
- Freezing the wallet of the user ensures he is unable to use his wallet funds elsewhere thus removing any credit risk for the professional. The professional can be certain that he will be paid for his consultation post the call.
Further, using Maester coin tokens as the only payment option will simplify certain issues related to transactions between the users and professionals:
- MAPs will be abundantly available on various crypto exchanges and the users of this service will not have to depend on the availability of other altcoins.
- The users of this service will not be a subject to market risks involving volatility of other altcoins.
- A single currency across the platform ensures that there is no mismatch in the coin preference of the user and the professional.
The total token supply of MAP is 1000 million, out of which 300 million is reserved for a three-stage ICO: private sale, presale and crowd sale. Users willing to buy MAPs with exclusive benefits can do so during our private sale and presale. Since, MAP is the only token circulating on the Maester Protocol network, the value generated in the platform adds to the value of the coin.
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Originally published at blog.maesterprotocol.com.