bitJob’s final Q&A session with the founders

STU Token — bitJob Marketplace

Hello Everyone!
Elad is here again. Here are some more answers for your questions:

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Our Twitter channel: https://twitter.com/BitJob_Team

What is the meaning behind the name bitJob?

The name “bitJob” is based on the word “bit” which means “small / tiny / smallest portion in computer science”. We encourage employers and students to publish short term jobs, which might be referred to as “micro jobs”. In addition, the word “bit” is of course in reference to the “Bitcoin” community and other “bit” associations of the Blockchain environment.

Why is bitJob better than any other projects?

bitJob will create new revenue models for the traditional HR industry by creating “win — win” scenarios. It will increase revenues for bitJob and yield for its’ contributors. We are catering to a segment that is hungry for a solution now with hundreds of millions of potential users.

Which blockchain network is bitJob based on?

The bitJob Token, STU, also known as “Student token” is being developed on the Ethereum blockchain. At this stage of the company, we are focusing mainly on the Ethereum blockchain for our tokens. As a side note, we will have a 3rd party security audit of all smart contracts in the system for your and our peace of mind.

What will guarantee that STU value will stay stable relative to fiat, in the case of a massive short-sale attack by speculators?

To stop a possible short-sale attack by speculators, STU tokens will always be refundable at a rate slightly below the issuance fee. That will remove any motivation for short-sale attacks.

What is the total number of STU tokens?

The total number of STU tokens is 200 million, we’ve set this cap so all our contributors will know exactly how much STU tokens will ever be produced.

What are the plans to secure the ICO Accounts on bitJob? Passphrase? 2FA?

We have 2 Factor Authentication with Google Authenticator and require complex passwords.

What social networks do you use? Where can I find official links to your social accounts?

All official links are provided on our website. Please only use those links to connect to us as there have been a few instances of people misrepresenting themselves as us.

Who will pay the fee for the use of the platform? The employer or the student?

The platform is entirely free for students. bitJob will collect fees and commissions from the SMB / SME who will use the platform services.

Who can join the bitJob platform and get paid for their work?

Any Student or employer can use the bitJob platform to promote, connect and get things done in the most efficient and professional way. In the future we will encourage professionals to register in order to increase the quality of delivery by the whole marketplace.

Who is actually programming the smart contracts and wallets?

The smart contract architecture is done by Token Market, Ethereum wallet integration by bitJob core developers, and other parts of the software by in-house developers.

Why not just use Bitcoin/Ether (or any other existing crypto) to achieve the same functionality as STU tokens?

Bitcoin is extremely good at transferring one kind of value. However, Bitcoin’s wider adoption in commerce has been negatively impacted by its volatility. This is one of the major factors that has put off e-commerce merchants, brick-and-mortar stores, and the general public. So, Bitcoin is very good for value storage like virtual gold, but not for everyday transactions.
Ethereum smart contracts hold incredible potential for everyone’s future. At the same time, its main purpose for now is the creation of ERC20 tokens and raising money.
In order to execute our bitJob Affiliate Plan for the student unions and HR firms, we need to be able to offer compensation for everyone, because that’s how “win-win” scenarios work. Giving students hands-on experience using STU tokens will build trust in our wonderful technology, allowing it to grow and driving its evolution towards mainstream markets.

How long will the bitJob platform transactions take to process?

A bitJob transaction is instantly broadcast on the Ethereum Blockchain network and takes approximately 12 seconds to propagate to 50% of the network. Which means the receiver will see the transaction almost immediately. As for now, the bitJob pilot takes approximately 40 seconds for one confirmation.

What are the benefits of accepting STU tokens as compensation on your platform?

You will be able actually spend them! bitJob is already collaborating with CRYPTO ATMs that will be implemented on every student union affiliate location. In addition, students could use STU to buy things from local businesses around the campus, such as coffee, study materials or getting a cool haircut!

Who can accept STU tokens?

Anyone can accept or use STU tokens. Just like e-mail, regardless of where you are in the world, you will have access to the bitJob Network and the ability to send and receive STU tokens.

Can I convert STU tokens to cash or FIAT money?

Of course. Just like trading USD to CAD to EUR to YEN you can convert your STU tokens to the fiat currency of your choice. Our vision is to get as many exchanges as possible to allow you to convert your STU tokens to Bitcoin and Fiat.

How Should I pay my taxes after using the bitJob Marketplace?

It’s up to individuals or businesses to pay their income and/or sales taxes as they would in any other situation.

ICO schedule for September 12th

How secure is it to use STU tokens and the bitJob marketplace?

bitJob is extremely secure. The Ethereum blockchain is backed by the crème de la crème of community leaders, with state of the art encryption, which provides each transaction with the highest possible level of security.

Can I be anonymous on the bitJob marketplace?

bitJob is based on a reputation model, which means that if the user chooses to stay anonymous, he/she most likely won’t get chosen by an employer. SMB / SME seek out the highest rated students to perform and deliver their microJobs. You can also share your identity with others on the platform for enhancing reputation, for better security, for accounting purposes, audit purposes and more.

Will bitJob’s users have to pay transactions fees?

bitJob’s high cryptographic security allows it to process transactions in a very efficient and inexpensive way. You can make and receive payments using STU tokens or FIAT money, with a very minimal transaction fee. In most cases, fees are not strictly required for transactions between students but they are recommended for faster confirmation of your transactions.

Will bitJob protect its users from fraud?

Any business that accepts credit cards or PayPal is familiar with the problem of reversed payments. Chargeback frauds result in limited market reach and increased prices, which in turn penalizes customers. STU token payments are irreversible and secure, meaning that the cost of fraud is no longer pushed onto the merchants.

How fast will the International payments be between students and employers from different places on the globe?

STU tokens can be transferred from Africa to Canada in 10 minutes. In fact, STU tokens never have any real physical location, so it is possible to transfer any amount anywhere with no limits, delays, or excessive fees. There are no intermediate banks which often take three to five business days.

No PCI compliance Required

Accepting credit cards online typically requires extensive security checks in order to comply with the PCI standard. STU tokens still require you to secure your wallet and your payment requests. However, you do not carry the costs and responsibilities that come with processing sensitive information from your customers like credit card numbers.

How can bitJob help my small business GET SOME FREE VISIBILITY?

bitJob is an emerging marketplace for employers who are searching for ways to spend their STU tokens on quality and professional short-term work. If you are not able to post any job proposal for students, as a business that serves students around campuses, you can still be bitJob’s collaborator.

Accepting STU tokens is a good way to get new student customers and give your business additional visibility. Accepting a new payment method has often shown to be a lucrative practice for online businesses.

bitJob’s MULTI-SIGNATURE

bitJob also includes a multi-signature feature which allows STU tokens to be spent only if a subset of a group of people authorize the transaction. This can be used by a board of directors to prevent unapproved expenditures, as well as track which members approved each payment.

How transparent is bitJob’s accounting?

Many organizations are required to produce accounting documents about their activity. Using STU tokens allows you to offer the highest level of transparency since you can provide information your members can use to verify your balances and transactions. Non-profit organizations can also allow the public to see how much they receive in donations.

__________________________

I’m here for you!

Thanks for your time,

Elad Kofman
Co-founder & CMO @ bitJob

Join the movement!

Stay tuned and follow us! https://bitjob.io/
Our Slack channel: https://bitjob-slack-invite.herokuapp.com/
Our Telegram channel: https://t.me/bitjob
Our Twitter channel: https://twitter.com/BitJob_Team