The chief takeaways from the rise of the internet were connectivity and globalization. While increased connectivity made the world a smaller place, it was globalization that paved the way for unprecedented collaboration. Sadly, the internet was only able to facilitate communication between the collaborators; it did not address the concerns of accountable collaboration.
This is the heart of what Enkidu does. It helps develop Trustless Teamwork between multiple remote collaborators. It is called Trustless because it eliminates the need for global “Trust” middlemen facilitating collaboration between team members. A bank that facilitates money transfer from A to B is a Trust middleman. The global arena is replete with a plethora of such Trust middlemen. While a single middleman is helpful, it is the presence of multiple middlemen that are the problem. Since each middleman takes a fee, the multiplicity of middlemen means that these fees add up to a significant number that becomes unbearable for smaller teams.
Another pain point for small teams comprised of collaborators from diverse locations is the overlapping and conflicting nature of legislation and laws governing the domain. Historically, such teams have relied on MoUs and agreements made in good faith. MoUs are easier to implement and help bypass expensive legal fees, but they are not legally enforceable. The same problems also make agreements made in good faith a discomforting option.
In a traditional setup, you can reach out to freelancers or web development service providers to help you build your website. The problem with this approach is that you are pretty much at the mercy of trust. You must trust the freelance website designers that they will be able to crystallize your vision on the web. You must trust the outsourced marketing/SEO experts that they know what they are doing. You must trust the e-commerce solution provider that it is giving you the most value for your money. The list goes on and on and increases exponentially as your business scales up.
The freelancers and the contractors have multiple problems in the current scenario too. They are also at the mercy of the project owner who may not adhere to his/her end of the bargain. It has also been felt by the freelancing community that sometimes their clients deliberately ask for revisions, just to avoid paying for the job done. The problems of the freelancer and the contractor communities can again be traced back to the “Trust” system. They must trust the client. They must trust the banking system that the transaction charges charged to them are justified.
Enkidu, with its Blockchain based solution, rectifies all these pain points by overhauling the entire structure of collaborative teamwork. To put things in perspective, what Enkidu does for small startups, can be best explained by means of an example.
Suppose you want to set up an e-commerce website but do not know much about the technical aspects of setting up an online business. Basically, you’ve got the idea but not how to bring it to fruition.
Enkidu was built with collaboration embedded deep within its psyche. It not only accepts collaboration but, also encourages it. Enkidu achieved this feat by creating a customized ERC20 token — ENK, to overcome the issues of arbitrary exchange rates dictated by the banks and their payment gateways.
With Enkidu, you’re no longer at the mercy of trust. With Enkidu, you buy ENK tokens and allocate them to the contributors on a proportional basis. The ENK tokens being ERC20 compliant and use the Ethereum Blockchain. This means that smart contracts control all transactions. This is called Trustless Teamwork.
With Trustless Teamwork, the need for manual payment transmission and the need for hiring a legal team is eliminated. The revenue share table is replicated on the payment gateway. This eliminates the tedious task of manual accounting and human-driven revenue sharing.
To protect the collaborators’ efforts and time investment, a time-locked smart contract vesting system is used. This means that the payment for the services already provided gets transferred as the milestones mentioned in the smart contracts are achieved. So, collaborators are assured of the fair share of their time investment into the project while the owner is assured of timely delivery of the promised services.
A time-locked smart contract vesting system is a type of smart contract that releases the tokens to the collaborator even after after their departure. For example, let’s say a collaborator named Adam joins a project for six months, for a share of 30%. This period of six months is Adam’s vesting period. This means that he will be entitled to 30% of every sale made on the payment gateway. If Adam decides to leave, or is removed after 3 months, the smart contract will ensure that Adam continues to receive 15% of every sale post his departure.
The total cap of the project will still reflect that Adam holds 15% and ensure his voting rights as well.
Thus, the collaborator is bound to receive his/her payment as well as the prorated voting rights for the work done.
Thus, Enkidu brings a level of transparency to the venture that is sorely missed in the traditional setting. With enhanced transparency comes increased productivity and improved collaboration. If one or a couple of collaborators continually fail to perform according to the pre-defined criteria, the other collaborators can vote out the non-performers and bring in new talents who can perform the job according to the expected criteria.
Enkidu is much more than just trustless teamwork and time-locked vested smart contracts. To know more about Enkidu, check out the white paper.
The Enkidu team has announced their pre-sales event which is scheduled to run from the 12th of March, 2018 to the 26th of March, 2018. All contributors making a contribution during pre-sales will be given a 40% bonus on their tokens.
After the pre-sales, the crowdsales is slated to commence from the 9th of April to the 9th of May. This crowdsale will be conducted in a staggered manner in 3 tiers.
The Tier 1 tokens will be available with a bonus of 25%. For Tier 2, the tokens will be available with a 15% bonus. The Final tier, that is, Tier 3 will be available with a 10% bonus.
Thus, if you participate earlier, the utility of the tokens held by you will appreciate much faster than if you participate later.
To participate, register for the whitelist at http://enkidu.io
