The Market Network is a decentralized marketplace for services where creators can hire professionals to work on their projects. #FeatureFriday
Using the Market Network provides significant advantages to both creators and vendors concerning trust and payments. Because each project is unique, the specific fit between service provider and client is very important and the focus is on building long-term relationships around a complex project.
This requires a marketplace that exhibit features of a social network — hence, “Market Network.” On Pledgecamp, creators can see reviews of vendors that are immutable on the blockchain and open to all for review. Seeing a past roster of clients and a history of success or failure will give creators a reliable way to find the trusted help they need.
Smart contracts make drafting and enforcing vendor agreements essentially
free, and paying with a cryptocurrency like Pledge Coin means cross-border
transfers and transactions fees are a non-issues. Another advantage is that payment contracts on the blockchain are transparent. Vendors will have confidence that they will be paid as promised when funds are collected, and backers will see that funds are spent as promised. The increased transparency can give confidence to a prospective backers and make them more likely to trust and support the creator.
In summary, creators who use the Market Network can demonstrate to backers that they have the partnerships in place to execute. Backers can pledge with confidence, knowing that smart contracts will enforce payments to these partners as promised. And vendors will know that a good job performance will be preserved on the blockchain forever and determine their future business. Thus, incentives are aligned towards achieving cooperation and results.
For more details about the Pledgecamp platform, refer to our white paper accessible at https://pledgecamp.com/whitepaper.
This post may contain forward-looking statements about the future functionality of the platform. The platform is currently in development, and we reserve the right to make changes to the design, names, or functionality of features in the interests of making the platform successful. For full risk factors, see white paper.