FREELA: A Fair and Feeless Freelance Platform For Everyone
The gig economy has grown rapidly in recent years to become the second-largest source of jobs on the planet. Freela is here to improve upon and disrupt the way the gig economy currently functions. By leveraging blockchain technology, Freela tackles the high commissions, poor mediation, and centralized storage of personal data that comes with the industry's big players. Freela is on a mission to make freelancing employment fair and decentralized, leveraging the virtues of blockchain technology.
How do we do it?
Freela streamlines the employer-freelancer connection while making it highly secure, efficient, and platform-independent through the technologies detailed below:
1. Blockchain
Freela is a one-of-a-kind platform that provides a commission-free interface with no human interference or centralized governance. This has been made possible through state-of-the-art blockchain technologies. Below we explore the specific blockchain features that will help make Freela a secure and decentralized platform for stakeholders.
Smart Contracts
Freela uses smart contracts between both the parties — employer and employee. Smart contracts help reduce the middleman cost. In no circumstance can any outside agent take control of funds — even in the case of a mediated dispute, funds would be disbursed directly back to one or both of the employer or employee.
Digital IDs
Freela ensures that every stakeholder can enjoy secured storage of their digital identities on-chain by providing an interoperable and tamper-proof infrastructure. Personal data stored on a blockchain is far more secure than personal data stored on a central server.
Digital Signatures
Every Employee, Employer, and Arbitrator shall have a unique digital signature linked to their digital IDs that cannot be forged. This feature greatly reduces the potential for scams and identity fraud.
Secure Payments
Freela wallets use key encryptions (public and private) to secure data and all transactions in a secure and efficient manner.
Security & Privacy
Freela emphasizes providing the best security and privacy available through our blockchain tech.
2. Decentralized Finance System (DeFi)
Freela’s design works to accommodate a broader and decentralized market. For this, Freela has adopted a Decentralized Finance System as its financial ecosystem. In contrast to the decentralization of money through bitcoin, DeFi aims for a broader approach of decentralizing the traditional financial industry: by opening traditional financial service to everyone and providing a permissionless financial service ecosystem based on blockchain infrastructure. Smart contracts help automate financial transactions, making them quicker, more efficient, and affordable.
Liquidity Pools
Liquidity plays a major role in any economy. Liquidity Pools are pools of tokens that are locked in smart contracts and are used to facilitate liquidity. Freela utilizes the liquidity pools to provide frictionless liquidity for any user, arbitrator rewards, and facilitate interaction with payment gateways.
Payment Gateway
As long as the payments are initiated through the Freela token, the platform takes care of the transaction at no cost. But if the payments are not initiated through Freela token but rather through currency, then comes the need for “Payment Gateway.” If the employer and the employee agree to a transaction of the “payment value,” not by Freela Tokens but by currency, then 0.5% of the transaction amount will be collected by the payment gateway for providing the needed liquidity.
Staking pools
Freela provides staking options to its users. It Staking provides financial services to users through smart contracts. There’s a relatively high threshold for users of DeFi products. Freela offers not one but two valuable staking options to its users.
Arbitrator Fund:
The Arbitrator fund is used to pay the salaries to the arbitrators monthly. As long as an Arbitrator works for the platform, Freela ensures their financial security.
Savings:
The “Savings” option on the Freela Platform is exclusively available to our freelancers. Employees have the option to save a portion of their income and can opt to have a percentage automatically diverted to their Freela Defi Savings account. This is a great financial service for our users who are particularly vulnerable to the uncertain nature of self-employed work.
3. DAO Self — Governance
Decentralized Autonomous Organization (DAO)
In Freela, a DAO controls all the operations and rewards of the arbitration process. There is no hierarchy in the DAO.
Governance
Freela attributes the privilege of being a “Governor” to those with a stake of 0.1% or more of the Freela token supply. This gives the users shared control of the platform rather than the platform having full control of contracts and costs like in legacy freelance platforms. They will vote for all the changes and operate the Freela DAO as mentioned below:
Voting
A Governor can vote for any change on the Freela platform. If a proposal for a particular change is initiated and gets a simple majority of votes by Governors, then that particular change will be adopted by the platform through deployed AI technology.
For example, if a Governor wanted to increase the arbitrator fund, he would initiate the voting request. All the Governors get a pop-up box for selecting the option. Depending on the majority of votes for changing the increase of the arbitrator fund, either the arbitration will increase or remain the same.
Arbitration
When an employer and an employee hold a difference of opinion, then either one or both of them will request an arbitration. An Arbitrator, a 3rd party professional in the concerned field, examines and finalizes his decision on the job either as complete or incomplete. If an Arbitrator’s judgment report precipitates as “work done,” then the transaction is processed, and the employee receives his payment from the smart contract. If the judgment report is otherwise, then the smart contract amount will be reverted to the employer.
Conclusion
Freela is looking to answer major pain points in the freelance industry, which will provide a more transparent experience for both employer and employee using the technologies explained above. Legacy freelance platforms charge a fee for services provided, which can increase a service price by 20–25% for employers. Employees are forced to reduce their price to absorb these fees into their final price — the real winners in these platforms are the platform owners. Freela disrupts the current state of play with its unique use of smart contracts, DAO, and governance removing the need for a controlling platform owner and instead creates a level playing field for both parties to the contract. Freela is a platform that provides real freelance, empowering its users instead of creating more fruitful opportunities for employers and employees. Learn more about how our platform works by visiting our website: TheFreela.com.
About Freela
Freela is designing a marketplace for “truly free freelancing.” Freela ensures that both employers and employees are satisfied, solving the most widespread problem in freelance platforms. By directly allowing employees and employers to create their contracts, they solve underemployment and potentially over-employment. Freela has announced its IEO on Ascendex on the 26th of May 2021 and double IDO on BSCPad and Poolz on May 27th, 2021.
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