UMKA: A Decentralized Labor Market
The global financial crisis of 2009 charted new course for the global economy. With massive retrenchments in many sectors of the economy and as many businesses were struggling to meet up with financial demands, many workers were forced out of their paid jobs.
Though many hoped on improvements in the economy, many sought for self-employment that’ll keep them in charge of their finance. The work schedule in the world today is patterned in two scenarios: paid and self-employed.
While many still work on 8-5 work basis, others opt to work virtually/behind the scenes from the convenience of their homes behind their personal computers. The effect here is that the erstwhile centralized paid work environment is being dominated by virtual workers also known as freelancers.
For those working as freelancers, there are platforms that help them ply their trades. Known as professional networks, freelancers and virtual workers are connected to willing clients through these platforms. Nonetheless, there are problems in the system.
Pressing Issues
Since every good thing doesn’t come easy and since the owners of these platforms will have some benefits from the system, freelancers and users of such platforms have to part with some funds.
Thus, freelancers are required to part with about 20% of their income for every project they got and completed through these platforms. Professional network platforms such as Upwork and Fiverr are guilty of this. Though their efforts at connecting freelancers and clients are commendable, the exorbitant rates expected of users is not encouraging.
Though the blockchain technology was brought in to salvage these problems by creating decentralized professional networks, it did little in this regard as most of its platforms utilized a single crypto currency for payments. The other problem with blockchain professional networks is slow processing because of them used the Ethereum blockchain that had been rated poor in terms of transaction processing.
In a related development, what is obtainable in professional networks is solo work. Professionals on the platform prefer working on their own without the help of other professionals. This is not entirely healthy as issues beyond the professional might crop-up while carrying out a project.
We have to re-visit the ever-efficient blockchain. The blockchain technology had been featured once more in the development of another viable platform – professional network.
A New Professional Network
UMKA is the latest bockchain platform in town and it is specifically for the professional industry. It aims at replacing existing centralized and decentralized professional networks by offering better prospects to the system.
To avoid mistakes made by previous blockchain platforms, UMKA features the EOS blockchain that is faster and efficient than the Ethereum. Clients and professionals get to connect on professional networks and reach agreements on how a project is to be carried out.
UMKA offers same platform but with upgraded features. Through a new smart contract (Agile Smart Contract) peculiar to its platform, UMKA connects clients to freelancers and also secures their transactions.
To function better, UMKA has other impressive features and technologies that’ll make its platform conducive and enjoyable to both freelancers and clients.
What You Get
EOS Blockchain
Because of the failure of the Ethereum blockchain in decentralizing the professional network, UMKA features a better blockchain – EOS. EOS offers scalability and facilitates transaction processes.
Digital Passport
The other feature UMKA is a digital passport that keeps track of your work areas and experience. On the part of clients, users/professionals can access the potentials of such clients by going through reviews other professionals might have made on the client. This helps you make informed decision on whether to work with such clients or not. Clients can also keep tabs on professionals by accessing their profiles.
Multi Payments
To replace mono payments through crypto currency that was inherent in previous decentralized professional networks, UMKA features multiple payment channels that allow you get paid through different means. At the moment, UMKA supports payments through 15 different crypto currencies. Whatever you earn on the platform, you have the option of making your withdrawals through fiat and crypto currencies and there’s no transaction fee incurred.
Neural Translation Machine
Through support from Google, there’s built-in neural translation machine on UMKA’s mobile application. The service hedges language differences between clients and professionals. It translates a client’s language to the home language of the professional and vice versa.
Settling Disputes
Issues might arise between clients and professionals such as when a project is not well done. UMKA hand-picks versatile professionals on its platform to mediate in such disputes and rewards them with 5% of the dispute amount. You can now earn while bringing lasting peace to the platform.
Working as a Team
UMKA also fosters unity and team work by bringing together professionals in the same field and assigning projects to them. This is implemented through its Agile Smart Contract (AgileSC) that allows clients group like professionals to undertake a project.
Agile Smart Contract (AgileSC)
This smart contract used by UMKA ensures fees for projects remain in the client’s custody and can only be released when such projects are completed. It also helps in the attainment of transactions on the UMKA platform by using the parameters of “when is the deadline” (classified under work), “what needs to be done” (under time) and “what remuneration” (classified under budget).
Simply put, AgileSC is responsible for transaction verifications and modifications.
Drawing the Curtains
If you’re conversant with web-based professional networks such as Upwork, Fiverr and LinkedIn, you must have realized the high rates they charge you for every transaction. Porting to decentralized professional networks powered by the blockchain has its own downsides such as slow transaction speed and mono currency.
UMKA is here to stand in the gap for these two by bringing total decentralization and also supporting multiple currencies. The icing on the cake is the ability to withdraw your earnings through crypto and fiat currencies.
Allocation of Tokens
Token Sales Information
Ticker: UMK
Platform: EOS
Total Supply: 180 million
Price: 1 UMK= $0.10 USD
Soft Cap: 1 million
Hard Cap: 10 million
Accepted: ETH and BTC
Country of Registration: Seychelles
Restricted Countries: Seychelles
UMKA’s Team
To find out more, please visit the links below:
Website: https://umka.city
Whitepaper: https://umka.city/wp-content/uploads/UmkaWP_Eng.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=3382203.new#new
Medium: https://medium.com/@umka_
Twitter: https://twitter.com/umka_freelance
Facebook: https://www.facebook.com/freelance.umka/
Telegram Chat: https://t.me/umka2018
Telegram Channel: https://t.me/umkachannel
Writer: Lynkels
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1820069