Telos launches new gig financial system platform on the blockchain

Blockchain builders can’t be accused of failing to maintain up with the occasions. The unprecedented shake-up on the earth’s labor markets throughout the COVID-19 pandemic is accelerating the underemployment tendencies of latest a long time. Indicators of a jobless restoration forward is spurring residents to show to every kind of digital piecework within the absence of social safety and traditional employment advantages. 

To climate the sharp financial contraction and unpredictable pandemic lockdowns, 41% of companies in a latest survey said they plan to broaden their use of contractors for task-specialized work. Even forward of the present disaster, the worldwide gig financial system was predicted to achieve $455 billion by 2023, in accordance with a 2019 Mastercard examine, which urged entrepreneurs to capitalize on the “alternative.” The end result of recent legal challenges to this employment mannequin nonetheless appears unsure.

In opposition to this backdrop, Telos is launching a brand new gig financial system platform referred to as TelosTask, making use of blockchain know-how to acquainted fashions corresponding to PeoplePerHour and Upwork. Constructed on the Telos blockchain, and created by the MydAppr staff, the brand new peer-to-peer platform will straight join “process givers” to “process takers,” or gig staff, and allow them to coordinate the completion of “micro-” and “macro-gigs.”

Telos envisions the brand new platform can be utilized by gig staff throughout a variety of sectors, from social media and writing assignments to graphic design and video manufacturing. The platform makes use of an escrow system to automate safe funds. In a press release, the chief architect of the Telos blockchain, Douglas Horn, defined the impetus for the platform’s creation:

“That is the actual energy of high-capacity blockchain. Now anybody can immediately create a free Telos account with a simple to recollect identify and log into it with no extra problem than logging into Twitter. It’s a mass adoption-ready platform that’s desperately wanted proper now as individuals strive to determine dependable new methods to earn earnings and carry out enterprise duties within the post-COVID world.”

TelosTask staff lead Future Marshall has stated that the usage of good contracts presents “a built-in-system of belief” that can guarantee “labor is pretty compensated,” pointing to “the creating world” as an space of explicit demand for task-based employment. 

Telos is just not the one blockchain developer to grab on the unprecedented alternative of the employment disaster of 2020. In a latest interview with Cointelegraph, a product director at IOHK stated she believed Cardano (ADA) was, in a singular means, contributing to the gig financial system via staking swimming pools, that are developing into a form of business for his or her operators.