Finance

A Simple Overview to CryptoTask, its objectives and features

Today crypto currencies are a global phenomenon and most people know about it. Though, there are some people, governments, companies and banks who do not realize its importance.  Actually this is a way of building digital cash system featuring no central entity, almost like the peer-to-peer network that works for file sharing. This was the emergence of crypto currency.

Realizing digital cash is possible if you require a payment network. Decentralized marketplaces are the biggest blockchain technology opportunities. These marketplaces that are decentralized provide a platform enabling people to sell and buy goods and services without the third party immediacies.  The fact is that a decentralized marketplace lowers the cost for sellers and buyers.

CryptoTask

CryptoTask is a new marketplace for freelancing job that has developed to this problem a unique solution. In this process there is a freelancing platform that operates the decentralized model entirely. CryptoTask is a blockchain based new platform working on the job creation and security maintenance essence so that the future is easier and it helps in deciding the freelance of the industry. This platform technically builds market system block-based where the task consists of freelancers, clients and reviewers that has number of people opting for the philosophy of the concept of crypto and currency markets developer appearing to properly decentralize the money market and the relevant other sectors.

CryptoTask uses a reviewer’s panel in case of dispute and determine if a task is complete or not. The working system is that when a freelancer wishes to request for a job, she or he must put a deposit that is 10% of the task value.

This deposit serves two purposes:

  • It ensures the freelances are really serious about their jobs and their intention for applying is done with good consideration.
  • The deposit amount is used to the reviewers in case a dispute works to be against the freelancer.

TaskCoin holders now can participate in the reviewers panel and in return of their reviewers services they will be given a small payment despite a dispute is initiated or not for the task.

CryptoTask Objectives

 The foremost objective of CryptoTask is to reduce and eradicate all agencies, people and individuals following the training of employees. Here all the processes of recruitment is precise and to the point. Besides, it has dedicated goals and objectives to be accomplished.

  • Technically, the market blockchain task-based system is a platform consisting of freelancers, clients and reviewers. Here the reviewers are the shareholders putting a deposit such that it is equal to the task value they wish to review and are expected to mention their expertise field, while the moneylenders Act and the jobs are offered through the clients.

Role of Reviewers

In case a dispute gets created between a client and a freelancer, there will be approximately ten reviewers on board formed at random. Their duty is to review the situation and to give a verdict.

Here, the voting process is followed and is done in two stages such that there is no influence on one another by the reviewers. Thus, as a return for the reviewer’s service, they receive 10% of task value from the client or the freelancer based on who is at fault.

Reviewers who do not cast voting or fail to vote with overall consensus will be paying 10% fee of the task value. This penalty is charged for two reasons:

  • A reviewer gets a small fee, despite the fact that he or she votes or not. Thus it means they receive incentive to merely signup as reviewer, though they do not complete the reviewing tasks for a panel when selected. Thus they are charged a vote fee of 10% of the task value for their failure.
  • A reviewer may cast a vote and fail to review properly the task. This is also a problem that is prevented by penalizing them, in case they do not vote at the review panel with the consensus.

CryptoTask Features

  • Low fees: The efficiency of blockchain eliminates overhead expenses as unnecessary, thus the fees become lower for customers and it offers an advantage.
  • No limits: This means even high value tasks are welcomed.
  • No censorship: It means there is complete freedom of action and speech.
  • Assured dividends as payout: All the stakeholders are assured of payouts and the reviewers also get extra.
  • Hierarchical dispute system. It means no interference from third party platforms.

What is ICO

ICO represents Initial Coin Offering. This is a mechanism for fundraising that will be launched on February 3rd. In this, the new projects can sell their crypt token for bitcoin and ether as exchange. This is same as Initial Public Offering where investors buy a company’s shares.

Investing in cyptocurrencies and ICOs is speculative and risky. Thus consult a qualified professional before indulging in such financial decisions.