Bounce: Why the Freelancers market?
When we first started Bounce, the goal was to provide applications to build strong peer-to-peer relationships via an on-chain application. The nature of this relationship could be productivity, financial or entertainment.
As part of this vision we delivered the Bounce permission-less OTC and Auction platform, which serves as on-chain execution of token swaps, but our vision is way beyond that:
We want to use the financial tools we have built to power more real life use cases.
Here comes FreelancerDao!
What have we learnt from the rise of crypto games?
From an economic standpoint, the success of Axie Infinity shows us that the people in developing countries can access the crypto world and by doing so, generate an income that is way higher than what they could achieve locally.
It is claimed that Axie Infinity players in Ghana can make between 854 to 2,562 Ghanaian cedis per month ($140 to $420). This is several times above the African nation’s minimum wage! Just think about what this means on a wider scale…
We call this phenomenon “Price-in Equilibrium”. The assets and activities in the crypto world are over-inflated. If we look at things globally, the price of the same product is more expensive in a developed country than in developing countries. If we can build a platform to enable skilled freelancers in developing countries to experience higher payment through the demand of developed countries, then it will attract more freelancers and solve efficiency issues. Instead of mining within games, they can actually contribute their real skills to the ecosystem.
And this isn’t just a one-way solution — the reason developing countries would engage in this relationship is two-fold:
- They can’t find sufficient affordable resources locally
- Even with the inflated pricing the Freelancer requests, it’s likely to be much lower than the local alternative
Why is a blockchain-based platform better than traditional solutions?
First of all, the use of stablecoins and blockchain make settlement fast and easy globally. No matter where you are, you will be paid instantly for your work. Secondly, the onchain record helps to build a more transparent credit system where all transactions and interactions will be recorded between Freelancers and Requesters. Finally, all work will be delivered in the form of NFTs as a proof of delivery and evidence of completed work, which can be traced back if necessary.
Think bigger: Web3 data
A lot of people are discussing Web3 and how to buils a trusted system from onchain data. Our personally thinking is that deriving such data from DeFi or Gaming is questionable for analysis data because there are more speculative activities taking place on such chains that obfuscates the useful data. Freelancer, on the other hand, does not suffer from such complications and therefore the data will be extremely valuable from which to draw future insights.
So what does FreelancerDao do?
It should be clear by now, but with FreelancerDao we aim to provide platform that hooks up Freelancers and Requesters in a Trustless environment whereby the requester can employ the Freelancer to deliver an NFT-stamped asset in return for agreed payment.
The system acts as a marketplace, with feedback, ratings, negotiation tools and a fully automated process from request to delivery and payment. All of this is, of course, driven by the Bounce Auction token!
We are now firmly in development of this product, having completed the core designs (both functional and visual). We expect to deliver FreelancerDao as quickly as possible in 2022. We are extremely excited about it and intend to be very transparent about our progress, keeping everyone updated on where we are, on a regular basis! Come join us on this journey — it’s going to be great!