OUR VISION & MISSION
The LaborCrypto vision revolves around building an ecosystem rooted in our core values: inclusion, opportunity, and empowerment. These values lead to the creation of an ecosystem that provides value beyond the numbers. It’s a human strategy. Many of the existing platforms that cater to the gig economy exert all of their efforts on solving one or two problems, such as how to pay the user quickly or reduce service fees. These are valid concerns within the freelance market, but the most important issue—user loyalty—remains largely ignored. As long as freelancers benefit from doing business directly with the customer, they will always undercut the platform to do so.
At LaborCrypto, we believe that it’s important to compensate users for their time, dedication and loyalty. The way we plan to go about this is by sharing half of the platform’s actual revenue with both the users and freelancers who contribute to the growth of the ecosystem, based on their individual contributions. For example, if a customer spends $100 and the worker generates $1,000, the worker will receive ten times the reward the customer does. Something else that sets us apart from our competitors is our experience, accumulated from work on an existing platform called ChoreRelief. This marketplace allows users to outsource household services and connect with workers in their area. Not only did we focus on giving users access to cheap work, but we also allowed the workers to have an opportunity scale. As a business, we like the idea of scale, but other platforms are not following the same philosophy.
At ChoreRelief, we gave workers an app to connect with customers and a dashboard to manage their business in real time from a mobile device or computer. If they need to hire more people, the dashboard allows them to manage their workforce accordingly. We’ve also conducted over 1,000 interviews and phone calls with our workers to better understand our pain points.
LaborCrypto is an evolution of all of the knowledge and experience acquired by working on ChoreRelief. The purpose is LaborCrypto is to solve the issues ChoreRelief could not; one of these is the middleman service fee. LaborCrypto takes only 3%, which we think is a fair rate since the percentage PayPal and credit cards charge is identical if the freelancer chooses to do business directly with the customer.
By using cryptocurrency as the only form of payment, we can have workers paid instantly, rather than forcing them to wait days or weeks. We can also open the door for those who don’t have access to banks. Did you know that 39% of the world’s population has no access to a bank? Think of the international student who travels to undertake a college education; they cannot open bank accounts due to certain regulations. Consider those going through divorce or victims of domestic violence, who encounter problems when attempting to use the banking system.
There are a lot of people—who are not necessarily criminals or far removed from bank locations—affected by this problem. Our revenue will be generated by taking this 3% transaction fee, offering ad space to other businesses or users within our own ecosystem, and charging institutions to offer their curriculums on LaborCrypto. We want to ensure that we are a one-stop shop for institutions or companies looking to solve complex projects by hiring competent, qualified freelancers. This will be accomplished by partnering with educators and businesses who can provide specific certifications, allowing workers to enhance their experience and grow in this space. By earning these certificates, they can accept higher paying jobs.
Through all of this, we aim to create a network effect that will dissuade undercutting our platform. Think about the difference between cash and credit cards. People use credit cards because they’re offered rewards points. If you pay with cash, you receive nothing.
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