I came to know about the Ethearnal project while browsing through the ICOs list on ICObench. They aim on disrupting the freelancing industry by tokenising reputation and money using blockchain technology.
What is Ethearnal?
Ethearnal is a peer-to-peer(P2P) freelance system using smart contracts. The freelancer and employers can enter into a trustless smart contract by tokenising money and reputation. They can use the decentralised system of moderators in case of a dispute between the freelancer and the employer. Their technology is based on ethereum, python, IPFS and OpenAI.
Why is it useful?
They aim to disrupt the freelancing industry by decentralising and enabling trustless smart contracts. They use ERT(Ethearnal reputation tokens) for this purpose. They are two ways to earn ERT i.e either buy them on free market or earn them by completing jobs. The freelancers can create listings and publish them onto the network. The employers can search for the listings or create offers. All the listings and offers are pushed through a web client and maintained using IPFS(interplanetary file system) on peer-to-peer basis. The moderators earn ERTs by solving disputes by voting. By using OpenAI them aim to create a personal assistant bot that uses artificial intelligence that can support the clients while using the web client.
What is unique about it?
They are tokenising both money and reputation. More the reputation, more the freelancer/employer will be willing to take up a contract. The moderators get to vote in case of a dispute between two parties i.e freelancer and the employer. The winning side is decided by the majority(51% of the votes). The moderators on the winning side are eligible for the reputation tokens.
They have a different approach to token management. They advertise themselves as paving a way to ICO 2.0. The token holders have the right to vote on the management of the funds allocated to the company. The voting continues for 1 week and it is valid when 51% of the total token holders have voted. The community is made aware of the voting process through different social media channels like twitter, facebook, telegram. They have also other rules in place in cases.
To know more about the project and the functionalities, read the whitepaper thoroughly.
TEAM, ADVISORS & INVESTORS
They have a good number of members listed on their team. They have 3 smart contract auditors listed. I haven't noticed any advisors listed on their official website.
ICO STRUCTURE
The hard cap is set at $30M. 75% of the tokens will be sold to the participants in the pre-sale and ICO, 20% of the tokens are reserved to the founders and the remaining 5% is reserved for the bounty program. Only ether(ETH) will be accepted during sale and pre-sale. The price of 1 ERT = 0.001 ETH i.e 1 ETH = 1000 ERT. The price of ERT to fiat currency(US dollar) will be set before the pre-sale and the sale based on the price of ethereum. They have a dynamic ICO structure i.e for the first hour, the maximum cap is 1 ETH then for the next hour it is 2 ETH. Contributions more than the maximum cap at that moment will be rejected. This system will significantly decrease the gas fee reducing the load on the ethereum network, thereby giving a chance for smaller participants who can or wish to invest low amounts in ether to participate in the sale.
CONCLUSION.
I am very much interested in the project as they aim to disrupt the freelancing industry. Freelancing industry is now thriving and an expanding industry. Then have an interesting concept of tokenising both money and reputation. By tokenising their is increase in the liquidity as they can be cashed out at any instant. The most interesting part of the project is how they aim to give a stock-like-nature to the token. Just like how the stock holders have a say in the company, the token holders can vote on how the company can use the funds. But the token holders have a far far less say than the stock holders. Atleast the token holders may some right than the token holders of other kinds of tokens in the market.
The hard cap of $30M is an ideal cap. The most important part of the ICO structure is that almost 80% of the tokens will be in circulation i.e 75% from the pre-sale, sale and 5% from the bounty program. Since most part of the total tokens are in circulation, there can be lesser bumps in the market price.
Their pre-sale application is now open. To apply, visit their website and fill in their form.
DISCLAIMER: Please do read the whitepaper, join their telegram channel to ask questions and do your research before investing as ICO investing involves high risk. I shall not be deemed liable for any profits or losses. Thank you!
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