What blockchain can bring to the gig economy
Before the mobile era, before the era when all imaginable services were Uberized, the gig economy already existed—but it didn’t exist in a highly organized and monetized way like it is today. In fact, Stan James, the chief engineer of the blockchain, told PYMNTS in the blockchain marketplace provider Origin that in a recent conversation, the core trajectory of the digital gig economy is the community bulletin board. It is usually made of cork, filled with 3 5 cards or self-made prints, stored in libraries, dining cars, YMCA and coffee shops across the country-as long as there is a service order or reservation service is required, They will go there. Of course, in the mobile era, many of these "electronic bulletin boards" have been digitized, and they are super professional. There are drivers, homeowners, babysitters, babysitters, dog sitters, dog walkers, therapists, doctors, masseurs, hair stylists, yoga instructors, etc. If there is a 3×5 digital card to hang up, and it is in the central area, it is good to have an "Uber" digital bulletin board hanging on it. However, James pointed out that today's modern shared markets—digital billboards—are very different in use from their analog predecessors: they are expensive to use. He said: “It’s like a restaurant in my parents’ mountain town and a bulletin board saying, “If someone reads the advertisement on the bulletin board and then buys the item, we’ll charge 30% of the transaction. Or because this is our bulletin board, so you put things there, we will charge you at any time." James said that this is good for third-party markets. They can charge 20% to 30% of transaction fees, but not so good for drivers, hosts or other service providers who actually pay the fees. He explained that Origin is trying to eliminate middlemen by building a decentralized market agreement on the Ethereum main chain. Origin did not use a central business to facilitate connections and transactions between users and suppliers, but instead tried to use smart contracts generated by the blockchain. He said: “We think that one of the most useful things that people might want to write on the public ledger is gig services.†“The magic of this blockchain is that you can now have a A virtual bulletin board controlled by people and no one can cut from the block." How it works Currently in the mainnet testing stage, Origin's basic product functions are like a blockchain-driven Craigslist. Users who provide goods or services-or users who are looking for a product or service can create a profile and connect their Ethereum wallet to the account. Once on the platform, potential buyers can browse the list and arrange transactions through smart contracts. Today transactions are paid in ether. However, James said that the future goal is to use any Ethereum-compatible coin to pay for transactions, including customer tokens that Origin is developing. The larger goal of the Origin protocol is to enable developers with a minimum understanding of the blockchain to quickly establish their own submarkets for specific services, such as dog walking, house cleaning, horse riding vacations, and so on. "We are open source," he said. "Anyone can read our code and observe how we develop it. We want people to use our services like WordPress, they can deploy our code and make the market work. Our task is to make it really easy for them to do At this point. We hope it is such that a developer who knows nothing about blockchain can decide to use origin and write a few lines of code, and then they have the ability to build their own market." Why use the service An ordinary Uber driver, dog walker, or hairdresser may not be an ordinary blockchain enthusiast, which raises a question: Why use a high-touch product like Origin, and they only need to create a profile and download it Can an application use platform services? James said part of the reason is cost. If you are developing an application that accounts for 20% of their revenue, and they find another similar service that does not need to be spent, then they are "probably a super fan of that choice." However, he pointed out that services like Origin also allow to build markets in places where big companies such as Uber and Airbnb are not interested, or to build markets for more niche market segments that definitely exist. He said: "There are some good ideas that will not become a billion-dollar business, but if someone can use Origin, we may see some new markets that would otherwise not be possible. We think this will attract users because the only one in the city The game has many advantages." Challenges and the future Today, Origin is in beta testing. James pointed out that the company has a lot to do for the rest of this year and 2019, as it tries to build the best open source software. This means focusing on improving the buyer interface, because currently conducting transactions on Origin "is still much more difficult than the "credit card payment method" customers use on other sites. He added that overcoming these frictions will be a significant task. Another challenge is to make both suppliers and consumers in the market feel comfortable enough to trust each other to facilitate transactions. One advantage of intermediary platforms is that when there are problems with transactions, they can resort to various ways to seek help from the central agency in order to straighten out the problem. It is very clear that a decentralized market cannot provide this kind of service like a centralized platform. In the process of directly incorporating arbitration and dispute resolution into the blockchain transaction itself, a lot of work and research are involved, but James admits that at this stage, capabilities are not "infused" into the technology itself. On the contrary, Origin acts as an external arbiter of disputes-in the case of escrow, the funds held in the smart contract are directly processed by the blockchain itself until the transaction is completed. James said there is still a lot of work to be done, and some work may take many years to complete. However, Origin has accumulated considerable funds through investors to meet this challenge. The company has raised $3 million in seed token sales funding from Pantera Capital, and an additional $6.6 million has been raised through CoinList's token sale. In addition, it also raised $26.4 million in traditional venture funds from Pantera Capital, FoundaTIon Capital, and a series of entrepreneurs and commercial investors including Garry Tan, Alexis Ohanian, Gil Penchina, Kamal Ravikant, Steve Jang and Randall Kaplan. Of course, James said, the success of Origin's platform and protocol largely depends not only on its own efforts, but also on what others can use their technology to build. He concluded: "Of course, our main goal is to let partners build on our foundation. We can't wait to see what customers can come up with with our code."
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