This article will give you a better view of A New Freelancing Ecosystem and one of the biggest projects built on Elrond Blockchain.
If you are a freelancer, this platform can be a good source of income, considering that it was created by people who have freelanced or owned businesses online as their primary source of income.
Their main purpose is to create an environment where users will not be paying too much for buying services, waiting for too long to withdraw their hard-earned money, and always run the risk of fraudulent chargebacks.
According to BlackHat Network, 30% of Fortune 500 businesses already use freelancer websites, and it is estimated that 53% of the next generation of workers will freelance in the future.
BlackHat Network, built on the Elrond blockchain, with all of its great features, wants to dramatically reduce those fees that make our lives hard, into insignificant amounts. They want to give everyone equal opportunities to make a name for themselves, instead of the top names in each sector getting all the work.
Buyers should have their place too. A platform where they can decide who to buy from without fear of not getting exactly what they want. Every buyer will have clear, simple options to choose from. I think this is a great approach for each way. The freelancers will be fairly rewarded for the work they have done and the buyer will pay fewer fees.
According to their official whitepaper the primary purpose of the BlackHat Network project is to create a sustainable, community-orientated digital asset Marketplace with cryptocurrency as the primary transaction currency.
Too many fiat currency marketplaces have ongoing, seemingly unsolvable issues such as:
The ability to scam users
Long cash withdrawal times
Biased viewing based on possible fake reviews
The BlackHat Network team aims to solve these issues and more with a decentralised Marketplace using the Elrond blockchain infrastructure.
Roadmap and Goals
In Quarter 1, 2022 they have targeted the community to global buyers and sellers will commence while testing the integration of all login methods and setting up the core functionalities of the Marketplace.
For Quarter 2, they planned to build and implement the Marketplace economics, fees, features, and reward systems for the Marketplace and native token.
Continuous testing of the Marketplace in Quarter 3 will include rigorous in-house security and economic audits while building the bounty program.
By the end of 2022, after the BETA release of the Marketplace, they will complete final changes and fixes before the official release and allow community voting for changes and fees to commence.
In the First Quarter of 2023, the team expects the Marketplace to be completely live along with an entire management team while growing users to meet or exceed 1000 sellers and 10000 transactions.
When it comes to the goals, we must admit, the BlackHat Network team aims at the top. Let’s see ten strong points that they have prepared for us to have a clear view of the project.
1. Lower Marketplace Fees
Using the Elrond blockchain, fees will be reduced by up to 18 times in comparison to FIAT marketplaces.
When you consider the fees on FIAT marketplaces, you are paying a lot of money to the platforms and payment processors which is unfair to the users.
2. A Fairer Marketplace for Everyone
Imagine that you are a new freelancer, you have done all your research, have highly competitive prices, and are fantastic at your job. It is still almost impossible for you to gain any traction in the marketplace. That is because of the way FIAT marketplaces want buyers to see the established sellers. This means that the newcomers will try to abuse and manipulate the system, using fake reviews to fool the algorithm.
3. No Fraudulent Chargebacks
Traditional banking and payment processing methods are still used in FIAT marketplaces. This method leads to fraudulent chargebacks and buyers get their money refunded even after product delivery.
Using blockchain technology, there is no way for buyers to take advantage of the apparent weakness in those platforms. Blockchain does not allow for chargebacks.
4. Lifetime Footprint on Blockchain
If you buy a domain for a price, carry out a lot of work on the site, and want to resell it, you can prove the price you paid, even after many years, using transaction hashes from the blockchain.
The interoperability of Elrond’s blockchain allows you to use your hard-earned money as soon as you earn it. Only seconds after the buyer sends your funds, you have complete control allowing you to hold, exchange, stake, or spend your money without waiting for banks and losing massive commissions.
6. Adoption — Bringing Crypto to the Mainstream and Vice-Versa
For many years, freelancers and agencies have looked for a method the reduce or even remove unnecessary fees.
Let’s create a scenario:
You, have a passion and natural skill for graphic design and want to use your passion through freelancing to evolve and fund your passion.
You search the internet and find an outstanding, clean, FIAT-based marketplace with a vast traffic pool and many people interested in buying your services.
As you are new to the platform, you barely get 1 to 5 orders a month because of the algorithms.
You sell a custom logo design for 100 USD. When the buyer pays, the platform charges them, by default, 1 to 3% of the sale cost, but you do not see that.
You, as seller, will also be charged up to 20%.
When you cash out via a third-party payment processor, they will also charge you 2 to 6% for transferring funds into your FIAT bank account.
Making matters worse, you will need to pay taxes; there will also be accounting fees if you own a small company.
To sum it up: You, from your hard-earned $100, will get around 50 to 70 dollars to spend, depending on what country you live in and which kind of business entity you own. Worst-case scenarios are when freelancers remain with less than 40% of the total earned due to substantial government taxes.
One of the most significant advantages that BlackHat marketplace will provide is that the seller will not pay huge fees, and the buyers will see an accurate price, not an inflated cost that you often see on FIAT marketplaces.
7. Easier Global Adaptation
This platform will be one of the first blockchain marketplaces available. Most users will already have relatively good backgrounds in computer science and the internet as a whole. That will create a simple, easy change from FIAT to cryptocurrency, making the experience easy for everyone.
8. Stable-coins for Buyers and Sellers who do not Like volatility
Most marketplaces are limiting people to their native currencies, banning cryptocurrencies, and making things difficult. Therefore, BlackHat decided not to restrict participants to the native token B-HAT and allow payments through partners coins such as EGLD, along with a stable-coin such as BUSD or USDC.
9. User Interface and User Experience
The interaction of the platform will be as “simple” as possible from the user’s point of view.
10. Avoiding Marketplace Manipulation Through Fake Reviews
A beautiful thing about web 3.0 and blockchain technology is that similar or complementary projects do not see each other as competitors, but they work together to reach end goals.
BlackHat aims to provide everyone from aged sellers to newcomers and everyone in between a position on the front page and seen by all buyers at different times, with rotating slides.
While studying their whitepaper, something kept our attention and reminded us why web 3.0 is way more democratic.
BlackHat announced that the benefits of a decentralised Marketplace are numerous and vast. However, there are some main points that we would like to expand on:
1. Everyone is treated equally and with respect. There are no more significant benefits for anyone, not even the BlackHat Network core team.
2. Community voting will allow a democratic and straightforward method of voting for changes if required or requested.
3. Marketplace complaints will always be treated fairly and with respect. However, repeated complaints about the same issue may see buyers or sellers having their rights to use the Marketplace restricted or revoked.
Furthermore, All BlackHat Network Members Will Have Voting Powers. Everyone with a certain number of B-HAT tokens has the chance to have their say on how to manage the Marketplace. If you hold a certain number of tokens, you will have the ability to vote on minor and more significant changes to the Marketplace, such as:
The BlackHat Network will provide an AI customer service agent supporting all guests and participants of the Marketplace. The agent will have the answers to the most frequently asked questions. However, if you do not find your answer, live agents will be ready to help you.
The total supply is 500 million B-HAT tokens. Out of that, 16%, meaning 80 million B-HAT will be distributed as staking rewards that will be unlocked in six rounds and18%, meaning 90 million B-HAT will represent Liquidity and Exchange Listings
Only 2% or10 million B-HAT were distributed in the Public Sale and 20% or 100 million B-HAT on private Sale while the team owns 17% of the total supply and the advisors 2.5%.
Nowadays, marketing investment is crucial so 7.5% of the total supply or 37.5 million B-HAT will be distributed in that way.
A Special reserve for maintaining project momentum in crises is necessary so 85 million B-HAT will be kept in the Project treasury.
The team or The Hats Behind BH Network is a team of freelancers and business owners who want to make a difference in the world of online marketplaces. One of the truest indicators of the success of every project is the team. We advise you not to invest your money in projects that are not revealing the identity of their team.
We hope that this article was helpful. Thank you for reading to the end. Until next time, take care of your money!