Crypto currency Coinlancer sets foot in the Philippines

 

By Rose de la Cruz

With more Filipinos taking in home-based parttime jobs as freelancers for foreign-based online outfits, freelancing is a fast growing sector that internet-based currency dealers/coiners are entering such as Coinlancer that was introduced today to the media and later in the afternoon to varied audiences. 

Coinlancer is a new cryptocurrency founded in the British Virgin Islands (a known haven for money launderers) but with an operations office in Dubai that allows freelancers to trade, invest and buy products or services using its Blockchain technology platform.  The technology allows freelancers easy, convenient and safe way of doing business.

Despite risks that freelancers face such as identity theft, lack of guarantee for hours worked pay and the high possibility of losing the work as a result of mild adjustments, this newfound sector is rather lucrative as evidenced by platforms catering to them such as Upwork (2014), which recorded $941 million freelancer earnings while the industry generated $3.2 billion. 

The freelance industry is estimated to grow with the increase in internet literacy rate 5o $10 billion annually in the next six years. This points to the inherent need to undertake measures to curb some challenges faced by freelancers, which the Blockchain technology is said to be able to address. 

Upwork, a renowned company in the freelance space, said a freelancer loses 10 percent of his income paid by the client to the website. It requires the freelancer to pay the site 20 percent on the first $500 earned, 10 percnet on $501 to $9,999 S 5 percent on $10000 and up. The fees are charged on a per client basis.

On the safety of the funds this can be addressed through multi signature escrow to ensure that funds for the client, freelancer and facilitator remain safe. Another issue of freelancers is the fees paid to mediators, which could be eliminated through an established network that would act as link between the freelancer and client.

Jonathan Tinoco, a Filipino crypto currency entrepreneur who has successfully trained online entrepreneurs and traders discussed how to become a successful freelancer- traders using the new platform. 

Coinlancer, a platform that is also the marketplace where employers meet freelancers across the world, is going live on Nov. 15, 2017 so that freelancers can start registering on the website from then and eventually become clients/employers. 

In this technology, the client deposits the stipend/wage including the platform fee (3% of stipend) in an escrow (safety deposit to ensure trust between partners) account after assigning the work and setting milestones to freelancer. As the freelancer completes the work, the client releases the payment. 

In case of dispute between the two parties, a tribunal of Coinlancer resolves the case in a fair and unbiased way. Coinlancer aims to address major drawbacks experienced on current freelancing platforms using blockchain technology. 

Coinlancer was founded in August, 2017 with a commitment to get the product (minimum viable product) to the marketplace. The team plans to go for crowdfunding to capture at least 50% of freelancer market share.

The token (Coinlancer- CL) that is it offering as part of crowdfund is a utility token, meaning the token is primarily used to seek freelancing services on Coinlancer platform. The very nature of the token enables it to do business across the world. Its value can be accessed through coin.ph for either remittances and online payments for purchases. 

Coinlancer came to the Philippines, and other Asian countries, because it is in this region where people are rich in skill set and experienced professionals. There are a lot of people working as freelancers and doing parttime online jobs. The company expects a huge response and support from freelancers. 

The company will market on major online and offline platforms. Online includes social media and public relations while offline marketing includes roadshows, workshops and public gatherings. 

The company is committed to build a one-stop solution for freelancers and employers across the world by using the latest blockchain technology and addressing all possible issues that may crop up. The freelancer community is growing exponentially and we expect that a product like this will be need of the hour. Support and encouragement primarily from the investor, employer and freelancer community will be highly appreciated. #

 

 

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Wednesday, 21 February 2018
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