Sydney, Australia , Nov. 19, 2020 (GLOBE NEWSWIRE) — The Freelancer and Gig economy has continued to surge with the number of Freelancers still growing at a rapid rate. This trend was present before the current events with COVID due to the flexibility and the appeal that being and utilising Freelancers has.
Chrono.Tech, an Australian based company has been working on their Freelancer platform, LaborX, to help meet the demand. On a global scale, their goal of borderless transactions and reliability has certainly caught the eyes of many.
Where it all began
It all began in 2016 when founder Sergei Sergienko saw the need to revolutionize the HR industry by creating a fair, trustworthy system. However, what developed in the years was a system that Liberated freelancers and clients alike.
This includes current timely transactions, tireless due diligence, restricting standards and much…much more. Placing LaborX as a freelancer gem amongst many.
Freelancers under the definition from Cambridge are:
“someone who does particular pieces of work for different organizations, rather than working all the time for a single organization”
Meaning that they work for themselves and have the freedom to work with whom they please.
Furthermore, current systems also restrict their freedom due to their terms and conditions and overbearing fees.
A dive into the features
The LaborX user interface is sleek and comes with some familiarity to existing platforms. However, it is also noted that the backend has all the complex bits of coding that make it so versatile.
One such discrepancy for current platforms is the bombardment of advertising. This can be a daunting endeavour to have when first being introduced to a new platform. This is where LaborX has altered the narrative by eliminating time-consuming advertisements.
Built-in an immutable environment, it is easy to see at first glance that it creates trust and prompt remittance making it one to contend with your heavyweight platforms.
A dive into their features transcends their differences in many ways.
With a complex algorithm, there is a Reputation Module, that provides protections and feedback to help users select the best freelancers and clients.
It also accounts for factors such as previous experience and education, reviews, completed contracts and much more.
This feature creates more trust in a trustless environment and is much welcomed in the community.
Further to the Reputation module, Tasks can have the conditions set for how the freelancer and client work together, including deadlines and payment terms.
Freelancers also have the ability to post their services through gigs on the platform, making them stand out and allow companies to find them.
In relation to payments, LaborX, protects the financial relationship through digital escrow by locking the funds when the contract is signed. Only when the work has been completed and accepted that the funds will be released automatically.
But why Cryptocurrencies?
There are reasons as to why LaborX has chosen the direction of utilising cryptocurrencies as a form of payment. One such reason is due to the borderless and timely manner in which they can be transmitted across the globe. This means that is an American company were to use a freelancer based in, for example, South East Asia. Then the payment upon completion of the task is made instantly. While typical payment methods can take several days to weeks to be transferred. This is not an enjoyable process for freelancers.
Currently many only support a handful of currencies that if out of luck, get converted at a poor rate. While Cryptocurrencies do have versatility, there is the option to be paid/or pay in a stablecoin that is linked at a rate of 1:1 to its corresponding currency.
For example. $1USD can be paid in 1 USDT which can be transmitted anyway around the world for extremely little. Or alternatively, there is the Australian Dollar stable coin AUDT in which will always equal $1 AUD.
With many Countries looking into digital currencies and companies looking more to go cashless, cryptocurrencies are gradually becoming more widely accepted. Along with the use of stablecoins there has become further trust within its sphere of influence.
Fees, Fees, nothing but fees
One element that many start to look at is the fees imposed by platforms. LaborX stood out on this, but that is due to its decentralized nature, with fees not imposed on its clients, except that 5% is imposed on freelancers and 1% on customers after a contract is completed. The cashback services of the platform offer 1% of the contract amount after the completion of the contract for premium users.
While other traditional platforms for freelancers impose such fees of up to 20%.
Competitor platforms also decrease fees when the more you do for a certain client. It doesn’t give much incentive for those one-off tasks. Which in retrospect, takes away the terminology of a true Freelancer.
Another feature on the platform is the Dispute and Resolution component for when there is a disagreement between the freelancer and client.
In the event that this occurs, users can employ the Dispute service where they can suggest a third-party mediator or LaborX can provide one.
Creating a happier resolution to issues.
What are you waiting for?
It is easy to see why LaborX is growing at a rapid rate with the number of freelancers and clients increasing each day and more than 50 gigs added each week.
Freelancers are certainly spoilt for choice between platforms with some utilising multiple. With LaborX being a hidden freelancer gem, it is highly recommended to indulge the curiosities.
There is good news with LaborX offering a 1-month free premium trial for all users and clients giving free fees and cashback services during their trial.
Andrey Petrushko: email@example.com
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