Coinlancer (CL) is a community-driven platform on the Ethereum blockchain. The freelance market creates significant revenue opportunities by connecting clients with potential freelancers. However, the downsides of working online are too many. For example, the risk of freelancers losing work is high, no guarantee of pay, fraudulent practices of identity theft, etc. Despite the risks, the demand for freelance platforms is high. Coinlancer seeks to minimize the problems by creating a suitable platform for freelancers and clients. The platform wishes to revamp the freelance space by implementing blockchain technology.
As its whitepaper mentions, the security of funds is a prominent issue in the freelancing industry. Coinlancer features a multi-signature escrow using smart contracts, which ensures the funds of freelancers and clients are secure. Escrow refers to a legal agreement enabling a third party to hold funds and assets. As per the contract, Escrow disburses payments only if the agreed conditions are satisfied by the transacting parties. If clients or freelancers fail to fulfill the project’s requirements, Coinlancer secures the funds and holds off the contract charges. By using Escrow, Coinlancer intends to conduct a fair settlement of disputes.
Freelancers often need to let go of a portion of their earnings to freelance companies like Fiverr and Upwork. Coinlancer aims to create an upgraded network by reducing such surcharges. Traditional companies in the freelance space mostly charge around 10 percent and 20 percent to clinch a project deal. Coinlancer introduces transaction fees as low as 3 percent. Also, the wait time for a payment to reflect in a freelancer’s bank account is long. Coinlancer encourages clients and freelancers to execute payments on the Ethereum network for quicker and low-cost transactions.
The platform seeks to provide its users maximum technological mobility. Hence, Coinlancer accepts more than twenty different cryptocurrencies. Besides giving users the flexibility to conduct transactions in any desirable cryptocurrency, Coinlancer features multiple decentralized exchanges (DEXs).
CL is the native token of the Coinlancer platform. Freelancers use CL tokens to pay the 3 percent Escrow charges. The cryptocurrency allows freelancers to interact with clients and other users on the Coinlancer platform. Coinlancer envisions an increase in the value of CL tokens once the platform gains popularity. The platform reserves 2 percent of the tokens as bounty credits. These CL tokens are awarded to the community as rewards for sharing ideas and projects benefiting Coinlancer.
