UMKA: DRIVING THE FREELANCING ECONOMY INTO A NEW AGE

JAMISKY

Imagine a world of freelancing where freelancers can directly interacts with their respective employers without needing intermediaries in form of job outsourcing platform, an ecosystem that also cater for the improvement of its user by introducing them to various educative training programs from top universities across the world thereby increasing their portfolio, a world where there will be no delay payment in any form by integrating a smart contract that automatically complete payment transactions whenever terms agreed upon by both parties of the contracts are satisfied, an ecosystem that offer transparency, speed, privacy and security for the freelancing economy, that is what the UMKA platform looks like. Currently , the atmosphere of the freelancing economy is polluted by middlemen that exploits freelancers of their income in form of commissions, delayed payment and also reduce the revenue of employer. The introduction of UMKA, a decentralized labor marketplace that will minimize transaction cost and increase transparency will proffer solution to this problem using blockchain technology. Blockchain is the underlying technology behind bitcoin and other cryptocurrencies.

FEATURES OF THE UMKA PLATFORM

UMKA is built on the new, fast and efficient EOS blockchain. To provide solution to the current problem of freelancing economy and achieve UMKA’s vision of a transparent labor marketplace. The following features will be incorporated into the ecosystem.

A Digital Passport containing user data: Each user on UMKA either a freelancer or employer has a digital passport containing his or her data, these data are stored on blockchain. The freelancer data consists of information such as qualifications , professional development and work experiences while an employers passport contains contractor feedback and the company’s profile. Passport information are accessible by other user of the UMKA platform. This will help employer in selecting the right freelancer for the right job.

A Transparent Rating System: To improve transparency, UMKA will use a statistical system that is free from fraud and feedback manipulation. Whenever a task is complete on UMKA, anonymous parties award scores on a scale of 1-5. Each rating scores acquired is accessible to all user of UMKA decentralized labor marketplace. This great idea of a transparent rating system will give employee and freelancers an opportunity to review and examine the credibility of each other before entering smart contracts.

A dynamic payment solution: unlike other projects on blockchain where transactions are usually being made with one cryptocurrency, there will be up to 20 cryptocurrencies accepted on UMKA platform. To access the unlimited opportunities on UMKA, user can create a personal wallet( UMKA wallet) and fund this personal wallet with either a credit card, PayPal or a cryptocurrency wallet.

A revenue sharing model: Holders of UMK token get a share in the distribution of the platforms revenue. Each users shares is determined by the amount of tokens being held in his/her wallet during the time of distribution. The UMKA fee is 1% of the amount of all safe transactions on the part of the Employer. This small fee establishes confidence within the system and makes the service absolutely free for Freelancers acting as a guarantor of integrity of Employers. Funds will be distributed between UMK token holders automatically (when the bank reaches $150,000 USD or its equivalent in another currency). Revenue received from tokens belonging to the managed fund will be used for the support and development of the UMKA’s platform.

AgileSC UMKA’s Own Smart Contract

Agile smart contract, a next generation smart contract will be integrated in the UMKA platform. Unlike traditional smart contracts Agile smart contract breaks transactions into bits and iterations instead of taking the whole contract as a single transaction. This gives the users on UMKA’s platform a rare opportunity of amending contracts by the agreement of both parties. With UMKA’s AgileSC, there will be a stage by stage monitoring of transactions, this will efficiently reduce conflicts and introduce more flexibility into smart contract. On UMKA platform a freelancer can request a modification based on work, time and budget. For example, there can be an amendment of the time parameter (pushing the deadline back) by the freelancer and if the employer confirms this action, the new amendment is integrated in the blockchain and must be effected upon attainment of the new deadline. This give flexibility and more efficiency when compared to traditional rigid smart contracts

Another marvelous feature of AgileSC is that freelancer and employer can decide to terminate their contracts at anytime during transaction without necessary needing to wait for contract to expire so far the terms of termination are agreed upon by both parties. Also if one party is not willing to terminate contracts. The developers of UMKA’s has incorporated sophisticated solutions to also cater for this situations in the Agile smart contract.

The UMK Token

UMK token will be built on etherum blockchain and issued according to the ERC-20 token standards. The UMK token is a security and investment token that gives it’s holder the right to pursue their investments interest.

Token sale and distribution information

Token name: UMK

Total supply: 180,000,000

Price/UMK : $0.1

Soft cap: $1,000,000

Hard cap: $10,000,000