LaborX: PR framework/summary
What Is LaborX?
LaborX is a decentralised work platform that enables freelancers to connect with employers, organise work, and arrange payment using cryptocurrencies, all without requiring any middlemen. The service was launched in beta by Australian blockchain company Chrono.Tech in 2019.
LaborX uses digital work agreements based on smart contracts to avoid the problems inherent in traditional, centralised online freelancer portals. These typically charge high fees, do not serve users in certain jurisdictions or who do not have banking arrangements, and have dispute resolution processes that typically favour the employer, at the freelancer’s expense.
Freelancers can post fixed-price ‘gigs’ – popular off-the-peg services – for customers to browse and buy, or employers can post bespoke jobs for freelancers to apply for, if they need something specific. A decentralised reputation system provides protections for both LaborX’s freelancers and employers, giving them confidence in the honesty and competence of those they choose to work with. LaborX currently supports Ethereum mainnet, Polygon, and Binance Smart Chain.
LaborX In Numbers
Over the past two years, the coronavirus pandemic has accelerated the move towards working from home, and a growing number of people have sought part-time or freelance opportunities. Furthermore, interest in cryptocurrencies and earning digital assets has soared.
By offering a truly global and decentralised means of organising freelance work, LaborX has been a key beneficiary of these trends.
LaborX now boasts over 53,000 users, including more than 51,000 freelancers and 6,000 customers. (A user can be both a freelancer and a customer.)
LaborX’s Role In The Play-To-Earn Movement
LaborX’s expansion has been fuelled by the rise of the play-to-earn (P2E) sector. Blockchain games enable users to earn real value by playing their favourite titles, both in the form of in-game currencies and the NFTs that are used to represent characters, special items, and more.
While the right NFTs can give a player an edge over the competition and increase their earnings, they can be expensive, meaning they are out of reach of many gamers in low-income countries – exactly the areas in which play-to-earn has gained most traction.
P2E scholarships allow these gamers to borrow valuable NFTs, in return for a percentage of their daily income. LaborX has been integrated with CGU, one of the largest P2E guilds, as the means by which players access scholarships – driving significant growth for the platform.
Premium Status And The TIME Token
The TIME token is the native token of the Chrono.Tech ecosystem, which includes the TimeX exchange and AUDT stablecoin, as well as LaborX. TIME holders can lock their tokens in the TimeWarp staking contract to earn a share of ecosystem revenues. Locking tokens also gives users Premium status on LaborX.
A fee is charged on every completed job on LaborX, and is converted to TIME tokens on the open market. These tokens are distributed between LaborX freelancers, customers, and TIME stakers. Acquiring a higher Premium level increases the proportion of TIME paid to the user, as well as providing other benefits like priority listing in the search results.