AltCoin Review: bitJob



bitJob: Decentralized Student Marketplace for Online Jobs



Introduction

Hey, people! Today I’m introducing a new cryptocurrency that has its ICO coming up soon. I’ve been analyzing the progress since 2016, and through the year it has shown great promise thus it’s an opportunity not to miss.
The aim of bitJob is to integrate cryptocurrency to the labor market of today composed of students, more specifically to the freelance community worldwide. This shift requires for the freelance community to be educated about blockchain technology first. Hence bitJob is striving to integrate blockchain technology with user interfaces and crowd funding. Once learned the technical aspects of blockchain technology, users will move from a centralized to a decentralized version of the client server architecture that is run through blockchain technology. This will allow users to use crypto currencies in daily payments hence significantly increasing the use of blockchain in the worldwide labor market.


Operational model

Initial investments to launch the bitJob platform will be coming from two different sources, one of which is crowd funding on the internet accepting flat currencies. The other investment source is through contributor campaigns where bitJob will issue tokens to be purchased by the general public via crypto currencies. The user interface platform is, however, built in the shape of an efficient freelancing platforms, where users are registered as either  ‘service providers’ or ‘service consumers’. Bidding on services will be set for participants to interact and form mutual agreements each other regarding the tasks. The financial mechanism of bitJob is built in such a way to ensure that the ‘service providers’ are always paid unless there exists a problem with their service. The revenue stream of bitJob arises from small fees charged from all users of the platform. For the initial phase, the bitJob platform has already launched partnerships with various student unions in Israel where students have built Dynamic Portfolio Resume (DPR) on the site which has been a demonstrating evidence of the abilities of the students, more reliable than LinkedIn helping students to secure jobs before graduation
Users can earn tokens on this platform not only by providing service but also by ‘minting’. This a process whereby rating ‘service providers’ on their tasks, helping register new members, running community forums will allow the users to gain STU tokens.


bitJob Student Token

To operate the freelancing platform, bitJob has created its own cryptocurrency named the bitJob Student Token (STU). Payment transactions among users reward to the crypto-investors and commission to the affiliates, all will be sent through using STU allowing smooth and complex transactions to take place. STU is based on Ethereum where 1 Ether may equal approximately 500 STU. Upon its ICO, bitJob will issue 200,000,000 coins to the digital market where the exact value of the coin will be determined on the ICO day.

Risks, Challenges and Opportunities

There are some risks that come with a great opportunity to integrate the freelancing world with cryptocurrencies. At first as a small number of the students and public in general own cryptocurrencies, adapting cryptocurrencies to a student owned marketplace might present a slow growth indication, however, upon the use of blockchain by the majority of the network, the use of STU upon bitJob will present several advantages. Secondly, there are some regulatory risks in the start, therefore to prevent these and secure investments the bitJob platform will not offer fiat-to-crypto and crypto-to-fiat conversions initially, preventing to establish itself as a legal currency exchange initially due to the higher costs. Thirdly, the fee structure might be alarming to the initial user as bitJob fees will be inversely proportional to the number of users on the platform. This means initially the transaction fees might be high but with user growth, bitJob will extract minimal fractions of payments.

Future Expansion

After its penetration in the student unions of North America, bitJob aims to form affiliations in India and China due to their large freelance communities and cheap labor costs. Through a new crowdfunding round and issuing tokens for each country, this could be accomplished within a year. With country-specific tokens, bitJob aims to reflect the pay levels, job values and smart contracts for each country allowing tokens to be specific to the customary consumer relationships there. Hence, the exchange of these country-specific tokens also presents a viable investment opportunity. bitJob aims to access the full potential of the P2P market using blockchain technology to serve the ever growing freelance communities worldwide.

Roadmap

For you all not to miss any upcoming opportunities regarding this coin, I have provided a small section on important dates regarding bitJob STU below

September 2017  -  bitJob STU Crowdfunding campaign
October 2017 - Disbursement and Exchange listings
November 2017 - Private Beta
Q1 2018 - Beta Public release



Further Information

I hope that I have satisfied your questions regarding bitJob through the information provided above. However, if you need further information or want to visualize bitJob's virtual presence, I have provided the links to all of the bitJob’s website, information accounts and social media platforms below

Website
Whitepaper
Slack
Facebook
Twitter
Telegram
BitcoinTalk ANN
BitcoinTalk Bounty

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AltCoin Reviews
AltCoin Review: bitJob AltCoin Review: bitJob Reviewed by AltCoins Reviews on September 03, 2017 Rating: 5

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