Ethearnal

No limits. Just business. Peer to peer finance system.

Ethearnal is peer-to-peer (P2P) freelance system, in which em-ployers and freelancers meet, enter into trustless smart con-tracts with reputation and money in escrow, and take advantage of a decentralized system of moderators, if needed. We collide reputation and economic initiatives into one by tokenizing repu-tation and giving it value. Thus, all parties, moderators included, have strong and aligned initiatives to act honestly, since every-one has something of value at stake, as well as something to gain if the desired outcome is achieved.


“For Freelance/Gig work, the numbers for Europe are 8.9 million. Research also shows that India’s independent workforce is 15 million. With regard to the United States, the Freelance Union’s “53 million” report states that the number of freelaners in the U.S. stands at 53 million. This puts the total number of formally identified freelance workers globally in the region of 77 million. Because there is no other publicly-available data for other countries, this number reflects a percentage of the global freelancer workforce.”


Disputes in this kind of business arise more often than one would expect. Complicated projects or subjective ones, like designs, are often hard to agree on. Centralized sites provide arbitrage when there is a dispute, and that is the biggest added value. While centralized dispute solving is not ideal, and is often less than objective, it is what generates more business overall as compared to there being none at all. By providing peace of mind to both sides, they are more likely to engage.


Freelancers can create listings presenting their services and push them on thenetwork using a web client. On the backend, we use IPFS (interplanetary file system) to keep and distribute their listings on a peer-to-peer basis. No servers needed. They don’t have to keep their web client online; the offers just live in the cloud. Note: In the beginning, we might need to run our own nodes to boost that, while the network gains enough traction to take care of it on its own. Employers can search all of the listings from the same web client, or publish their own offers searchable by the freelancers. Note: There might be a need forinsignificant fees to publish a listing in order to prevent spamming the network. It will be negligible if using the system as intended, but it will add up to non-insignificant cost if spamming. If there is a need to implement that, all of the income will be distributed proportionally to the token holders


ETHEARNAL REPUTATION TOKENS (ERT)CAN BE EARNED IN TWO WAYS: 1) Directly buying them on the free market. That way, anyone can start right away and avoid the egg and chicken problem of new freelancers who need reputation to get contracts, but need contracts toget reputation. 2) Taking jobs on the network and being rewarded reputation tokens uponsuccessful completion. In both cases, the participants have invested valuable resources (e.g. time or money) to gain that reputation, so it is valuable to them, and thus, they have initiative to keep it. Even if they don’t appreciate their time, the reputation token has monetary value on the free market. The creator of the listing, being a gig or job offer, decides how much reputation stake to require for entering into a smart contract. So, he has the freedom to decide based on the overall contract value and his personal risk assessment.


If both parties agree on the successful execution, 99% of the contract value in escrow goes to the freelancer. The remaining 1% is used to buy rep tokens on the free market (automatically by a smart contract) at market prices, and distribute them equally to the employer and freelancer. This gives 0.5% of the value of the contract to each side in ERT tokens.

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