The COVID-19 pandemic has increased the possibilities of remote working. It is likely that remote working is going to be a trend in the future as well.
A few freelancing platforms have disadvantages like high fees, gatekeepers which include account verification, fake accounts exist in the platform, fake reputation scores are added, and unfair resolution policies are provided.
LaborX is here to change all of that and provide a hassle-free process of finding the best freelance opportunity for the users.
Let’s understand more about what is LaborX, how it works, is it secure, and much more.
What is LaborX?
LaborX is a decentralized on-demand implement platform based on the Ethereum blockchain and smart contracts. It connects customers with freelancers, while the users are protected by digital work agreements, escrowed payments, decentralized reputation systems, and a dispute resolution service in case of any disagreements.
LaborX platform aims to revolutionize the traditional freelance system by offering efficient blockchain transactions and robust protections through smart contracts. Anyone can post jobs, access on-demand implementation, and get paid in crypto without the need of any middlemen or any extra fees. LaborX creates a transparent and trustworthy freelance platform that fulfills customer expectations to the maximum.
How does it work?
Anyone can signup, browse opportunities, and organize work on the LaborX website. The platform uses Ethereum’s smart contracts to process digital work agreements, negotiates with the payments before the job starts and the freelancers are paid automatically once the task is completed.
The payments are done in crypto, so the users need not worry about the bank or payment processor fees. LaborX is integrated with TimeX, which is a cryptocurrency exchange to initiate easy currency conversion. LaborX also integrates with PaymentX, which offers crypto invoicing and payroll solutions to the website.
A reputation system in LaborX notifies which client and freelancers have been trustworthy and reliable in the past. In case of any inconveniences caused, a dispute resolution service ensures that any problem is dealt with fairly and transparently.
Let us have a look at the working steps of LaborX platform for its customers:
Step 1: A customer can sign-up by providing their basic details like the first name, last name, email address, and password.
Step 2: Later, the customer receives the activation mail to complete the signup process and be a member of the LaborX platform.
Step 3: Customer posts a job describing the task, deadline, and budget for the project. Then, waits for the freelancer to come in and apply for the opportunity.
Step 4: When there are multiple applications available for the task, the customer can select the most suitable candidate for the project.
Step 5: Agreeing to all the terms and conditions, the client and the freelancer sign an agreement.
Step 6: Once the freelancer completes the task, the customer reviews the work before closing the agreement.
Step 7: The freelancer will then be paid from the customer’s account.
Step 8: Customer leaves feedback on the work done by the freelancer so that it helps future customers in selecting a suitable candidate for their task.
The signup process for freelancers is similar to that of customer signup. Let’s have a look at how it works for freelancers:
Step 1: Once the freelancer becomes a member of the LaborX team, he will have an ample amount of opportunities available on the website. He can select the one which is the best suited for him.
Step 2: In just a few clicks the freelancer applies for a job.
Step 3: Agreeing to all the terms and conditions, the freelancer and the customer sign an agreement.
Step 4: After accepting the task, the freelancer can work anytime from anywhere, as long as he abides by the terms and conditions of the agreement.
Step 5: Once the freelancer completes the assigned task, he will be paid automatically from the client’s account.
Step 6: Freelancer leaves feedback about working with the customer. It helps future freelancers in choosing their clients appropriately.
Reputation: Users can find the best freelancers and clients through the safe, secure, and feedback system provided by the reputation module. LaborX keeps a record of previous experience and education, reviews, completed contracts, and much more. These variables appear according to their relevance and importance.
Digital Contract: The contract module allows the customers and freelancers to set the conditions of how they will work, their deadlines, and payment terms. The digital escrow of LaborX locks the funds when the agreement is signed and releases it once the task is been completed.
Dispute Service: If either of the sides disagrees with the quality of work, disputes occur. In such cases, users can apply for dispute service. The user can suggest a mediator or LaborX will provide one to them.
LaborX Advantages for Premium Accounts
If a user wants to upgrade their account to premium membership, he needs to signup and deposits 150 TIME tokens to his wallet. The users can buy TIME tokens from TimeX or Kucoin and deposit them into the account address available on the dashboard of the website. Let us dig deeper to understand the advantages:
- LaborX platform does not impose any charges on its clients, except that 5% is imposed on freelancers and 1% on customers after a contract is completed.
- The cashback services of the platform will offer 1% of the contract amount which is saved into the customer’s wallet after the completion of the contract.
- Referral bonuses are higher when compared to other platforms. Partners receive 50% of the fees paid by referred users and premium users receive 80%.
- The users can settle their disputes for lesser fees.
- Premium users stand out from the crowd to appear first during the hiring process.
With hassle-free process and commendable features, LaborX can be rated 4/5 at this moment.
For more details about the freelance platform visit LaborX.