It is estimated that 35% of the global workforce - about 1.1 billion people - is self-employed, and thanks to the internet, a lot of them are offering digital goods and services. The best way for businesses to tap into this potential is via services marketplaces. Thanks to them, jobs are posted, work is done, payments are made, and everyone is satisfied.
These marketplaces provide the job boards, maintain reputation systems, handle escrows and mediate payments. For these services, they charge up to 20% of the reward as fees. With freelance income amounting to $1.2 trillion USD in the USA alone, that’s quite something.
This is why Black Hat Network is building a fully decentralized digital services marketplace, which leverages the power of the Elrond blockchain to automate things such as job management, escrows, and payments, to significantly reduce the fees to ~2%.
We’re excited to announce that their MVP (minimum viable product) is now live on the Elrond devnet. You can try it here: https://mvp.bh.network/
The team went a long way to build several smart contracts that handle job management and even purchasing xBHAT tokens with xEGLD. No sign-up is required; all you need to do is to log in with your Elrond account using Maiar, Ledger, or the web wallet.
“One of the most immediate and compelling use-cases for blockchain technology is the disintermediation of digital platforms that capture value by acting as a trusted third party. The Elrond blockchain is the high-performance layer of trust that the next billion people and businesses can benefit from, thanks to platforms such as the one built by the Black Hat Network team.” said Beniamin Mincu, Elrond Network CEO.
“We are building our digital services marketplace with an emphasis on the experience of our users, most of which have probably never dealt with blockchain before. Thanks to the Maiar app, our users will be able to get started with our platform and enjoy lower fees in a very intuitive manner” said Eddie Munteanu, Black Hat Network Co-Founder.
Make sure to try the Black Hat Network MVP running on the Elrond Devnet: https://mvp.bh.network/
Read more about it here: https://blackhatnetwork.medium.com/black-hat-network-mvp-tutorial-and-faqs-1fc61f49806
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Black Hat Network
Black Hat Network is the revolution of digital marketplaces. Our fully decentralized and community-driven platform leverages the efficiency of the Elrond blockchain to significantly lower fees and increase trust for services provided by more than 1 billion freelancers globally.