The new token of Braintrust has been released on Ethereum mainnet, staying true to the description of “Decentralized Talent Network.”
The realities of being a freelancer include all sorts of hiccups expanding from difficulties of using a job network to find gigs all the way to the extremely competitive business, which for most is not always so promising.
Jackson having personally experienced the extreme difference in offers for the exact same job was reason enough for him to find an answer to this particular problem of high competition, the solution being in cryptocurrency. He emphasized the fact that this project has a logistical explanation and use unlike other fields of tens of such collaborations.
Director of Communication, Sam Katzen explained the logistics of the network which include freelancers applying for a spot and going through the vetting process which serves as a solution for not getting bombarded with unqualified individuals. Because high-profile and profit companies like Goldman Sachs, Nestle, and more are serving as clients there is no place for just anyone in this network.
Members of the network who do the vetting are being incentivized with a token reward system, so choosing high-quality applicants and following through, meaning finalizing the entire process of getting an invoice will bring them more BTRST tokens.
Various costs at different companies without any intermediary help or communication is incentive enough for employees to sometimes want to leave the company, costs ranging anywhere from 3% processing fees to 20% of their invoices going back to the network which may lead to extreme price inflation to cover actual paying rates.
Jackson praised the token-based system, explaining that it will not be driving employees to leave the company but on the contrary, it will be more reason for them to stay. However, he explained that the tokens aren’t applicable for purchases of any kind of service but only for incentive reward reasons.
Making a comparison to Upwork who does not side much with the employees but rather has a “the client is always right’’ stance and approach, Braintrust’s token, a derivative of DeFi Compound’s COMP token, will serve as a decision-maker in shifting pricing fees, deciding new market expansions and last but not least finding solutions if problems arise between clients and freelancers.
This is more than a mainnet launch. This is a movement!$BTRST has launched, and with it we're giving ownership and control back to the workers. It's the fair and equitable future of work, and it's time we own it.#BTRST #ownithttps://t.co/yfn9SzS1th
— Braintrust 🧠 (@usebraintrust) September 1, 2021
Franklin Bi, the Director of Pantera Capital’s Portfolio Department, struck a comparison between Audius overgrowing Spotify, the same as the Braintrust has been a legitimate competition to Fiverr, Upwork, and other platforms, mostly by giving credit to their employees and their expertise.
None the less Braintrust has received a very generous investment already of 18 million dollars.
Even with the network’s launch having been only a year ago, it has grown exponentially in sectors of job-posting, employees, and clients crossing over 30 million in invoices alone this year. The expansion was already noticeable when the network was not even on the mainnet but was simply running Ethereum Ropsten trial network. With a $92 per hour pay not much complaining will be heard.