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UMKA: LABOUR MARKET BLOCKCHAIN TECHNOLOGY

TuvicJul 28, 2018, 7:41:38 PM

The UMKA is a decentralized user-managed system that is based in delegates proof of stake, a consensus algorithm of the blockchain. The UMKA as a foundation ensures the system’s operation and development. It has an Agile smart contract containing participants' data, transactions and terms thereof are recorded in the blockchain. This simply means that all transaction data is accessible to all service participants equally, but the amendments can be introduced by a transacting employer and a freelancer only.

THE PROBLEM THE UMKA AIM TO SOLVE AND THE SOLUTION

Before the introduction of UMKA, there is no guarantee or timely payment including proper work performance, there is also high commission fee. The commission fee in the other freelancer platform ranges between 2.7% and 20% of the transaction amount. Also before now, other freelancer platform does not offer teamwork opportunities. Also very important about this problem is the problem of centralization:, finance and regulation of the platform, fee and commission, including other system’s technical parameters can be changed even without the consent of the users.

To solve the attributed with centralization, the UMKA as a decentralized user-managed system will give reason for all data on transactions, ratings and key user data to be stored on the blockchain.

In the aspect of lack of guaranteed timely payment and proper work performance the UMKA aim to use an Agile Smart contract which will allows stage by stage payment and amendments agreed upon. The platform will also create a unique opportunity to bring freelancers together in a project teams, moderated by the employer. This will go a long way to solve the problem of freelancer platforms offering no teamwork opportunities.

UMKA BLOCKCHAIN TECHNOLOGY

The UMKA is based on a fast blockchain with inexpensive and flexible smart contracts (AgileSC) along with the delegated proof of stake consensus algorithm, powered by the development of Dan Larimer’s team. The UMKA network use the term “witness” which debited a block maker selected by the network. Instead of computation by mining, the witnesses computing capacities are used for the network’s benefit i.e they validate transaction and smart contracts. A witness needs an uninterrupted internet connection of at least 32Gb of random access memory at least a 100GB SSD and a 3GHZ 4-8 core processor or higher.

Agile Smart Contract

The Agile smart Contract ensures the possibility of amending each of the three parameters with consent of both parties. (The three parameters includes: Work, time and budget) if for example a freelancer request an amendment if the time parameter and an employer confirm the action, the new amendment is introduced in the blockchain and must be effected upon attainment of the recent deadline.

This will allows for supervision of stage-by-stage project progress, simplifying deadline monitoring, assists in disputes settlement without the third party involvement and automatically remits the remuneration to the freelancer if the employer is satisfied with the deliverable. The UMKA also have a mobile application for Android and iOSW, the demo version of the application is available on iTunes and play market with full version scheduled for development and implementation in the first quarter of 2019.

TOKEN SALE AND DISTRIBUTION

The UMK Token is an ERC20 compatible token which means that they are issued on the ethereum blockchain

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