UMKA: A Decentralized Labour Market

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UMKA: A Decentralized Labour Market

UMKA

Umka is an efficient project implementation and a team-building tool based on the blockchain technology which provides a comfortable space for cooperation between employers and contractors that offers a wide array of useful tools integrated into its system UMKA offers employers a selection from dozens of thousands of freelancers with the required competence levels recorded in their electronic passports. it provides freelancers with access to thousands of projects, vacancies, testing systems with a self-control function, and training programs from the world’s leading educational institutions. UMKA does not only offer a job search. It is a smart system that makes possible for employers to set the precise requirements for freelancers while freelancers are able to build competencies following the market trends.

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Umka Youtube Presentation

 


Monetization

UMKA takes a 1% commission from all transactions within the platform. It is the lowest commision on the freelance platform market to date. Funds, gathered this way will be distributed among UMK token holders.


Decentralization

The UMKA service is a decentralized user-managed system. It is based on Delegated Proof of Stake, a consensus algorithm of the blockchain.

The “UMKA Foundation” ensures the system’s operation and development. Agile Smart Contract containing participants’ data, transactions and terms thereof are recorded in the blockchain. It means that all transaction data is accessible to all service participants equally, however, the amendments can be introduced by a transacting Employer and a Freelancer only.


Personal Data Security

The user login is stored on the blockchain and accessible only with using a generated private key encrypted by the user’s password. This system denies access to the UMKA Wallet and its associated accounts to anyone except the user. Such security levels meet the up-to-date personal data encryption requirements.


Assets for fiat and cryptocurrencies

In order to simplify fiscal relations between users, UMKA introduces assets for cryptocurrencies and fiat currencies. An asset is essentially a token (or an equivalent) for a currency in the UMKA blockchain supported by the cryptocurrency balance on a user’s account in his/her transaction costs for users, since the flow of funds inside the platform will not be influenced by other blockchains’ or banks’ commissions. Assets are used for fast work of smart contracts and financial security guaranty for users.

The flow of funds is conducted via smart contracts which at the initial stage are going to work with assets of Bitcoin and Ethereum. Later on, 7 new cryptocurrencies and fiat assets will be introduced.


The following currencies operations will be possible1 in UMKA’s system:


UMKA Mobile Applications for Android and iOS

In Q3, 2018 an interface of UMKA mobile applications will have been developed for Android and iOS. Demo versions of these applications are available on iTunes and PlayMarket. Full capacity versions are scheduled for development and implementation in Q1, 2019.


UMKA Functionality

Rating system

UMKA uses a fair and transparent statistical system that ensures there is no rating fraud or falsified
feedback.

Scores from one to five are awarded by the parties anonymously following completion of the transaction only. The Employer cannot see the Freelancer’s feedback unless he/she posts his/ her own feedback and vice versa. Freelancers’ and Employers’ feedback is accessible to all registered users.

Be default, the order history in the profile also reflects some Agile Smart Contract data: what tasks, during what time and for what remuneration the Freelancer has completed. If desired, it is possible to conceal the cost of completed works and details of the tasks, but the feedback and scores cannot be concealed. This transparent rating system gives the parties an opportunity of a thorough review of each other’s track record before entering into a contract.

Payment

All transaction within the service are done via the internal Umka Wallet using smart contract assets. In order to start working with the service, users need to create a personal wallet and recharge it using a debit or credit card, PayPal or a cryptocurrency wallet.

UMKA takes a 1% commission from the transaction’s amount which is withheld from the employer’s
funds.

UMK Token

The UMK token guarantees participation in the distribution of the platform’s revenue. The token balance will be shown in the user’s wallet, and rewards will be accumulated proportional to the amount of tokens.

Fee

The UMKA fee is 1% of the amount of all safe transactions on the part of the Employer. This small fee establishes confidence within the system and makes the service absolutely free for Freelancers acting as a guarantor of integrity of Employers. Funds will be distributed between UMK token holders automatically (when the bank reaches $150,000 USD or its equivalent in another currency). Revenue received from tokens belonging to the managed fund will be used for the support and development of the platform.


Bonuses for the first investors

Bonuses – additional tokens that investors earn besides regular tokens if they have invested a certain amount of money


Decentralized labor market


Why Will the Freelance Market Grow?

1. The new generation’s psychology is changing the labor market

The generation born in the 1990s and the 2000s, i.e. those aged below 35, form the basis of contemporary freelance. Unlike the previous generations, millennials are looking for occupations which have a positive influence on the world or are exciting. They are enthusiastic users of social networks and connections in search for a permanent employment or a sideline job.

2. Contemporary people strive for freedom

Company employees increasingly opt for freedom and independence, flexible schedules and approaches
in the organization of their employment. Sideline employment turns into full-fledged projects for many of them generating a greater income than the main job, with freelancers offering more efficient and interesting solutions for employers. Thus, despite the stability of permanent office employment, many employees select a risky, but attractive strategy of freelancing with an entire responsibility for deliverables. This trend revitalizes the labor market competition, changes approaches to acquiring new knowledge and skills, and focuses the contractor on the final result, rather than work simulation.

3. Freelance changes approachesto the search for people and motivation

Owing to freelance development employers have gained access to professionals and skills that meet their requirements to a greater extent. Thus, employee self-development used to be impaired by lack of time, unsuitable conditions and opinions imposed by the management. Freelancer thinking is different from that of employees, who prefer traditional approaches to employment, and this has a corresponding impact on both their job involvement and motivation.

4. Freelance is becoming more profitable than traditional employment

According to a poll conducted by the US Freelancers Union and Upwork online exchange among over 7,000 working Americans13, 32% of those polled noted a growing demand for ­freelancer services and an increase in the volume of tasks performed. According to contractors, an additional load means higher wages. 43% of the respondents feel confident about the growth of their personal income. An overwhelming majority of 77% reported that their income is at or slightly over the level of income attainable in corporations by way of traditional employment. 36% of the respondents are thinking about opting for a full-fledged freelance career.

5. Freelance market infrastructure development

A new labor force with a great income in mind requires establishment and development of a special infrastructure. For instance, the US is witnessing an increasing number of online labor exchanges, co-working spaces, and freelancer teams and cooperatives. There are also acting support and social benefit groups like Freelancers Union. This is possible due to the fact that freelance as an employment mode has become more respected by employers and employees.


Token Issue and Allocation

UMK Token Description

The UMK token is an ERC20, token issued on the Ethereum blockchain.
UMK is a security and an investition token. It gives its owners the right to pursue their investment
interests.


Revenue from UMK tokens for investors

The revenue of the platform from transactions (1% of the total amount) will be distributed between all issued tokens. Token holders will be rewarded according to the following formula:



UMK token distribution

Tokens will be distributed as follows:

Funds allocation

During the token sale it is planned to gather funds in the following range:

Soft cap: $1,000,000
Hard cap: $10,000,000

Funds gathered in the process of the ICO will be allocated as follows:


Token sale dates

1 May 2018

closed presale of UMK tokens

1 June 2018 – 1 August 2018

public sale

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Media about UMKA

 



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Joherul Islam Johney
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