Bitpinas. New cryptocurrency Coinlancer aims to help Freelancers launches ICO this month up to November 14, 2017.
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Coinlancer‘s goal is to cut transaction rates down to 3% compared to the usual 10% – 20% from usual freelancing websites. They will also use an escrow service that lets the client deposit the payment after agreeing to terms, and then release the funds once the project is approved and finished by the freelancer.
The ICO started on October 14, 2017, and will end on November 15, 2017. Each CL (Coinlancer) costs $0.25 per coin and the target for the ICO is $50 million or 300 million coins. Coinlancer will do a platform launch on November 15, 2017. They will start CL distribution on November 22, 2017.
How will it help Freelancers in the Philippines?
Currently, Coinlancer claims that prominent freelancer websites charge 10% – 20% service fee. Coinlancer wishes to pull it down to 3% and make it faster and safer by putting it in escrow. This eliminates third-party mediator that can make the process of receiving the payment longer. It should be noted that sites like Upwork have an escrow service as well.
The payment scenario in freelancing websites is that when a client pays the freelancer, the website goes on and hold it for around five days for processing and clearing before the payment reaches freelancer’s bank. The said payment is then cut with service charges from the website, conversion fees, etc.
With CL going in the industry the cycle is faster. The client just releases the agreed funds, in CL, from their multi-signature escrow directly to the freelancer’s wallet minus the 3% rate.
Do I need a new Wallet?
No, a crypto wallet is automatically generated upon registration. In order to get CL, you will need to register in Coinlancer. As of this writing, the platform is still under wraps and will launch on November 15, 2017. You can sign up for their mailing list HERE in order to receive updates.
What do I do with CL?
You can convert your CL to fiat or other cryptocurrencies such as BTC, LTC, etc.
After the CL ICO, you can trade your CL in HitBTC and other exchange services afterwards.
Coinlancer looks to be an innovative project that can benefit freelancers and contractors if it gains a foothold in an industry dominated by the likes of Upwork and Freelancer.com. It aims to cut service charges down to 3% in a faster and safer experience by using multi-signature escrow. Freelancers with CL can then convert their CL into their own Fiat or convert it to other cryptocurrencies. After the ICO, CL holders can also do trade in HitBTC and as mentioned, other exchanges afterwards.
What do you think of the Coinlancer project? Will it be something that is beneficial for freelancers? Let us know in the comments below!