Ethearnal is evolving the ICO - ICO 2.0

There’s a shift occurring in the world, and you have a chance to be at the head of the pack. For years now, the economic landscape has been changing.

The rise of Bitcoin and Blockchain technology is having an interesting side effect. It’s beginning to return the ‘Power to the People’ in ways that are only beginning to show. The news is mainly focused on the financial aspect, and the prospect of hiding your money somewhere no one but you can find it, but there is a much deeper change taking place. One such sector of the economy this can be seen in is with the rise of the “Gig Economy”

The giant, behemoth companies with vast payrolls of workers at every level are starting to disappear. Corporations look to profit and avoid various costs, while the worker scrapes by. This has given rise to the Freelancer and Gig society. Now composing 35% of the U.S. workforce, this trend shows no signs of slowing down.

As this movement grows, there needs to be a set of rules to help protect those involved. But we no longer need the “rulers” of old, or the corporations that dictate their wishes. Freelancers need to know that they will get the funds they were promised when they complete their work with some protection against wasted time and money, and employers need to know they are hiring a reputable freelancer that will deliver a quality product.

This is where the Eternal Reputation Token (ERT) comes in. Because when it comes to Freelancing, your reputation is everything. So it’s only fair that all parties involved put a little of their reputation on the line. And since it can be difficult to put a value on reputation, each contract requires an agreed stake of ERT tokens, along with the Ethereum payment in escrow, which will be returned to each party upon either successful completion of the contract or expiration of the agreed upon time limit.

This is how the process transpires when business goes as usual and both parties are happy, but what happens when the product is submitted and the parties do not agree that what was promised is what was delivered?

This is what makes the ERT token truly unique. It has a built in moderation structure that allows other token holders to participate in the process as well as earn more ERT. And to help prevent misdeeds from the moderators, they too must put up a portion of their ERT (up to 33% of the staked ERT in the contract) which they risk losing if they vote in the minority.

At every level, all participants have a proportionally equal stake involved, which helps promote fairness and honesty. This is what give the ERT Ecosystem it’s greatest value. A level playing field of honest freelancers and honest employers conducting business verified by contracts on the Ethereum Blockchain.

So that handles the interactions of the “buyers and sellers,” but what about the big corporation behind the scenes? Is this just another ICO where the project leaders and developers are collecting a bunch of money and pocketing half?

Ethearnal is serious when it comes to reputation being everything. That’s why they have developed what they call the ICO 2.0.

Once the funds are collected, all but 90% of the funds will be locked in a contract. The remaining 10% will be utilized by the team for production and expansion of the project. As they build and their funds get low, they petition the community, showing the work so far, and asking for an additional 10% for development. Once 51% of token holders have voted and agreed, the smart contract is triggered, and 10% more of the funds are released. If the majority of the 51% did not agree, the team will have to continue working without more funds until they gain the approval of the group.

If at any time the token holders feel that the project is not viable, they can issue a vote for refund via smart contract. Once 51% of the token holders vote, and 65% of those votes are for a refund, the stipulation in the smart contract triggers, and all remaining funds are issued to token holders addresses.

This level of detail has not been put into the other “freelance community” tokens out there, and that is what sets Ethearnal apart. The funds they will receive are locked away in the final 20% of the ICO smart contract, so the only way they will be able to access them is upon delivering a successful product that the community agrees on.

But ICO 2.0 goes one step further.

To prevent “whales” from dominating the space early all participants are capped at $1000 worth of ETH for the first hour of the ICO from any specific wallet address. This then increases by $1000 each subsequent hour, so starting the second hour investors can send up to $2000 in ETH during that hour. While individuals can find a work around by contributing from different wallets, each time they do they will be paying the transaction fees.

No system is perfect, but due to higher suggested transaction costs for ICO’s and not being able to immediately contribute large sums at ones, this will allow “smaller players” to get their sake in this prosperous economy from the beginning.

Ethearnal is not just another ICO or token. Ethearnal is a community of reputable freelancers and employers who value honest, straightforward business transactions. The biggest difference is that participating in this economy is an investment in itself. As more people catch on and participate, the value of the ERT token will rise. With each successfully executed contract, 1% of the fees are used to purchase ERT tokens on the open market and then split between the two parties of the contract. This increases the market value of the ERT token, and it rewards both parties for participation in the community.

Bitcoin and Blockchain technology arose during a time in our world where trust and transparency were at an all time low. The big systems and institutions that govern our world faltered, and have since continued on a slow decline.

People are now stepping in to take their place as rulers of their own lives and the ones who will decide their destinies. While there may be other freelance platforms out there, jumping on the blockchain bandwagon, only Ethearnal strives for the true meaning behind the movement.

No centralized owners, rulers, or decision makers. No fat pocket at the top collecting fees from every level of the community. The one small fee that exists within the entire ecosystem, the 1% charge on the ethereum exchanged, is immediately put back into the system and increasing overall value.

If you are ready to be active and take part in a peer-to-peer freelance system that is honest, reliable, and self-governed, all powered by the ethereum blockchain, join the Ethearnal Ecosystem and own a piece of something we can collectively call our own.