Interview with Gigtricks
We’are interviewing Amir Shaikh, Founder and CEO of the GigTricks project, on 21 July 2018.
Q1. Amir, you have been a regular attendee at our events, and now you are showcasing your own project. Your initial token offering is fast approaching… in just over a month from now. What would you say to potential investors? Why should they participate in the ITO?
There are many reasons why people should participate in the GigTricks Token Sale.
First of all, GigTricks’ vision behind introducing a blockchain-based freelance and on-demand ecosystem is sound and clear. People all over the globe are acknowledging the benefits and potential offered by the rapidly increasing gig industry, and yet it is failing. Why? Because the industry is full of scammers, unethical freelancers and fraudulent clients. Existing freelancing platforms charge 15-20% commission on gigs and have zero consideration for the needs of freelancers. However, I believe that the freelance and on-demand industry has the potential to end global recession, as people who fail to earn a living for themselves by getting into a white-collar job can also start earning even if they have a one small skill. So this is what we want to do! With GigTricks, we will introduce some basic standards in the gig industry, smart contracts and a decentralised system to open new opportunities for freelancers. Therefore, we invite people who wish to be part of ending the global recession to participate in our Token Sale.
Moreover, GigTricks will revolutionise the gig industry by introducing its ZERO$ customer acquisition model. Freelancers will be able to turn into entrepreneurs by starting their business without investing a single penny from their pockets. So, if you are a person who wishes to start his business, but struggling to do so because of lack of funds, then support GigTricks.
Last but not the least, people who wish to invest in crypto tokens to have a good return on their investments are also welcome to buy GBTC during the Token Sale. GBTC Tokens are on sale at a discounted rate during the Token Sale period. We recently closed the US$1.2 Million worth of deals and achieved 48% of our soft cap. If you wish to benefit from this golden opportunity too, then why don’t you hurry and buy GBTC tokens while the 50% discount tier is active? Our Pre-Sale of tokens is live till 30th July 2018.
Q2. There are quite a few platforms, both centralised and decentralised, dedicated to freelancing, micro-tasking and on-demand / gig economy – Upwork, Mechanical Turk, Storm. Why do you think we need a different solution and what is your edge over competition?
Yes, you are right, when we look at the platforms that allow freelancers to have an income, there is no shortage. However, no one really cares if freelancers working on these platforms are getting their deserved acknowledgment, have a say when a dispute arises or can create a sound career while working remotely. Well, most freelancers are not happy and feel like they are being wronged. Existing platforms charge 15-20% commission on each gig and the transaction fee is also high, the disputes are generally handled in a centralised way, geo-location information is accessible only by central authorities, and there is no way to tell if the skills freelancers are adding on their profile are legit or not.
GigTricks, a 360⁰ complete integrated decentralised freelance and on-demand system, will bring an ultimate revolution to the gig industry with the assistance of its five innovative platforms using the blockchain technology. Here are the key features that will offer the most benefit for the people who wish to create a career out of their passion against all odds and leaving their traditional eight-hour job:
- On GigTricks Pro users will be able to showcase their individual skills rating that will be verified by blockchain. Such individual skill rating is not available on any other freelancing platform. Moreover, freelancers will be able to put an equivalent rate against each skill that will cut down the communication required between the freelancer and the client.
- With the help of GigTricks PoS device, users will be able to complete orders for local clients too. Using the PoS device, the client will be able to make payment through any debit/credit card as well as any other crypto tokens that will be converted into GigBit token at the backend in real-time. Additionally, all records of offline orders will also be stored in the user’s GigTricks Pro profile. Local orders can also write reviews for you, and the score will be added to the user’s overall rating as well as skill rating. How amazing it will be to have an integrated profile for both offline and online orders! Let me give you a moment to ponder upon it.
- We all know how important it is for a freelancer to stay up-to-date with trending skills and acquire them to increase their earning opportunities. At GigTricks, freelancers will be able to acquire new and trending skills by getting access to courses at GigTricks Learning. Once a freelancer passes the course, based on the score, this new skill will be added to the Pro profile along with the rating.
- GigTricks dispute management system is one of a kind and completely decentralised to empower community members. Freelancers will have the ability to reject or accept reviews if they find any review unconstructive; they can also respond to the review to clear their position. However, the review and comments will be visible to all ecosystem participants. If a user feels that the posted review is unfair, then he can also raise a dispute amongst peers. In order to resolve the dispute, GigTricks will call top performing random user from either party to vote after hearing out both parties. The resolution will be passed in favour of the party that gets the most votes. The winning party voters will be incentivised with GigBit Tokens.
Q3. What are the advantages of having a blockchain solution, rather than just a centralised platform like, for example, Uber? And what is the role of smart contracts on your platform?
We are aiming to launch a new, open, decentralised series of interconnected platforms that are dedicated to the real-time management of any freelance and on-demand economy. Our goal is to establish the fundamentals of an ecosystem that will be accessible to everyone and with the highest degree of opportunities and functionalities. The blockchain will offer the technical consensus mechanism, which I discuss later, enabling data to be validated in less than 1 second, in certain scenarios. Because of the blockchain’s open standard, it will be possible to incorporate additional feature layers and modules to extend the platform’s functionalities and possibilities:
- Time limits
- Payment guarantees
- Legal limitations
- Instant purchase
- Seller payouts
- Audio and Video streaming
Some of the GigTricks’ decentralised functionalities include:
At GigTricks Social, the user posting the content and the viewer will get GBTC as an incentive by watching advertisements. In contrast, existing platforms keep all the benefits and earnings to themselves and also charge commission on the gig.
In contrast to the traditional freelancing platform, blockchain technology ensures that the transaction fee along with the rating will be minimal.
GigTricks was founded with the vision to help to alleviate the sufferings of people in the freelance economy. By using blockchain, the levels of transparency, trust, and security will be raised considerably. Since everything within the blockchain is immutable and decentralised, there is no way someone could tamper the process.
All review data will be stored on the Hyperledger blockchain, which makes it impossible to alter the data. This is unlike existing freelancing platforms, where buying and selling of reviews is common behaviour.
All disputes will be handled in a decentralised manner, that is, if a seller or a buyer raises a dispute amongst themselves, then top performing users from each party will be approached randomly to participate in the dispute resolution process. The resolution will be passed in favour of the party that gets majority votes. Voters favouring the winning party will also receive GBTC.
All skills will be verified on the blockchain and will have their specific rating, reflecting user’s expertise in a particular skill along with an overall profile rating.
Smart contracts will be utilised to process all monetary token transactions. Reviews on the GigTricks platforms will be saved on the Hyperledger Fabric blockchain and can be easily compared to the smart contract which will have all the attributes of a particular gig stored in it.
Q4. Your technical solution is rather complex – Hyperledger, Ethereum, Shapeshift, AI (machine learning and neural networks). Would you highlight some of the main elements of this solution?
Shapeshift is a technology that will be used by GigTricks to exchange between cryptocurrencies. For instance, if someone wishes to buy GBTC tokens using any other cryptocurrency such as Bitcoin or Ether, then Shapeshift will be used to convert the equivalent GBTC tokens into other currency. Similarly, if a user wants to pay for one-time purchase orders using currencies other than GBTC, then crypto tokens will be exchnaged for GigBit using third-party crypto token conversion services such as Shapeshift.
The GigBit token is based on the ERC20 standard and works on the Ethereum network. One of the main reasons for this is to facilitate its adoption by the community and the market.
We intend to have a double review filtration process, both automatic and manual. In the first step of the automatic review filtration process, the review will go through an initial screening to keep the ecosystem safe from malicious and scam users. For this purpose, neural networks and machine learning will be used. Machine learning is a great approach that will help us to identify scammers quickly by recognising the patterns and anomalies. Since GigTricks plans to score each review posted by the buyers, it becomes crucial that each of the reviews goes through an in-depth scrutiny to make sure the freelancers are scored and ranked properly for the services they offer, their professionalism and ethics. In order to do so, analysing the sentiment, mood and emotion behind every review becomes a necessity. Watson Tone Analyzer and Watson Natural Language Understanding will be used for this purpose.
GigTricks has chosen Hyperledger Fabric primarily because it allows to cut down on transaction fees. All transactions will be stored in the Hyperledger Fabric, enabling GigTricks to avoid the transaction fee on the Ethereum network. As an enterprise-grade blockchain, Hyperledger Fabric will also enable the ecosystem to store as well as share the data privately to the participating nodes over the blockchain. Since the Hyperledger Fabric technology is based on a permissioned blockchain, the information which is stored on the block cannot be accessed by the public, protecting personal data. Moreover, Hyperledger uses collaborative software development approach, which ensures the transparency, longevity, interoperability, and support required to bring blockchain technologies to mainstream commercial adoption.
Q5. How can individuals and businesses use your token – that is, what are the use cases?
We’re introducing a blockchain-based ecosystem in which all transactions and payments will be made in GigTricks’ native crypto utility token – the GigBit Token (GBTC). Since we are introducing a utility token, the token can only be used within our ecosystem. However, people other than freelancers and businessmen can also buy GBTC token to get a good ROI. Our tokens are expected to get listed on exchanges within 4 weeks after the Token Sale ends. At present, we are in negotiation with HitBTC to list GBTC.
Here are some use cases for the GBTC Token within the GigTricks ecosystem:
- The in-app transaction for unlocking products or services
- User subscriptions
- Community rewards
- Royalty payments
- Freelancer tipping (a fan can tip their favourite freelancers)
Amir, many thanks for the comprehensive review of your project. We wish you and your GigTricks team all the best with the project, and hoping to see you soon at other events!