Have you ever questioned yourself what would happen if you lose all your money and your job over a night?
Meet beepnow. A young and rising, futuristic company, consisted of 13 team members, who asked themselves the question mentioned above. The answer they found was rather disturbing, and it drove them to seek a rational solution to a rising problem.
In the Q4 of 2016, members of the Estonian company came to the conclusion that in today’s world, the demographic state of the population leads to a gradually increasing unemployment on a world scale. A tendency more apparent in some countries, than others. This phenomenon caused people to seek subsistence in many forms, including online freelancing and skill sharing, which, in turn, marked a boom in the freelancing platforms offering remote jobs to people with different levels of expertise.
“So far, so good” you would say. Indeed, but with the technological era knocking on the doors, some significant cracks started to appear as a result of these intermediary relationships between platforms, job seekers, and job offers. To be precise, 5 are the critical attributes, which beepnow managed to point out.
- Tampering with data.
Attacks, identity thefts, data manipulation.
- Frauds and SCAMs.
Sometimes clients don’t pay the freelancers for their services and products, or some freelancers don’t deliver their work on time (or at all)
- Favoritism of people and fake credibility.
Forged reviews and feedback and promotion of freelancers due to unfair preferential treatment.
- Significant transaction fees or unsafe payment methods.
Fees for intermediary’s services eating up a significant amount of the income or platforms not offering money protection guarantees.
- Lack of loyalty.
Users only visualized as assets, not incentivized for their work.
Rebelled against that injustice, the company began forging its’ future, determined to alter the course of the freelance industry for good and provide a skill sharing platform that will be ultimately safe and make transactions cheaper and more secure with relevant data in a decentralized database that cannot be manipulated. Beepnow went even further by including a revolutionary algorithm for ranking and reputation, which determines the reputation of the users, and according to that reputation they are systematically incentivized for their loyalty.
18 months after the initial stage, in April this year, the mobile platform was released in a beta version for iOS and the Android version announced for release in July.
The Difference: AI and 3rd Generation Blockchain Sustainability
What separates this mobile product, though, from others is the high tech that it is using. As it was already mentioned, all set goals require an entirely innovative approach towards this type of systems. Every member of the team shared his vision to form the final decision: achievement of a safer environment, by including Blockchain technologies to make immutable important information in beepnow ecosystem, such as rating and reviews. At the same time, to guarantee that parties will execute the promised services or delivery of goods, smart contracts were introduced to the system to regulate the transactions and automatically check if all criteria for a deal to be successfully closed are met.
Soon after, core members realized that this is launching the product way ahead of many others of its’ type, but still, they had a clear vision for the future. Including blockchain technologies was just the start, with expected millions of transactions per month and artificial intelligence involved, the team needs the system to be as fast as possible. That is why they have announced that Cardano blockchain is their future goal for better interoperability and scalability, but only after verification and positive feedback, plus some design tweaks.
These features only were more than enough for freelancers and investors to be attracted to the platform, but Alex Tsai, the CEO, took in charge the development of the artificial intelligence that will make this application top runner. The idea for the AI is to regulate the reputations of all users on beepnow, based not only on reviews after completed jobs but as a result of many
variables. They include a number of positive words in reviews, a total number of received stars, number of hires, the whole time of operation on the platform, as well as total amount of value earned or spent. The job of the neural network will be to calculate the reputation and display results in real time. Later, based on the results, users who managed to maintain their reputations excellently will be awarded.
And that is how the company plans to express its’ dedication to the product and its’ users.
From here on, only one thing has left for this company. Another great thing – its’ own cryptocurrency called “BEEP.” This currency will serve as an additional layer of security for all parties in a deal, but also will lower the costs for the usage of the platform. Beepnow plans to charge a small amount of fee from both parties, equally, and use this money to provide future developments and other campaigns. In this context, the members of the skill sharing platform project have shown another insightful thought by creating an auto trading system. This is a system that will automatically convert fiat money from a linked credit card into the mentioned cryptocurrency, used for the internal payments. With this feature, people will no longer have to open crypto wallets and be afraid that they might lose their money. What’s more, the application allows job seekers to put the desired amount of money and currency for a given job, but beepnow being international means that this would force people with different currencies to work together, however, with the presence of BEEPS such worries are pointless. Everyone will get what they want, and parties won’t have to bother with troubles around the conversion of fiat money into cryptocurrency – everything will be automated.
The company states that their intentions for the BEEPS are to increase their liquidity by implementing them in the payment process, which will lead to a rising price of one token. This will aid the company in its’ growth but also affect users positively because all bonuses for loyalty and high reputations will be paid in tokens, which can be afterward converted in fiat money or kept as is.
Foresee the Success
So far, the company has achieved half of their roadmap goals. People behind the project are working relentlessly to fulfill the full scope of the plan and make the change in the world, turning the unemployed people into happy freelancers. Beepnow team plans to make an official release at the end of Q3 of 2018 and makes predictions that by the end of 2021 the platform will be having a user database of 100 million users. It will generate a money circulation of nearly 4 billion US dollars, which would put their cryptocurrency at 3rd place right after Bitcoin and Ethereum, with an annual cash flow of 44 billion!
Assessing the risks that the company faces, the team has scheduled an ICO for August 2018. This is a golden opportunity for people, involved with the freelancing community or with promising investments. Beepnow has developed a project with a vast scope and expected returns in the near future, so if you aren’t afraid of becoming more prosperous, stay tuned for the ICO and participate with ETH!
Join beepnow Telegram channel for more information: beepnow Telegram
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.