ICO Launch Aims to Reinvent Freelancer & Gig Economies Blockchain Based Startup Challenges Status Quo
Los Angeles, CA. (January 29, 2018)- 3 billion people, or 39% of the world’s population does not have a bank account and are literally unable to offer their skills online in exchange for currency. This number includes nearly 16 Million people in the United States.
Launching in mid- 2018, blockchain powered startup, ALMBank, aims to change that. AlmBank will allow companies to pay through their blockchain platform in cryptocurrency for any work done, eliminating the need for users to convert to cash or conversely, to pay freelancer fees and more importantly, leveling the playing field for freelancers.
The brainchild of noted author ,Startup Fever: How Crowdfunding Will Rebuild the American Dream, Austin Muhs, ALMBank is it built on a barter system with instant transactions. Secondarily, ALMBank aims to help other blockchain and ICO startups build high level and functional teams, all while funding a charitable marketplace, the first of its kind in the world.
“ALMbank was created to finally solve the work/life balance conundrum of how do I balance life and work, while still earning a decent living.” said Austin Muhs.” “We think we have solved this problem by helping people build their work networks while also making a decent wage. ALMbank ultimately helps people help themselves and we are looking forward to reinventing the workplace marketplace niche’.”
It’s estimated that 57.3 million Americans and an additional 100 million people in the EU are currently freelancing and freelancers are expected to make up the majority of the US workforce within 10 years. However, the gig and freelancer economy is fraught with a number of risks. People may have great talents and skills but fail for any number of reasons — not having good business sense or poor marketing skills, for example. Many of the risks related to traditional job marketplaces include fraud, contract disputes, poor payment methods with high fees and issue regarding ownership of products and intellectual property. Blockchain offers a solution for all of these issues and may be the alternative to legislative initiatives that seem to be slow in coming.
ALMBank will solve these 3 pain points:
Better method of payment for both parties using cryptocurrencies
Smarter contracts between parties
Proof of work and protection of intellectual assets
AlmBank is also incorporating a charity aspect into their platform and is being designed as a way for people to help others, without needing anything other than sweat capital. Users will have the ability to pay in “sweat capital” for services. Through the patented upvoting system, ALMBank also incorporates a self-powered economic engine, creating a need for tasks and a need for someone to complete them for a fair price. The task machine is moderated, yet decentralized in terms of voting priority for charity tasks. Not only is ALMBank built on a barter system with instant transactions, but ALMBank helps ICO’s build high level and functional teams, all while funding a charitable marketplace, the first of its kind in the world. Tokens are redeemable for hours worked.
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