The future of the Self-Sovereign Web3 Economy is upon us, afforded by the recent 2 billion-fold increase in microchip memory capabilities.
It's precisely at this moment when the promise of blockchain technology is fully materializing. This promise is rapidly accelerating, with decentralized global platforms poised to allocate goods and services more efficiently. These platforms are faster, exponentially more reliable, transparent, secure, simpler, cost-effective, and democratic compared to the predominant centralized models of today.
A pivotal element in the acceleration of the Ethereum decentralized global platform is the Smart Contract. It is the vehicle that enables transactions to occur across jurisdictional boundaries; safely, securely, automatically, with obligations fulfilled by all parties.
Navigating Trust and Transactions in Web 2.0:
In the gig economy, the completion of transactions often hinges on trust. Individuals and businesses must rely on one another to fulfill obligations and protect sensitive data. However, existing trust mechanisms within the Web 2.0 paradigm are highly centralized, fraught with multiple points of failure, and prone to exposing personal data across various vulnerable venues. These mechanisms can be agonizingly slow, requiring days or even weeks to facilitate exchanges and settle payments.
For instance, the infamous 2013 cyberattack on the retail giant Target compromised 41 million customer payment card accounts, exposing Personally Identifiable Information.
Traditional gig economy payment methods also encounter their share of problems.
Platforms like Upwork and Fiverr often impose transaction percentages and processing fees on the talent, deducting 10-20% of the contract's value.
Additionally, wire transfer fees can vary from $25 to $50 USD.
International money transfers often experience delays, uncertainty, require manual tracking, and are susceptible to issues such as fraud, scams, incomplete work, and unnecessary involvement of intermediaries in the gig economy.
The Role of Selfient:
Empowering Trust and Efficiency
This is the precise juncture where Selfient steps in, with a mission to empower individuals and businesses engaged in peer-to-peer exchanges of goods or services within the gig economy.
Streamlining Smart Contract Creation:
Within the realm of Web3, crafting smart contracts has historically required a deep understanding of coding languages such as Solidity. Selfient addresses this challenge head-on with our Smart Engagement Agreement (SEA) Wizard, which seamlessly handles Solidity coding in the background, streamlining the process of contract creation and deployment.
Furthermore, our on-chain decentralized escrow is specifically engineered for effective contract management, mitigating risks associated with payments and contract terms while optimizing gas fees to ensure cost-effectiveness in every transaction within the gig economy.
Selfient in the Age of Web3 Disruption:
Web3 technology, coupled with the cryptocurrency monetary system, has emerged as a disruptive force, ushering in a wave of profound changes within the gig economy. Selfient stands as a beacon of support for gig workers and employers, addressing the specific challenges that persist in this evolving landscape.