In this article, we’ll discuss information about the WorkQuest project and WQT token
Job sourcing and job hunting are not simple tasks for both employees and employers. Many corporate and international companies face challenges when reaching out to identifying candidates for a job opening. Equally, candidates may find it challenging to identify a job that satisfies their skill set, especially when looking at a broader perspective, for example, international exposure. When looking at global development, one of the top priorities remains to create more high-quality job opportunities. Therefore, there is a need for a platform that addresses these concerns while at the same time promoting efficiency, credibility, and data integrity, and security.
Work Quest is an online job marketplace connecting potential employees to employers. Unlike many online job marketplaces, it is not limited to geographical reach, allowing for a connection between the two parties across the globe. The entire system is powered by blockchain’s smart contract to ensure outstanding transactional safety, functionality, and efficiency for both employers and employees. Due to globalization, businesses and organizations seek to develop an international presence, thus recruiting the best skill set despite their different geographical locations. The Work Quest platform, therefore, connects employers and employees across the globe based on decentralization principles.
Is it important to have a globalized labor market?
Over the years, the labor market is increasingly becoming globalized. Companies and organizations are breaking geographical boundaries. Many want to start new branches with skilled staff who is trusted during their expansion, especially within the management level. As such, the need to identify a globalized labor market becomes beneficial. The factors that have contributed to this globalization are also promoting company growth.
The migration of populations and business development in the world is pushing for globalization. Countries are opening up their boundaries and allowing international companies into their domain, and as such, individuals are traveling to seek employment. This aspect goes hand-in-hand with the rapid growth of global trade, forcing businesses to transact across geographical boundaries. Also, the development of global infrastructure makes it easier to enter different markets. Technological advancement also remains a crucial reason for the globalization of the labor market.
Challenges of the International Labor Market
There is a great challenge to distribute jobs and skills capabilities. Striking a balance between these two aspects can be challenging in areas where there is a workforce discrepancy. For instance, there might be gaps in the job market in first-world countries, and it is challenging for employers to recruit new workers to cover such a gap. In many countries, individuals seeking to enter their boundaries on a work permit may find it challenging to meet this objective as a single entity. However, it can be easier to travel and receive a work permit after employment confirmation through a legit organization.
It also becomes a concern for gauging the employee’s and worker’s code of conduct. Employers can look into employees’ experience, skills, ability, competencies, and the best evaluation methods. The lack of a trusted link between employers and employees hinders creating a reliable connection between these parties in the international labor market.
There is also a challenge in the management system whereby there is centralized management in the labor market whereby finances and all data are controlled under one umbrella. To some extent, there might be amendments and even adjustments in commission rates and some fees to be made, but on the other hand, the users may not be aware of the proposed changes. The result might erupt to disputes and hence disrupting the workforce. Changes reflecting on individual employees make it difficult to make the necessary organizational changes to accommodate not only best performers but the rest of the labor force.
Nevertheless, there are scarce ways or channels to air or even breakdown down information for the potential people who might be willing to secure vacancies in the professional labor market. Also, professionals may not be able to identify the right skill set or find it challenging to identify the existing trends in the labor market. Hence great opportunities end up not filled with qualified workers.
How Work Quest Conquers the Above Challenges
The above challenges are affecting both employees and employers across the globe. However, the Work Quest platform is designed to address such concerns by providing a single interface to connect employers and employees.
First, the platform allows a quick job search. This feature allows both parties to view possible suggestions of what they are looking to find within their requirements. Also, there is a dashboard that portrays real-time logging enabling an individual to place an employment smart-contract. The added advantage of a smart-contract is that it will automatically execute, control, and document all the relevant searches of the employer or employee legally while at the same time following the terms of the contract. Implementation of blockchain smart-contracts within the platform will eliminate mistrust issues.
A work net blockchain will store all data on transactions on the platform. That means that information will be easily obtained while at the same time retaining the aspect of integrity. The blockchain will also promote fast transactions, enabling users to analyze more data without any technical challenges, even though people will be using the same platform throughout the world simultaneously. The presence of affordable smart contracts based on a Proof of Stake (PoS) consensus mechanism will also help meet this objective and remain cheap on a transactional level.
Trusted ratings and review system enables users to identify the best employees to work with from building a positive portfolio. This system will allow all parties to rate employees they work with, and, therefore, the better the reviews organization or personnel has — the more appealing it is for other users. In turn, job seekers can easily and quickly identify competent and credible employers, while employers will easily and quickly identify the right staff.
WorkQuest will also have a DAO feature that will be called WorkQuest DAO. The DAO works as a decentralized entity that will be responsible for managing all the complex decisions and products within the WorkQuest Platform. The DAO will also have its token (WorkQuest Token). Holders of this special token can take part in making decisions within the Work quest Platform. They will manage the whole system and may incur profits or losses depending on the decisions they make.
Work Quest will also have an array of cool features aimed at its users. One of the notable ones being a P2P insurance fund. The fund is operated autonomously and managed so that if a contributor takes a policy and an insured accident befell them, they can apply to be compensated from the monthly savings they have made on the insurance fund as a pool. This is a hybrid model that combines traditional insurance with modern technology. There is no central authority that governs this fund. All members have to decide on the decisions that are made at the end of the year. The members can either choose to distribute the funds upon themselves or keep the funds for another year.
Another notable feature of the WorkQuest Platform is employees’ ability to set up a retirement savings plan. Smart contracts will govern this savings plan with deductions that will be done automatically from your account and put in an investment pool, thereby enabling you to earn interest at the end of every year. The savings product in the work quest platform is also worth mentioning. Once users on the WorkQuest platform have completed their assigned tasks, they will be paid using the native platform token-Work USD( WUSD). Users can opt to exchange these tokens for other cryptocurrencies or opt to save them up on the platform and earn an interest of 5% every year. Users of the WorkQuest platform can also earn rewards by providing liquidity on platforms such as Uniswap. That means that if you have the WUSD token, you can go to another site such as Uniswap and help settle buy or sell orders for the WUSD/ETH trading pair. Liquidity providers will be rewarded with more WUSD at the end of every month.
The Work Quest technical specification document explains what its project will address as well as the process the company will partake in to achieve the project’s goals and objectives. By understanding the technical specifications, individuals are directed to the work that will be accomplished. The Work Quest platform’s objective is to create an online job marketplace connecting employers and employees from any part of the world. The platform will be powered by blockchain’s smart contract.
In the Work Quest system blockchain physically exists in the form of database duplicates, which are stored on each of the full nodes as a master or as a validator. Due to the presence of a high number of reading requests to the blockchain which is similar to the blockchain replicas, Work Quest has organized the following structure.
Available services in the network.
N/B: Several identical services must come into play to prevent loss of data if a service may fail. The ideology is that no information should be lost during a process.
A sampling of data at the output of workshops is directed to the indexer, which in turn sorts, restructures, and finally indexes the data provided. Following this process, the data is stored in the man database (Master). The stored data is then replicated several times and place in deep storage (Deep).
Explorer users can make requests to search for different sorts of information on the blockchain. All the searches/requests go through a special balancer which then distributes the content and sends the ideal requests for reading from the Deep storage. It is as a result that data buffering occurs from the blockchain.
Also, the system comes with a writing information channel to the blockchain. The system uses a special Gateway API interface. This gateway is connected to the system nodes, desktop wallet the work of console, as well as wallet applications for mobile devices.
The structure of all the services is fully decentralized, users own seed-phase as well as private keys. Following corresponding transactions is the user signature after which they are sent to the network. The transactions are then processed and verified after which they are included in the block. Finally, they are written in a chain of blocks after validators reach a consensus following replication of each full node.
The Work Quest architecture features a special service Status. The available monitoring service tracks collects and provides general network parameters.
To enable desktop wallet applications, Work Quest used ElectronJS programming language. It plays the role of creating cross-platform desktop applications that are based on JavaScipt, CSS, as well as HTML.
Work Quest blockchain is developed based on Cosmos SDK. Cosmos SDK is a set of tools used to develop blockchain applications focused on addressing specific problems (tasks) to provide secure and reliable solutions. Such solutions include providing network communication between nodes that are involved in the formation of blocks. To achieve this, Cosmos SDK actively uses the Tendermint Core Library.
Work Net Blockchain is compatible with every blockchain present in the Cosmos Network as a result of building it on the Cosmos SDK. In this, in the event a node runs into a specified state followed by a duplication of the transaction, the results will always be the same despite the several sequences.
The added advantage for developers using the Cosmos SDK is that it allows for flexibility when determining the state of the application, state transition functions, as well as transaction types.
Overall, Tendermint is responsible for efficient relaying of blockchain changes so that each node on the network has a similar transaction log and blockchain state.
Tendermint refers to an advanced consensus solution that is based on the Byzantine Fault Tolerance (BFT), which guarantees the right operation of a computer network. This operation occurs as long as at least two-thirds of the network nodes that are involved in the block formation (validator) process work correctly.
Two main technical components comprise Tendermint. These components include the consensus mechanism engine and application interface.
The application interface for Wok Quest is termed Application Blockchain Interface (ABCI) is responsible for allowing transactions to be processed in any programming language. On the other hand, the consensus mechanism engine is called Tendermint Core and it is responsible for ensuring that all transactions are recorded in a similar order even when on different machines.
Work Quest will feature Multisignature (Multisig) addresses, which promote convenience during the allocation of funds or decision-making processes in the presence of independent participants. For example, for a shared wallet, funds can only be withdrawn if 80% or more of the participants agree to the transaction.
To promote its functionality, there are three types of transactions encoded: CreateMultisig, Create Transaction and Sign Transaction.
The Explorer unit assists Work Quest users to understand the functionality of a Work network as well as trace necessary information about transactions. Work Quest must ensure they can provide the required information despite a large amount of information available. Therefore, the platform organizes storage in a database that can satisfy a huge number of requests and in turn provide the required information for users.
How the process is organized:
Events are generated from state changes in the blockchain monitored by special services. These services analyze incoming information from transactions and blocks and then transfer this information to the Index. It is at the Index that data is sorted and indexed.
The searched data is written to the PostgreSQL database after which they are written to the master database (Master). For safety purposes, the information is then replicated on deep storage (DeepS). Through a Load Balancer, which is responsible for organizing load balancing, the DeepS database receives all requests from the Explorer. In the event a load increases, deepS databases will be added. Databases will provide information about events and states in the blockchain fast through indexing and partitioning.
Work Quest wallets are non-custodial (decentralized). Private keys, as well as seed phrases, are stored on the user side thus eradicating Work Quest’s ability to access them. The owners of wallets are fully responsible for the safety of private data and funds.
Private keys are generated based on the BIP39 standard.
Elliptical curve secp256k1
The Seed Phase consists of 24 words.
Blockchains feature unique address formats, which represent a sequence of letters and numbers in Latin. Being in Latin, many users cannot read them correctly. The Bech32 address is never more than 90 characters including:
N/B: All letters are presented in lower case. However, these letters may be converted into uppercase letters for generating QR codes.
A validator is a member of the Work network who plays the role of keeping a blockchain replica, provide transaction verification, blockchain formation, as well as participating in the consensus-building process.
The validator has voting power and the higher the stake of a validator, the more power they have. Also, the bigger the stake size, the more voice power and the more it produces blocks. In turn, the higher the received rewards. In the event the validator does not perform their duties efficiently, they get fined. These fines cause the loss of part of their stake.
Key validator responsibilities:
A delegator refers to a Work Net member who leases his funds to a validator. Leasing means that the transferred funds are simply blocked in the account of the delegator and until he unbinds his funds, he cannot dispose of them. This transfer process is called delegation which is the transfer of user rights and responsibilities.
Users refer to all the other members of the Work network. The platform sees each user as a potential delegator and/or validator.
Delegation refers to the process of binding user coins to the validator(s), which is performed using a special transaction Delegate. A delegator refers to the user who delegates coins. The delegated funds are blocked in the user’s account. However, they are not displayed in the user’s account balance. Though the balance is not displayed, the funds are displayed in the common validator stake. In turn, it increases its weight on other validators as well as the strength of the consensus mechanism voice. Therefore, a validator cannot gain access to the funds.
Validators are competitive and those with a large stake mostly participate in consensus-building with more rewards.
Work Net has an unbound operation for delegated coins. This operation will be initiated and sent to the network either by the user, automatically, software, or by a validator. When the user performs the process, the funds reflect immediately on the user’s balance. In the other cases, the funds will be available in 432,000 blocks (~ 30 days).
Keep in mind that validators are fined for poor quality or incorrect work. Therefore, the number of delegated coins is likely to decrease depending on the number of fines.
Rewards are credited every 120 blocks. The amount of the reward is dependent on different factors including the number of delegated coins, the number of validators, the total amount of stakes, the size of the basic block reward, and slashes imposed.
A block in the blockchain contains service information such as user transactions, validator signatures, WUSD issuance transactions, commissions, and the hash of the current and previous block.
Generation of blocks occurs every 5.5–6 seconds in Work Net blockchain. Each block contains 0–10,000 transactions with about 180 bytes each.
Depending on the emission model, it will determine the rewards of a block starting with fifty WUSD followed by a subsequent increase every 432,000 blocks (- 30 calendar days).
The block includes the following list of basic data types:
A block header comprises metadata about both the block and the consensus. Also, it includes data confirmation in the current and previous block as well as the result returned by the application.
A list of transactions comprises data, which arbitrary byte arrays.
Work Quest platform offers a decentralized process based on a smart contract, allowing real time platform access at the same time. Two participants can easily enter into a standardized agreement. This agreement will serve the purpose of acting as a guarantee of a safe transaction, considering that other parties cannot amend the contract once it was created. Both parties can instantly access contracts because they are all stored in a blockchain.
To promote transparency, Work Quest provides a fair rating system eliminating fraud cases or falsified information. Organizations and job seekers access track record before entering into a contract with the other party.
The payment option is simplified and done via the Work USD wallet (WUSD) using the Work Net smart contract. To start using the platform, users need to register and create a personal wallet. The mentioned wallet will refer to a desktop application that is compatible with Windows, macOS, and Linux, allowing affordable and fast transfers. To enable mobile transactions, users can use the Work USD Wallet Mobile, which is compatible with iOS and Android OS devices. That means that the platform is accessible from computers to mobile devices allowing individuals to carry out their searches even when they are on the go.
Work Quest platform has enhanced transparency and trust between employers and employees because companies can now verify the details and credentials of individuals before recruiting their workers. That means that companies will be able to get the best workers to suit their demands and job descriptions.
Ratings and Review System
Work Quest platform comes with outstanding ratings and reviews system to ensure that all participants are legit and reliable. Reviews and ratings help in breaking down and targeting messages to the millions of people seeking similar services. Hence, this will help company human resource management departments to come across professionals in varied fields seeking to be recruited.
Work quest has provided a bridge of trustworthy and progressive running since the employers have their own timely way of interviewing their employees. Both parties can make an agreement that will create trust and reliability between employer and employees.
It is the best method since it can break down communication as a whole and enable reaching different clients at employees’ and workers’ locations globally. In addition, this will boost the adoption of technology while at the same time minimize on the overall cost.
Smart contract based system
The smart contract specification will allow both parties to bind agreements because Work Quest platform operates on the Work Net blockchain. Work Quest features are the reason behind its future success. Firstly, the Work Quest platform increases the adoption of cryptocurrency across all industries, thus eliminating fiat currency limitations. Companies and organizations enjoy lower costs of recruiting employees. Keep in mind that it is free to register and create a company page.
Work Quest market reach is global, unlike many online job marketplaces specific to a geographical enclosure. Therefore, anyone can access the platform as long as they have internet access and compatible devices, as indicated above.
User data is protected through blockchain technology, ensuring that the platform has high-level personal data encryption. Considering that the search process is location-based, it takes a short time to match what an individual is looking for in the market.
The platform upholds matters concerning security as all profiles, be it employer or employee, must undergo the Know your Customer (KYC) procedure. All data stored in the blockchain and decentralized oracles.
We also wanted to integrate best practices of the current labor market such as retirement savings program, insurance disability fund and pension fund which were successfully serving humanity for a long time. However, as we are experts in the decentralized finance field, there is a good opportunity now to connect old school with the new school thanks to the democratization of finance technology which is happening right now.
• P2P insurance — protection from the inability to perform worker’s main occupation.
The core idea of P2P insurance is that a set of like-minded people with mutual interests group their protection policies, introducing a sense of control, trust, and transparency while at the same time reducing costs. They create a pool of funds same as in the practice of the first trade unions. Workers unite together, create pool of funds and decide themselves case by case to cover the disability of its member or not.
• Retirement Savings Program
After completing the quests, each worker can use the retirement accumulation program. He chooses a percentage of the sum of completed smart contracts, which will be automatically deposited to his savings account, bringing compounded interest on the retirement savings account. The perfect technology to use in this case is DAO which already showed itself effective in many similar fields by democratizing management processes.
• Work USD (WUSD) Savings Product
After completing the work, Work USD (WUSD) can be locked on deposit for passive income. Users can block their Work USD to earn approximately 5% annual profit at the start. Exact figures may be decided in Work Quest DAO by its participants.
• WQT Liquidity Mining Program
Work Quest liquidity incentives program. Users receive WQT for providing liquidity on automated market maker (AMM) platforms such as Uniswap.
Work Quest DAO refers to the decentralized autonomous organization responsible for maintaining and regulating the Work Quest platform. Work Quest DAO features two tokens to run its operations, namely, Work USD (WUSD) stablecoin and Work Quest Token (WQT) management token.
The organization seeks to deliver on its objective of creating a link between employers and potential employees run on the public blockchain. The platform is designed to ensure ease of use while at the same time upholding privacy, transparency, as well as data integrity. Navigating the platform is easy, allowing users to search according to urgency, region, and profession. The team behind the successful operations of the platform are the shareholders who have combined efforts to make the right decisions towards the organization’s success.
A better understanding of the platforms’ functionality requires an understanding of the Work Quest Decentralized Autonomous Organization (DAO).
The cryptocurrency market seeks to function distinctly without hierarchical management while upholding privacy and functionality fully at the same time. This concept aims to eliminate middlemen, which also plays a key role in minimizing the usage cost on a platform. This DAO features tokens as its internal property allowing the organization to spend and reward specified activities within the organization. In addition, users buying WQT receive voting rights, which influences the way the platform operates.
Work Quest DAO has provided a set of rules encoded on a smart contract to perform its functions. This DAO is not only responsible for maintaining the platform but also in the regulation of Work USD. WUSD is the platform’s stablecoin, which is a type of cryptocurrency. This stablecoin aims to keep its value as close as possible to the US dollar. To achieve this objective, WUSD functions under an automated system of smart contracts on the Ethereum blockchain. The smart contracts automatically execute, control, and store all the relevant events according to a specified agreement.
To promote functionality and transparency, the DAO remains fully autonomous and independent not just from outsiders but also from its creators. Another added advantage is that all financial information and transactions are recorded in the blockchain, making the platform incorruptible. Cases of fraud registered in many job search marketplaces are unheard of when using Work Quest. The platform’s participants are reviewed to provide reliable feedback before getting into a smart contract with a second party.
All the decisions on Work Quest regarding the available funds’ spendings will be made via reaching a consensus. Keep in mind that everyone who has a stake in Work Quest DAO has the power to suggest the organization’s future. Once suggestions are received, stakeholders can then vote on the suggested proposals. The final say goes to the majority vote.
It is easy to become part of the Work Quest DAO. It gets even more comfortable for users who have previous experience in buying cryptocurrencies such as Ether or Bitcoin. Another simple requirement is the ownership of a wallet. Purchasing the DAO is similar to buying shares of the Work Quest Company.
To become a shareholder, you can only purchase shares during the funding phase. This gesture means that you cannot simply purchase company tokens at any time. An individual must await the buying phase, which the company determines.
As a shareholder, you can make proposals in addition to voting for the proposed proposals. Depending on the number of tokens one purchases, it remains directly proportional to the voting power one obtains on the platform.
To help individuals decide whether they want to become a shareholder, the Work Quest DAO is completely transparent and comes with underlying codes that are always open-source. Therefore, shareholders have the opportunity to review the provided code to ensure that there are no mistakes or bugs.
In the DAO, each action, in this case, a vote, is represented by the Ethereum TX address considering that all votes will be made on the Ethereum blockchain.
Every user will have a token that will represent his or her shares on the DAO. These are the same tokens that shareholders use to vote in the DAO when seeking to make a decision. You can think of the Work Quest token as a Platform’s Governance Token. Those with more control and influence on the DAO have more tokens on their address.
The Work Quest DAO is regulated by a set of automated rules on a public blockchain to incentivize individuals to work towards a joint mission. In this case, Work Quest DAO’s mission is to promote a loose, transparent, open, and fully global labor market. Due to its transparency, anyone with an internet connection can verify the present members, their financial data, as well as the decisions made on the platform. This DAO organization is flexible due to its low entry barriers, making it easy for members to join.
Work Quest Token (WQT) serves as a management function as well as carries forth a business logic. DAO’s top management responsible for the decision-making process comprises all the Work Quest Token holders. Their role is to manage the system as well as participate in the platform’s development. The decision-making process may have positive or negative results. In the event a wrong decision is made, the management will incur losses.
To arrive at a decision, WQT holders vote for a suggested proposal or project. In addition, shareholders with a minimum of 100 Work Quest Token or a delegated WQT can suggest measures to improve the organization ecosystem. The actions vary from simple to complex actions depending on the need. These actions may include changing the current market model, adding of new platform features, or even changing the asset support factor.
Work Quest Token (WQT) has a total supply of 100 million. However, the available tokens for sale are 10 million, with the locked amount standing at 90 million. The unlocking process requires ninety percent of the total supply of the WQT.
Transactions through the platform are completed via the Work USD wallet. However, individuals need to register and create a personal wallet to start using the platform. After creating the wallet, the individual should recharge it.
The Work Quest platform has its wallet for carrying out transactions, whereas the Work USD wallet refers to a desktop application compatible with macOS, Windows, and Linux compatible operating systems. This payment system allows users on the platform to make fast and affordable transfers. On the other hand, Work USD Wallet Mobile refers to a mobile application compatible with iOS and Android operating system gadgets.
Work Quest Blockchain has Work USD (WUSD) as its cryptocurrency on the Work Net network. This currency is also used to calculate the remuneration between an employer and employee when concluding a smart contract. Therefore, it will facilitate payment for all types of transactions on the platform.
Funds withdrawal is affordable and straightforward. Using Work USD Stablecoin, users can easily and quickly transfer funds to another user on the platform. In addition, users can also choose to change their crypto in exchange for a different cryptocurrency as well as withdraw funds to their credit card.
Over time, the platform will better its project by developing new partnerships as cryptocurrency is gaining popularity globally. In the near future, it will be possible for users to directly make payments for available work products and services by using WUSD.
WorkQuest is now live on the Ethereum mainnet. The token address for WQT is 0x06677dc4fe12d3ba3c7ccfd0df8cd45e4d4095bf. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Connect Metamask wallet to Uniswap Decentralized Exchange and Buy WQT token
The top exchange for trading in WQT token is currently Uniswap (V2) and 1inch Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once WQT gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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🔺DISCLAIMER: The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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