The Work Quest Decentralized Autonomous Organization (DAO) platform uses two tokens to maintain and regulate the platform’s operations. These tokens include the Work USD (WUSD) stablecoin and the Work Quest Token (WQT) management token. Each token serves a unique purpose and role on the platform. Overall, the place for use includes paying for work in the Work Quest platform every time a smart contract is created between an employer and an employee; users can exchange Work Quest tokens for other cryptocurrencies and allow for withdrawal to a bank card in the Work Quest program.
Work USD (WUSD)
The Work USD is a stablecoin whose fundamental objective is to keep its value as close as to the US dollar with the help of an automated smart contracts system on the Work Net blockchain. WUSD offers employers and employees an instrument to guarantee the cost of work performed, making it simpler to pay salaries. When paying wages in WUSD, people do not rely on market conditions, be it appreciation or depreciation.
· WUSD Liquidity mining
Users will receive WUSD for liquidity mining, and the more liquidity a user provides, the higher his or her shares in the WUSD pool. The process entails providing liquidity on automated market maker (AMM) platforms. As a liquidity provider, you can receive a WUSD reward by participating in the seeding of WUSD, which provides liquidity to the WUSD/ETH. In the initial stage, about 23,000 WUSD will be distributed monthly.
· WUSD Savings plan
WUSD, when deposited, is used to provide a passive income, or you can use it to buy other tokens. After completing their work in the WUSD, users can save on the platform and earn a maximum of 5% annual profits in turn.
· Retirement savings
After completing tasks on the platform, users can sign up for the retirement accumulation program. The program allows users to choose a percentage of the total of completed smart contracts that will be automatically deposited to his or her savings account. Profits will be included and paid out in WUSD in the form of annual interest.
· P2P insurance
To protect users from the inability to perform their official duties, P2P insurance allows for financial pooling (WUSD) or sharing of losses. The users transfer contributions by forming an insurance fund which partly provides funds for insured events. Annually, the funds’ team will vote whether to leave the accumulated amount in the insurance fund or distribute the proceedings among the participants.
Work Quest insurance fund users have the right to vote, but it is not necessary that individual exercises this right. However, they can entrust another confidant to vote on their behalf. As a confidant who makes decisions, you will receive a reward in the form of WUSD from the entire fund team for your competence and time spent to carry out the entrusted action. This works best for users who have higher ratings. Higher ratings mean that more people on the platform can trust you, and in turn, you attract more rewards.
· Deposit and Withdrawal by bank card
The platform allows for deposit and withdrawal to a bank card in the Work Quest. After users receive pay through WUSD, they can withdraw to a bank card within the platform and perform other personal transactions. Fully verifiable WUSD transactions promote efficiency and reduce chances of corruption within organizations.
Work Quest Token (WQT)
The Work Quest token serves as a management token as those who hold it are the top management responsible for decision-making processes in the DAO. All WQT holders are responsible for managing and developing the system. The following are vital uses and functions of the WQT.
· Platform DAO management/Voting rights
The management function of the WQT allows WQT holders to vote before settling for a decision in the DAO. Users can vote for a critical aspect of the platform’s operations to enable the survival and functioning of all projects. Each WQT holder has the right to vote as well as create and suggest a new proposal. After making a suggestion, the idea is put on the table for all users to evaluate and provide their recommendations. The submission with the highest number of votes will automatically receive the status of “important,” thus influencing an entire project’s outcome.
Users with a minimum of 100 WQT have the right to suggest measures or actions to improve the Work Quest ecosystem. Such actions may include the addition of new platform features, methods of using an asset, altering the asset support factor, improving a business model, or changing different parameters on the platform. It is important to note that the more Work Quest Token tokens a holder uses during a voting process, the more he or she influences decision-making in the platform DAO.
· Referral program
The platform referral program seeks to expand its user base by allowing users to invite other individuals onto the platform. A reward is issued for every invitation in WQT.
· Paid services
Every time a smart contract is created between an employer and an employee, the provided services such as quest insurance can be paid for through WQT. In the event there is a dispute between the employer and employee, a decision is realized by employees of service. This service will be paid in WQT with a section of the payment going out to the employees who took part in resolving the disputes.
· Liquidity mining
The primary goal of an exchange or DAO platform is to be liquid, Work Quest seeks to reward users who bring capital to the platform. Liquidity providers supply assets to enable the execution of the trade. The platform users can then claim the fees, paid out in WQT, after taking their assets from a protocol.
· Reserve collateral fund
A huge number of cryptocurrency tokens are is withheld as a reserve for issuing a smaller number of stablecoins. The Work Quest platform may reserve $1000 worth of the token as a reserve for issuing about $500 worth of crypto-backed stablecoins that accommodates up to 50% of swings in Work Quest Token reserve. Therefore, it allows users to use a basket of crypto-assets as a reserve.
Thanks to the Work USD stablecoin, platform members can easily and quickly transfer funds among each other reliably and at affordable fees. All transaction payments in the Work Quest platform are completed via the Work USD wallet using the Work Net smart contract. The gradual acceptance of cryptocurrency across the globe will popularize the above concepts allowing Work Quest to make payment for all work completed through WUSD.
