The Work Quest platform has a smart contract called the WorkNet Smart Contract. This smart contract serves on the principles of an interactive approach to product creation and product development.
WorkNet smart contract is a new generation smart contract created by the WorkNet blockchain. It’s designed so that it allows for two network participants (potential employer and employee) to enter into a contractual agreement.
Moreover, the WorkNet smart contract is created so that it allows dividing a transaction into any number of milestones and iterations. This results in splitting the transactions into any three parameters.
Here are the THREE parameter splits mentioned:
- Time — this indicates when the deadline to complete and submit a given task or job is.
- Work — this refers to the task or the job the employer intends to assign the employee. This can also be described as what the employer needs to be done.
- Budget — this is the amount the employer keeps aside to pay for the work he intends to be done eventually. It’s also referred to as the cost work.
WorkNet smart contract allows for the agreement between the employer and the employee. The employer assigns some work to a skilled employee who they find on the Work Quest network.
By the time the employer does this, he already knows and has made plans to budget for the work. When he meets his potential employee who agrees with what’s indicated as the budget, a hash of the contract text is created in the contract and saved, which can only be set when it is made. Accordingly, if the employer changes at least one bit in the contract, the hash will not match.
The WorkNet smart contract acts as a guarantor in this situation of a safe transaction. Reason? Third parties aren’t able to amend an implemented smart contract. Besides, smart contracts, since they run on a decentralized ledger technology, are immutable.
This means that once a smart contract is written, it remains unchanged or correctable, not even by its author(s).
Something great about the WorkNet Smart Contract is its history is stored on the WorkNet blockchain, and it’s made accessible to any Work Quest participant.
You might be saying, “All this information about the WorkNet Smart Contract sounds pretty great, but…
How Does the WorkNet Smart Contract Work?”
WorkNet Smart Contracts and the Work Quest DAO are interconnected. These two Work Quest elements influence each other.
Suppose you don’t know what the Work Quest DAO is. In that case, it’s simply is an autonomous organization with no central authority and regulates all the performance of the Work Quest platform. In simple terms, the nodes (holders of the WQT cryptocurrency) are the decision-makers for the platform.
And here’s how the WorkNet Smart Contract works:
By dissecting the contents within the smart contract, you’ll find something known as Quest Insurance (QI). This insurance both cost 1% for the employer and the employee. When these two agree and are finalized, 1% will be deducted automatically from the employer’s money. The resulting gross total gets frozen until the employee completes the assigned work and presses the button indicating he’s done.
Afterward, the employer receives a notification showing him that the work (Quest) is done and, in turn, press a button indicating that the employee completed the Quest.
After all these, the frozen cash automatically gets credited to the employee’s wallet.
What if the employer has an issue or files a complaint?
When this happens, the funds are kept frozen until the time when the service representative will not make a decision.
What if the employee doesn’t complete the work within the required deadline?
If the employee doesn’t complete the entire work or goes beyond the deadline, for example, by 3 days, then he still didn’t complete the work. A solution for this is a service worker must propose a solution and get it confirmed by the two sides.
That’s basically how it all works.
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