On Sunday, December 19th, our Founder & CEO, Andrii Kotsur, has been answering various questions regarding WorkQuest during an AMA session in the MEXC telegram community.
Have you missed it? Don’t worry, we have prepared a summary of the AMA for you!
Q: Andrii, would you like to say hello and introduce yourself?
A: I have run a recruiting agency across Europe and have seen the difficulties of recruiting candidates around the world. So I came up with the idea of switching the global labor market to blockchain and smart contracts. The solution was to create a fully decentralized labor market that combines DeFi and recruitment. Previous experience in the field of IT project management helped to assemble a team of professionals who are actively working on WorkQuest.
Q: Now we will have some questions about your project. What is WorkQuest? Can you share with us more in detail?
A: WorkQuest is a global end-to-end jobs marketplace powered on smart contracts. Integrating DeFi and Recruitment.
WorkQuest is the online job Marketplace and decentralized Payment Provider connecting employers with employees anywhere in the world powered by Smart Contracts governed by a DAO.
The platform incentivizes employers and employees to deal honestly and prudently using its Rating System with all the feedback is stored in a blockchain. As the platform act as a facilitator of transactions between employer and the employee, different DeFi products are available for platform participants, such as Savings, Retirement, P2P Insurance & Lending. The project team building a decentralized job search platform or employer that has a reliable rating and feedback system and a cheap and fast payment system using $WUSD stablecoin.
Q: What triggers you to launch WorkQuest? What are some of the real-world problems/ pain points that WorkQuest aims to solve?
A: Let’s take a look at the main challenges people face in the labor market. This is a problem of trust and verification of candidates if we are talking about freelance work; also compliance with the specified working conditions, changes in job requirements, or changes in the declared remuneration for an employee during permanent employment.
During the quarantine period and the increase in the number of users in the field of online work, the number of frauds increased greatly, which further undermined the confidence between the parties before the conclusion of an agreement.
We completely understand all these problems and try to solve them by building the world’s decentralized job market on the blockchain using smart contracts. A system of ratings and reviews, as well as a completely open profile structure with the history of completed quests, should solve the problem of distrust.
The status of an employee’s or employer’s profile will change depending on the number of completed quests and the number of assessments received after their completion, as well as the completed KYC procedure, verified profiles in social networks, and other information provided.
The unchanged information of a quest that will be saved in the blockchain, ability to upload documents, photos, or videos describing the job requirements, a fixed amount of remuneration, and execution time should solve the problem of unexpected changes in the terms of a contract.
Additional geolocation marks and the system of matching profiles of both workers and employers should speed up the whole hiring process.
Low platform fees, as well as cheap and fast transactions via a stablecoin, will fix the issue of high hiring costs.
The developed WorkQuest wallet with savings of mnemonic phrases on the user’s side will guarantee the reliability of saving their funds.
Availability of a workplace from any device anywhere in the world will help solve the problem of market fragmentation and uneven workforce distribution.
The system of secure locking of funds until the end of the work period, and the system of disputes will help both parties to concentrate on the process of completing a quest without wasting time on hesitations.
Q: That is a very detailed explanation! What is the role of $WQT in WorkQuest? Would you tell us more about its tokenomics?
A: WorkQuest Token $WQT is a management token of WorkQuest DAO, only 100 tokens are enough to vote or delegate your vote.
$WQT is also used as collateral for the $WUSD stablecoin issue.
It can also be used for:
WorkQuest referral program to increase the platform user base.
Available for liquidity mining on ETH and BSC chains which has already been launched on the WorkQuest platform.
WorkQuest Paid Services — payment for advertising services on the WorkQuest platform, such as promoting an employee and employer profile or advertising a job offer.
Cross-chain bridge also launched on WorkQuest platform for swap between ETH and BSC networks. The ability to swap to the WorkNet chain will be available after launch.
Regarding tokenomics: WorkQuest conducted a successful IDO which took place on the ZeroSwap platform on April 5th. Total sales: 8.75M $WQT.
The total supply of tokens is 100M $WQT. The main funds of the project are locked and will be gradually unlocked over several years. Available supply approx. 20.5M $WQT now.
Q: Are there any exciting news or updates with regards to WorkQuest that you would like to share with the users?
A: Actually one month ago we made our first listing on CEX. We also count on the support of your community to get a listing on MEXС.
Soon, we are waiting for releases of test versions of the product on which we have been actively working for the last half a year:
- Launch of the first test version of the WorkQuest DAO
- WorkQuest is launching the first test version of the WorkNet Testnet
- Release of the test versions WorkQuest Wallets
We are also planning other product releases next year. You can find more information about this on our website in the RoadMap section: https://workquest.co/#Roadmap
New partnerships are also planned to expand the ecosystem of the project. Follow us so you don’t miss anything.
Q: If you were to summarize your project in ONE word, what would it be? Why?
We all can see how blockchain technology is transforming different industries of the economy. WorkQuest is designed to make a reliable and trusting relationship between employees and employers a part of our life.
Q: Does your project support staking programs? If yes, how is your stake system work what is the requirement for users, if they want to stake in your platform?
A: For now, you can provide liquidity to the WQT/BNB and WQT/ETH liquidity pools on the WorkQuest platform. To do this, you can visit our platform: https://app-ver1.workquest.co/mining
You can find more information on our Medium:
Q: How can I buy these tokens? Is it available on any exchange?
A: Now we are available on two DEX and one CEX.
You can buy in BitMart, Uniswap, and PancakeSwap.
$WQT smart contract address on Ethereum network:
$WQT Smart contract address on Binance Smart Chain:
Q: Do you have a whitepaper? If yes, please share it with us, and secondly, are you working to AUDIT your project, to make its security more secure and reliable?
A: You can check our WhitePaper and find answers to most of your questions regarding our project:
We also conduct audits on all of our products to ensure the safety of our users. The main ones are:
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