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Cryptotask

Introduction

They propose a decentralized task market based on blockchain technology that disrupts current freelancing systems. The basis is a consensus mechanism similar to that used in existing prediction market projects such as Augur and Gnosis, with some important differences and innovations that enable scalability, an issue plaguing most of the popular blockchain projects. One key innovation is a reviewer board selection mechanism built into the blockchain, including an escalation option that satisfies Nash equilibrium. The selection mechanism satisfies the condition of secrecy in order to discourage potential collusion and off-chain communication between reviewers by implementing a reporting mechanism. Voting is done in two stages, including a secret commit phase, to dissuade parties from using the waiting strategy.

Untapped freelancing market

The commercial potential is huge, with freelancers making up 35% of the workforce in the U.S. and contributing approximately 1 trillion USD to the economy. The decentralization that blockchain enables offers
multiple advantages: lower fees, no censorship, dispute process transparency, no financial limits, no arbitrary meddling from corporations or governments.

Overview

They introduce a blockchain-based task market system consisting of clients, freelancers and reviewers. Clients post job offers, freelancers apply for these and reviewers are stake-holders that put down a deposit, at least equal to the value of tasks they intend to be reviewers for, and define their area of expertise; in the case of a task dispute for which they were selected into the review panel, they are required to cast a vote on whether the task was completed or not. Reviewers will want to define their areas of expertise honestly, otherwise they risk losing in the consensus mechanism. Reviewers get a percentage of each task value even if no dispute process is initiated, and if a dispute is initiated, they get a larger percentage as compensation. Also, all TaskCoin holders get a small percentage as a dividend. In the simplest case, the client and the freelancer will agree on the job outcome.

Dispute process and reviewer panel selection

As the dispute mechanism is a critical system component, will go into greater detail.
At each block, each reviewer encrypts the last block hash with his private key, and if the last part is
smaller than his reviewer stake percentage, he knows that he is selected. The main idea here is that only
he knows that fact. That can later be proven to anyone without revealing the private key, simply by
giving the encrypted value, while anyone can encrypt it with the matching public key, thus checking
that the obtained number matches the original number, that is the original block hash. The reviewer
then proceeds to submit the vote hash, and then in the reveal phase he proves that he was selected and
reveals the vote. If there are more disputes, the starting part of the encrypted last block’s hash can be
divided into task ranges.

The task solution is submitted publicly, but the encryption mechanism can be added so that only the
client can see the solution and is revealed only in case of a dispute. The client generates a one time
public-private key pair and announces his one time public key that the freelancer uses to encrypt the
solution. In case of a dispute, the client reveals his one time private key.

Conclusion

They present a novel system that solves scalability issues present in current prediction markets and
freelancing systems, letting us target the commercial freelancing economy, offering a number of advantages such as lower fees, no censorship and other blockchain related advantages. Considering the size of the freelancing economy, the commercial potential is huge.

If you want more information, visit the WEBSITE and read the WHITEPAPER.

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