By Carl Rogel Inocentes
Coinlancer, a cryptocurrency expected to benefit freelancers, has launched its 300-million initial coin offering. The ICO, which costs $0.25 per token and aims to raise a total of $50-million, will end on November 14, 2017.
According to Coinlancer advisor Sai Teja, freelancers will largely benefit from the new cryptocurrency given its low transaction rate only at 3 percent compared with the usual 10 to 20 percent service fee paid by freelancers to centralized hubs such as Upwork. The service fee is the fee deducted from the pay earned by the freelancer from the client once a project is completed. Coinlancer will operate on a blockchain technology which will allow direct transaction between the freelancer and the client, eliminating the need for a third party. It also means a secure and fast way of transacting.
“We are not going to liquidate it to any bank. Our users will only be using cryptocurrencies,” Teja said.
Coinlancer will also use escrow where the client will deposit the fund and will be held until the freelancer has completed the project. The fund will then be disbursed to the freelancer’s digital wallet once the client has approved the finished work. According to Teja, Coinlancer will set up an office in the Philippines once it gets many Filipino users.
“If we get many users in the Philippines, we will set up an office in Manila too,” according to Teja. Currently, Coinlancer is registered in the British Virgin Islands with its head office in Dubai.
The Coinlancer platform will accept more than 20 types of cryptocurrencies such as bitcoin, ethereum, litecoin, etc.