UMKA

Decentralized labor market

ABOUT UMKA

UMKA is more than just a decentralized labor market. It is an efficient project implementation and a team-building tool based on the blockchain technology.

UMKA is a comfortable space for cooperation between employers and contractors that offers a wide array of useful tools integrated into its system:

• digital passport contains user’s data. The data is stored on the blockchain. The digital passport contains all the information about about user’s skills and qualifications, his/her work experience and a possible list of courses completed within UMKA platform sources. The digital passport makes easier for employers to find freelancers with the required skill set;
• secure contracts using the unique AgileSC (Agile Smart Contracts) technology. Secure contracts are useful for making milestone payments as they make easier managing difficult long-term projects. In case of unforeseen situations, both parties can use UMKA Arbitration system to solve the issue;
• arbitration system is a system for resolving the disputes that arise on the platform. The Arbiter is another kind of UMKA system user, a disinterested party with a sufficient rating on the platform.
• project groups are for cooperation with groups of freelancers;
• GNMT — Google Neural Machine Translation integrated in UMKA’s chat engine to help users from different countries communicate freely;
• integrated online courses are a useful bonus for the users of the system that allows them to take online courses from world’s leading universities and learn new skills. The results are recorded in their digital passports;
• expert communities — communities and disputes that arise during the working process are moderated by the users of the platform. Users who have attained a certain rating can become Arbiters to participate in disputes, and also participate in the platform’s development by conveying the opinions of the masses.

One of UMKA’s goal is to form the expert communities and give them the best environment for work, education and personal development.

UMKA offers employers a selection from dozens of thousands of freelancers with the required competence levels recorded in their electronic passports.

UMKA provides freelancers with access to thousands of projects, vacancies, testing systems with a self-control function, and training programs from the world’s leading educational institutions.

UMKA does not only offer a job search. It is a smart system that makes possible for employers to set the precise requirements for freelancers while freelancers are able to build competences following the market trends.

The services of the educational institutions integrated into UMKA offer competence-raising opportunities of internationally certified online courses from the world’s leading universities. Once a course is completed, it is reflected in the electronic passports giving freelancers a competitive advantage in the search for jobs and projects.

Employers don’t need to limit themselves by one freelancer: UMKA allows setting up project teams with a group chat for all participants. An employer manages a project budget using AgileSC per arrangements made with each freelancer.

UMKA means financial safety for all users: all platform transactions use agile smart contracts based on blockchain technology. AgileSC offers an opportunity for stage-by-stage project payments and agreed-upon amendments while guaranteeing efficiency and convenience for all parties involved.

How UMKA Operates

• Assets for fiat and cryptocurrencies

In order to simplify fiscal relations between users, UMKA introduces assets for cryptocurrencies and fiat currencies. An asset is essentially a token (or an avatar) for a currency in the UMKA blockchain supported by the cryptocurrency balance on a user’s account in his/her UMKA wallet and the fiat balance on the account of the UMKA entity. Assets allow minimizing trans action costs for users, since the flow of funds inside the platform will not be influenced by other blockchains’ or banks’ commissions. Assets are used for fast work of smart contracts and financial security guaranty for users.

The flow of funds is conducted via smart contracts which at the initial stage are going to work with assets of Bitcoin and Ethereum. Later on, 7 new cryptocurrencies and fiat assets will be introduced.

The following currencies operations will be possible in UMKA’s system:

• Deposition and withdrawal of funds

Assets of any currency can be purchased at a 1:1 rate. For example, if a user deposits 1 BTC, he/she will receive a number of asset tokens equal to 1 BTC.

Assets can be withdrawn to an external wallet.

• Profile registration (Freelancer/Employer)

Freelancer User:

Employer User:

User Expert:

UMKA Functionality

• Rating system

UMKA uses a fair and transparent statistical system that ensures there is no rating fraud or falsified   feedback.

Scores from one to five are awarded by the parties anonymously following completion of the transaction only. The Employer cannot see the Freelancer’s feedback unless he/she posts his/her own feedback and vice versa. Freelancers’ and Employers’ feedback is accessible to all registered users.

Be default, the order history in the profile also reflects some Agile Smart Contract data: what tasks, during what time and for what remuneration the Freelancer has completed. If desired, it is possible to conceal the cost of completed works and details of the tasks, but the feedback and scores cannot be concealed. This transparent rating system gives the parties an opportunity of a thorough review of each other’s track record before entering into a contract.

• Payment

All transaction within the service are done via the internal Umka Wallet using smart contract as sets. In order to start working with the service, users need to create a personal wallet and recharge it using a debit or credit card, PayPal or a cryptocurrency wallet.

UMKA takes a 1% commission from the transaction's amount which is withheld from the employer's funds.

• UMK Token

The UMK token guarantees participation in the distribution of the platform’s revenue. The token balance will be shown in the user’s wallet, and rewards will be accumulated proportional to the amount of tokens.

• Fee

The UMKA fee is 1% of the amount of all safe transactions on the part of the Employer. This small fee establishes confidence within the system and makes the service absolutely free for Freelancers acting as a guarantor of integrity of Employers. Funds will be distributed between UMK token holders automatically (when the bank reaches $150,000 USD or its equivalent in another currency). Revenue received from tokens belonging to the managed fund will be used for the support and development of the platform.

• Integration with Third-Party Services

UMKA supports import of profile ratings from other platforms in search for remote employees: Upwork, Freelancer, and Fiverr. Following confirmation of authenticity of provided information, an UMKA profile displays the rating score in the profile of the platform integrated by the user thusallowing faster confidence building with UMKA users and consummation of the first transaction.

CV import

In order to raise the confidence level of Employers, UMKA enables CV and portfolio downloading in PDF format or information importing from a LinkedIn profile.

Social network profile import

Profiles can be filled in with the links to accounts in VK, Facebook and Instagram.

Educational program integration

The UMKA platform will be integrated with online training services. Courses can be paid for in UMKA currency at special prices offered to the users of the platform. Information about completed courses and professional development will be reflected in Freelancers’ electronic passports thereby making the profile more trustworthy in the eyes of employers.

• GNMT in UMKA’s chats

UMKA strives to remove all boundaries between its users. In order to make communication between freelancers easier, UMKA's chats have the Google Neural Machine Translation (GNMT) builtin. Since its launch in 2016 the service has been developing actively, and the translation’s quality gets better each day, thanks to the neural network learning mechanisms. Language pairs with the English language will be available for the users of the platform.

FEATURES

• Monetization

UMKA takes a 1% commission from all transactions within the platform. It is the lowest commision on the freelance platform market to date. Funds, gathered this way will be distributed among UMK token holders.

• Decentralization

The UMKA service is a decentralized user-managed system. It is based on Delegated Proof of Stake, a consensus algorithm of the blockchain.

The “UMKA Foundation” ensures the system’s operation and development. Agile Smart Contract containing participants’ data, transactions and terms thereof are recorded in the blockchain. It means that all transaction data is accessible to all service participants equally, however the amendments can be introduced by a transacting Employer and a Freelancer only.

• Personal Data Security

The user login is stored on the blockchain and accessible only with using a generated private key encrypted by the user’s password. This system denies access to the UMKA Wallet and its associated accounts to anyone except the user. Such security levels meet the up-to-date personal data encryption requirements.

Decentralized labor market

For Specialists:

• Attractive freelance job opportunities
• Payment guarantee
• Professional communities
• Digital passport
• Online courses in world’s leading educational institutions

For employers:

• Professional integrity of freelancers guaranteed
• Project groups [a way to coordinate the work of several freelancers]
• Search for freelancers made easy
• Agile smart contracts for secure deals
• Customized staff, freelancer’s databases

For Educational Institutions:

• Growth of demand for services
• Feedback from labor market
• Graduate employability
• Sharing experiences

Issues and Solutions

• ISSUE 1 : No guarantee

No payment guarantee and no guarantee of a proper fulfillment

SOLUTION : Agile Smart Contract

Agile Smart Contracts: smart contracts that allow for progress payments and introduction of changes to contracts (with the consent of both parties)

• ISSUE 2 : Centralization

Centralization which occurs when the bulk of funds and data accumulate in the hands of one person or group

SOLUTION : Decentralized system

Umka is a 100% decentralized system that is managed by its users. All information on deals, ratings and competencies of users is stored on the blockchain

• ISSUE 3 : High commissions

SOLUTION : 1% commission for transactions

The Platform takes a 1% commission for transactions.

• ISSUE 4 : HR issues

Freelancers don’t know which professions are currently in demand, clients are unable to find the specialists they require

SOLUTION : Supply meets demand

Clients their requirements to freelancers and educational institutions. Specialists are able to quickly acquire the required skills. Such acquisition will be confirmed by an entry in their digital passport

• ISSUE 5 : Slow and expensive

All current decentralized solutions are based on the slow and expensive Ethereum blockchain

SOLUTION : DPOS consensus mechanism

UMKA provides a blockchain with fast and cheap smart contracts based on the DPOS consensus mechanism (20,000 tps)

• ISSUE 6 : Language barrier

It is often difficult for users from different countries to cooperate due to the language barrier

SOLUTION : GNMT in UMKA's chats

In order to make communication between users easier, UMKA's chats have the Google neural machine translation built in. Translation quality gets better with each passing day thanks to the neural machine translation mechanisms. Language pairs with the English language will be available for the users of the platform

UMKA Blockchain

The decentralized application UMKA is based on a fast turing-complete blockchain with inexpensive and flexible smart contracts (AgileSC) along with the Byzantine fault-tolerant (BFT) Delegated Proof of Stake consensus algorithm, based on EOS.IO.

• Consensus Algorithm

Proof of Work (PoW) is one of the most popular consensus algorithms used in blockchain solutions. One of the main issues of PoW is its performance: computing requires robust hardware, the network does not scale well, and transaction confirmation takes a long time.

Proof of Stake (PoS) is a worthy alternative to PoW, since it has better performance. Yet, if enough funds are owned by a limited number of people, we face the threat of centralization.

Delegated Proof of Stake (DPoS) is based on PoS and introduces elements of participatory democracy. DPoS lets network participants elect trusted block makers called “Witnesses” who own high-performance hardware. In DPoS, it is possible to create blocks with an interval of 0.5 seconds and process more transactions in a unit of time. DPoS is also relatively fork-proof.

The BFT-DPoS algorithm adds the Byzantine fault tolerance (BFT) mechanic which helps detect malicious block creators and also decrease the interval for irreversible confirmation of transactions in a block to ≈1 second. This consensus algorithm is used in UMKA’s blockchain.

• Software implementation

The decentralized application works on the aforementioned blockchain which lets it run smoothly

using the system’s resources and, if needed, use more resources. The smart contracts are

written in the C++ programming language, which is a universal, convenient tool for the task.

• Transaction costs

There is no transaction cost in the sense it’s used in other blockchains. There are no “miners”, whose work has to be paid by users who want to make a transaction. In EOS, there are block makers, who are rewarded for their work by the network.

Mining

There is no mining as a computing process in a delegation network. Instead of the term “miner”, our network uses the term “witness” which denotes a block maker selected by the network. Instead of computation for the sake of computation, like in PoW, all Witnesses’ computing capacities are used for the network’s benefit: i.e., they validate transactions and smart contracts.

Witness services can be offered to the network by any user as soon as there are enough votes for candidacy – the user can generate blocks and get fees in UMK.

• Agile Smart Contract

Agile is a flexible methodology based on the principles of an interactive approach to product creation and development. An Agile Smart Contract (AgileSC) is a new generation smart contract that allows dividing a transaction into any number of milestones and iterations as well as for splitting them into three parameters:

Agile Smart Contract ensures the possibility of amending each of the three parameters with the consent of both parties. For example, if a freelancer requests an amendment of the Time parameter (pushing the deadline back) and an employer confirms this action, the new amendment is introduced in the blockchain and must be effected upon attainment of the new deadline.

AgileSC remains a guarantor of a safe transaction because the third party may not amend an implemented contract. The whole contract amendment history is stored in the blockchain and accessible to all users.

The system allows for the supervision of stage-by-stage project progress, simplifies order deadline monitoring, assists in disputes settlement without the third party involvement, and automatically remits the remuneration to the freelancer if the employer is satisfied with the deliverable.

Agile Smart Contracts with recommended iterations and milestones are generated for each type of project and service offered by UMKA freelancers. It makes easier for the users to operate the system: in most cases they just need to enter the budget to have such a contract approved. Operations with templates take into account the opinions of experts as well as the experienced professionals from various fields who have a clear understanding of how working with telecommuters should be organized.

UMKA Mobile Applications for Android and iOSw

As of now (Q3, 2018), an interface of UMKA mobile applications has been developed for Android and iOS. Demo versions of these applications are available on iTunes and PlayMarket. Full capacity versions are scheduled for development and implementation in Q1, 2019.

Token distribution

• 55% Sale

• 15% Bonuses

• 10% Team

• 10% Reserve

• 5% Bounty & airdrop

• 5% Advisors

Undistributed tokens will be controlled by the managing fund UMKA Foundation, they will also yield revenue in the form of a percentage from the platform’s revenue. They will be available for purchase by anyone at their market price.

Bonuses for investors

Bonuses are additional tokens given to the investor besides the purchased tokens as long as the

investor has purchased a certain minimal amount.

Investment distribution

• 45% Marketing

• 16% Research & development

• 12% Reserve fund

• 10% Community development

• 8% Expenses associated with the ICO

• 5% Remuneration for founders and team

• 4% Operating costs

In order to make fund allocation more transparent and clear to the members of UMKA platform,

investors and the community, UMKA’s team intends to regularly post reports on funds distribution on the platform’s website.

Roadmap

MORE INFO :

[WEBSITE] [WHITEPAPER] [TELEGRAM] [TWITTER] [FACEBOOK] [ANN THREAD]


Author : Kelampok ijo
[BTT Profile]