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Redefining The Gig-Based Economy With Blockchain Technology And Cryptocurrencies

Blockchain

cryptodaily.co.uk 10 July 2022 15:15, UTC
  
Reading time: ~4 m

Just like the era of fractionalization has seen office sharing, ridesharing, and even apartment sharing arrive on the scene, it has also transformed work and employment opportunities, setting the stage for the gig economy. 

The gig economy is made up of short-term jobs, freelancing, and independent contracting. The economy that has sprung up around gigs over the last decade has experienced expansive momentum. The primary reason behind the gig-based culture's growth is its flexibility. 

With no fixed hours or schedules, gig-based work allows people to manage their time and work on their own terms. It also offers benefits such as an increased level of control over one’s career path, opportunities for creativity, and an increased work-life balance. It's not just millennials and GenZ who are joining the gig-based economy, but more and more people of all ages.

Commenting on how work is changing, Natalia Ameline, the mother of Ethereum co-founder Vitalik Buterin and founder of CryptoChicks, explains, "I really think that this gig economy that everybody is talking about is going to be a big thing. Younger people just want to do their own thing, they want to work independently, they want to travel, they don't want to have to be connected to any particular one entity. They want to be the owners of their time."

A freelance industry report provided by Upwork and the Freelancers Union underlines this point of view, highlighting that gig-economy workers spent a total of 1.07 billion hours per week freelancing before the pandemic. Moreover, according to Statista and Wonolo, more than half of America’s workforce (around 86.5 million) will engage in some form of gig-based work by 2027.

These numbers are growing at an astounding rate, primarily across countries with young and tech-savvy populations like Bangladesh, India, the Philippines, and several other developing economies.

Meanwhile, the expansion of blockchain technology into time fractionalization has unlocked new opportunities to transform this growing sector into one of the biggest drivers of the global economy. One such emerging platform that is spearheading the efforts to fuse the benefits of gig-based tasks with the inherent features of blockchain technology is Grand Time.

Crypto-Powered Gig Income

The Grand Time ecosystem is made up of several solutions, such as the Grand Crypto School, Grand Wallet, Grand Social Mining Platform, Grand DEX, Grand NFT Marketplace, Grand Community & Messenger, and most importantly, the Grand GIG Tasks Marketplace.

This fully community-driven platform offers a two-sided marketplace for simple tasks. The Grand GIG Tasks Marketplace has already processed over 800,000 gig tasks per month on its platform while growing its presence across 94 countries and counting. 

According to the Grand Time team, the platform opens the door for more than a billion impoverished individuals to amass an average income of 5 to $10 per day by performing simple tasks that don’t require any specific skills. The team has also clarified that highly active users, primarily those performing more than 100 tasks, earn a minimum of $100 daily. Some platform participants even generate upwards of $200 per day by working around the clock.

Since its launch in 2021, Grand Time’s Grand GIG Tasks Marketplace has witnessed promising growth and user acquisition without spending anything on marketing or promotions. That said, unlike the existing gig marketplaces that charge a commission for providing the infrastructure, Grand Time distributes a portion of its total revenue back to the community members.

The concept of Grand GIG Tasks Marketplace is simple: complete easy social media tasks (liking posts, adding comments, sharing, and related social activities) on Grand Time’s Social Mining Platform and earn the platform-native $GRAND token in exchange for the time spent. Gig workers can choose how much time they wish to spend completing the tasks. Accordingly, everyone is rewarded based on their contribution and dedication to completing gig-based assignments.

It is important to note that unlike gig-based marketplaces where you can only make a decent income if you have some valuable skill, Grand Time’s two-sided gig marketplace doesn’t require any specific skill sets to join. There is no need to invest in expensive hardware or add-on equipment to start earning on Grand Time. Users harboring a fundamental understanding of social media platforms can simply discover the gigs listed on the GIG Tasks Marketplace and complete them on the Grand Social Mining Platform.

The $GRAND tokens earned from gig completion can be employed in numerous ways across the Grand Time ecosystem. Additionally, users can even exchange the tokens for other cryptocurrencies using the Grand DEX and invest them in DeFi primitives to generate additional income.

With the ever-popular gig economy attracting new participants daily, fractionalization of time and tasks through blockchain technology will help ensure that ecosystem users can maximize their efforts while reasserting control over their time.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice


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