LaborX: A Blockchain-Powered Solution To The Web3 Work Revolution

LaborX: A Blockchain-Powered Solution To The Web3 Work Revolution

As the blockchain space expands exponentially, the sector is providing its own answers to the problems of recruiting and employing suitable talent.

Demand for Web3 professionals is set to skyrocket, according to forecasts by Vantage Market Research. From a base of just under $3 billion in 2021, global Web3 blockchain market revenue is expected to top $23.3 billion by 2028 – an incredible growth rate of over 40% CAGR. As of right now, however, there are barely more than 18,000 developers involved in open-source crypto and Web3-based projects in the entire world, meaning the industry is poised for a dramatic surge in recruitment.

However, the recruitment sector has not yet caught up to the opportunities of the Web3 sector. Regular headhunting platforms have very little to offer, making embarking on a new career a needlessly difficult process. Until now, there have been no designated sites that are fit for purpose, where professionals can easily search and apply for the Web3 job of their dreams.

Thanks to LaborX, a Web3-focused jobs platform with over 100,000 registered users ready to work and be paid in crypto, all of that is about to change!

New ways to get paid

As interest in Web3 and blockchain technology has grown over the past few years and the multitude of benefits of being paid in digital assets becomes clearer, an increasing number of people have sought to receive their salary in crypto. As Elon Musk put it, ‘Cryptocurrency is a far better way to transfer value than pieces of paper. That's for sure.’

LaborX started out as a portal that catered to Web3 freelancers, with escrowed crypto payments and smart contract protections. Now, the platform is evolving to the next level by introducing a state-of-the-art full-time jobs module. This new functionality is just the start of a broader overall strategy to revolutionise the way that people get paid for their time and work worldwide.

Until recently, the only way employees could be compensated for their work was via payments made at discrete, defined intervals—for example, monthly, fortnightly, weekly, or (in the minority of cases) daily. With LaborX’s proprietary technology, though, crypto payments can be processed continuously, allowing workers to receive the funds owed to them on an up-to-the-minute basis!

This feature is nothing short of extraordinary. Few people offered the choice between discrete and continuous pay would choose to wait to receive their funds. This innovation is just one of many ways that blockchain levels the playing field, offering advantages for employees that TradFi cannot provide and helping retain great talent in your organisation.

What’s more, this opens the way for a new era in which employees can maximise their income through secondary services such as peer-to-peer lending, powered by smart contracts and crypto payments. Blockchain offers new ways to provide undercollateralised loans, freeing up untapped liquidity to be used more productively.

‘When the team behind LaborX was operating one of the biggest gaming guilds, with 20,000 people who were getting paid at least $5 a day at the peak, we figured out the secret behind achieving outstanding results,’ explains Sergey Sergienko, CEO of Chrono.Tech. ‘The trick is to allow users who do not currently need the funds to lend them out to those who do. Having an individual's reputation on the blockchain helps ensure these loans are repaid, and delinquency rates are kept to a minimum.’

How LaborX’s full-time service works

LaborX is a full-service Web3 talent acquisition platform. Companies and other employers can list one-time freelance opportunities and full-time positions, or purchase a fixed-price service offered by an expert. LaborX currently boasts over 100,000 service providers and over 2,000 registered employers.

Company representatives can already create an account on LaborX and search for suitable candidates, but the platform’s extended payment functionality is still a work in progress. In due course, the full-time payments module will offer two modes: Simplified and Advanced.

Simplified mode will somewhat resemble PaymentX, LaborX’s crypto payroll accounting software. Contractors and employees generate invoices and payments are settled twice a month. The only difference is that with full-time functionality, invoices will be generated automatically. Additionally, users will have the opportunity to set up a subscription, enabling smart contracts to withdraw money from the employer’s wallet and pay their invoices automatically, if they don't want to do it manually.

Advanced mode will use a smart contract between the employer and employee containing information on wages, payment dates, and other restrictions or conditions, if applicable. This will also grant access to further functionality that allows employers to ‘stream’ the salary in real-time: every second during work hours, a fraction of the salary is unlocked. This way, an employee will be able to claim their wages whenever they want.

Bonus vesting

Another exciting option is the token vesting system, inspired by Chrono.Tech’s own automated and highly efficient in-house practices. Many Web3 organisations offer payments in their platform’s native token as a bonus for time spent with the company. These are typically paid at intervals of several months. The vesting system allocates a pool of tokens that, like salary payments, are consistently distributed to a user’s claimable balance over time – providing further incentives for working with the organisation.

The Bottom Line

With the Web3 market on the brink of explosive growth, LaborX bridges the gap between talent and opportunity, offering over 100,000 (and counting) crypto-ready users a pioneering platform to secure their perfect role and live out their dream.

Through real-time payments and peer-to-peer lending via smart contracts, aimed at maximising the benefits for full-time workers, LaborX offers a transformative approach to compensation and collaboration. Its user-friendly but powerful interface provides a seamless experience for jobseekers and employers alike.

To get involved early and prepare for the next phase of the adoption cycle, head to now to register and accelerate your Web3 career!