Based on current economic trends, by 2020, freelancers, contract workers, and temporary workers will account for 43% of the workforce in the United States, equivalent to nearly 67 million workers. But less than half of workers receive benefits like health care, and less than a third receive retirement benefits. Everyone was very frustrated by this. According to the data, 72% of freelance workers believe they deserve these benefits.
We need a solution to handle this new, diverse and complex market. Thor Token is designed to bring significantly improved financial security and benefits to freelancers (independent contractors who fill the needs of on-demand companies in the freelance economy). Although the labor department is trying some simpler ways to bring all the freelancers together to create a health plan association. But we all believe there must be a better way than this.
This post outlines an innovative approach to how Thor Token can fix the freelance economy. By leveraging blockchain technology and a token economy, Thor's platform can provide freelancers with benefits traditionally reserved for full-time workers and employee unions. As the company grows, Thor will be able to offer discounted services to users of the freelance network and subsidize Thor's purchases. This will attract more freelancers to join and further expand the network.
Thor's platform will also provide freelancers with a one-stop network as a workflow management center. Freelancers will be able to assess which companies they can apply to and easily submit applications and related documents to interested companies. The hub lets freelancers know which on-demand company pays more and helps users optimize their workflow.
To fund the development of this platform, as well as future expansion of related services, Thor will issue 100 million tokens, allowing holders to participate in the process of optimizing tokens and purchasing goods on Thor's marketplace platform.
Thor will provide users with the ability to convert Thor tokens to fiat in near real-time. This allows freelancers to receive their full salary in Thor tokens and still maintain financial flexibility. Users can pay bills and pay for any transaction that requires fiat currency. The pragmatic integration of the crypto market with the traditional economy could allow us to expand the use of blockchain currencies to a global audience. Once feasible, Thor will move to a decentralized exchange like NEX and become another contender in the Thor market.
Long-term stability of the freelance economy requires freelancers to believe it can provide them with stable happiness and security. Beyond that, the near-term success of blockchain and cryptocurrencies will depend on innovators taking the technology beyond cryptocurrency enthusiasts and bringing it into everyday life. These two points are the purpose of Thor Token.
for freelancers
The emergence of the freelance economy
The liberal economy is the product of a modern labor market, characterized by short-term contracts and freelance work, rather than long-term work.
On-demand companies such as Uber and TaskRabbit are typical major companies operating in a liberal economy. These companies usually provide users with convenient services or goods through digital marketplaces (mobile devices).
8.7 million jobs (6.1% of all jobs) were lost due to the 2008 financial crisis. The freelance economy has expanded the U.S. workforce base. The combination of new technology and economic imperatives has given companies like Uber the opportunity to provide jobs for millions of Americans. By leveraging technology, on-demand companies can match those who need services with those who can.
The new economy soon overtook ride-sharing middlemen like Uber and Lyft, and vacation rental services like AirBnB. It began offering services ranging from house cleaning, sundry repairs, grocery delivery to dog walking, prescription drug delivery and more.
Freelancers now make up 34 percent of the U.S. workforce and are expected to make up 43 percent of the workforce by 2020.
Instacart is a 5-year-old startup based in San Francisco. The company was recently valued at $3.4 billion. It operates in 154 U.S. cities and employs hundreds of thousands of contract workers. In the U.S. alone, 100,000 couriers are dispatched and more than 2.5 million deliveries are made each month.
Customers around the world rely on these services every day and become an integral part of their lives. But that doesn't mean the freelancing economy isn't without its challenges, especially for the freelancers who push it forward.
Challenging the new economic status quo
Poor safety and quality of life for freelance workers
Everyone knows that the employment benefits of full-time employees are more than just their salary. The unit's health benefits, retirement benefits, sick leave and parental leave for them and their families clearly exceed their salaries. As a result, they appear to be at ease and safe in their daily lives.
Unfortunately, however, most freelancers do not meet these needs. Many people complain about falling wages, long hours, and a depressing work environment, and most freelancers think they deserve more. While the freelancing economy will certainly continue to be an important part of our lives and work, it must provide a better work experience for freelancers if the industry is to remain healthy.
Thor's mission is to provide a stable platform for contract workers to promote greater benefits in the freelance economy. Despite the Labor Department's efforts, hundreds of millions of freelancers still have no practical way to access these benefits. We believe that blockchain technology offers a unique opportunity to provide a much-needed benefit to this growing community.
On-demand provisioning companies are too expensive
In any other industry, attrition rates like on-demand companies are a big problem that must be addressed. Uber's internal data shows that 11% of registered drivers are out of work within a month, and about half of its models are out of service within a year. According to a Time magazine survey, half of companies that use independent contractors say they are more difficult to retain than traditional workers. Many contract workers view employment in the freelance economy as transitional, a transition between separation and reemployment. This shows that over a third of freelancers say they are not part of this economic system, why?
Not being convenient, fast, and cost-effective is an obvious dilemma for many in the freelancing economy. But many on-demand companies don't have the finances to offer some optimization. Uber's third-quarter 2017 results showed that 80% of the company's $9.7 billion in extreme operating income was used to pay for driver expenses, bonuses and driver discounts. Another 10% goes to insurance costs. That's 90% of quarterly revenue and doesn't take into account marketing, R&D and administrative expenses. On top of that, Uber and its stalwart rival Lyft spend a lot of money to support drivers. Lyft is offering drivers up to $1,250 in bonuses in some markets, and up to $500 in additional bonuses to referrals. Uber offers a similar package, with bonuses of up to $1,500 for drivers and an additional $500 for referrals. Depends on the needs of different markets. Other companies have similar needs and use various incentives to fill their positions.
Thor Tokens will provide these companies with some new incentives to help them better retain their workforces at virtually no additional cost.
Thor's solution
We believe that a combination of a blockchain-based network of freelance workstations and on-demand companies will solve many problems in the freelance system in an economically viable manner. In this section, we'll detail three key points of Thor's solution: (1) Ease of Earnings and Financial Security (2) Instant Payments (3) Freelance Networking
Easy access to benefits and financial freedom
A collective health care policy for contract workers will be a major part of Thor's solution to the economics of freelancing. Group health insurance plans are inherently more cost-effective than giving individual health insurance plans. They won't rely on freelancers to work with any specific on-demand company, but simply be part of the Thor Token network. As the price of Thor tokens grows with the growth of the network, freelance workers will have access to subsidies for these programs, further reducing the financial burden on contract workers.
Likewise, by partnering with Thor Token to pay contract workers in blockchain currency, on-demand companies will be able to provide these contract workers with convenient and cost-effective medical care without the contract workers paying additional fees to on-demand companies. Nor will it be credited to Thor's ledger. Only this can be guaranteed to bring steady new initiatives to hundreds of millions of workers and help businesses plagued by excessive spending. Partnering with Thor will allow on-demand companies to access cost-effective offers and ease the financial burden of offering them on their own, helping companies secure talent from competitors that haven't yet signed on with Thor.
instant payment
While large on-demand companies are able to offer instant payouts to their contract workers, there are still many that cannot - at least not until they partner with Thor Token. On-demand companies enable near-instant payment services by implementing NEO smart contracts to exchange U.S. dollars for Thor tokens on centralized exchanges such as GDAX or decentralized exchanges such as NEX. This will allow on-demand companies to gain more effective incentives for contract workers to meet high-demand hours. At the same time, these companies accept zero-cost salary processing. By partnering with Thor Token, small on-demand companies will be able to advertise instant payments for their contract workers without the expense of installing their own instant payment systems.
If freelancers sign up for Thor Token, then they can get their own salary quickly. Depending on the work they do, Thor's tokens will soon enter their Thor wallet. Freelancers can decide the percentage of their compensation in dollars and tokens. Thor will provide users with an account that allows them to quickly convert tokens to and from USD. Overall, this will help freelancers manage their finances (and reduce their needs for loans, etc.) more easily. It also optimizes the payment structure for contract workers using the freelance economy when money is tight.
Freelance Network
Thor's Freelance Network will be a one-stop workflow management and job application tool for freelancers. Users will have PC and mobile clients, be notified of high-income hours for various on-demand clients, and streamline their application process. Freelancers will also get job opportunities from many on-demand companies using Thor Tokens.
In addition to that, Thor's freelance network will enable on-demand companies to easily hire new contractors, streamlining the process and connecting them with qualified contractors in the network. New on-demand companies just need to sign up to pay their salaries in Thor tokens, and they will be widely exposed on the Thor user network.
The innovation of Thor tokens will allow freelancers to get greater financial flexibility, benefits and financial security. Contract workers using Thor Wallet will be able to participate in the contract worker community in their area to compare which areas offer higher wages, chat with colleagues, and get local news notifications.
become a collaborator
Our partnership strategy broadly includes two approaches: B2B partnership and B2C marketing. The two strategies reinforce each other.
Our direct approach is to partner with some of the companies in the freelance economy. The San Francisco Bay Area is home to countless startups, and we have direct ties to many of them. We can provide them with a zero cost salary payment system. Allow them to offer collective health care policies to contract workers. In exchange, we ask our partners to encourage their contractors to get paid in Thor tokens. In this way, we can give contractors more reasons to use our tokens.
The goals of working with these companies are to: (i) demonstrate the product and value to on-demand companies; and (ii) foster growth in the number of contract workers on the Thor platform. The more "success stories" that are developed with partners, the more credible the sales to larger companies will be.
We will do B2C marketing at the same time. This includes a cross-channel approach that includes:
â— SEO (Search Engine) optimization, reducing our SEM (Search Engine Marketing) cost.
â— Improve our SEO and SEM by posting relevant information about cryptocurrencies, payroll providers, healthcare options and retirement accounts through social media and our blog.
â— SEM on Google, Yahoo and Bing.
â— Programmatic advertising on platforms used by contract workers (eg: Linkedin, Facebook, Craigslist, Indeed.com, Monster.com, TaskRabbit, etc.).
â— Referral program to reward users who introduce new contract workers to the Thor Token platform.
The ultimate goal of our B2B and B2C strategy is to work with the largest partners such as Uber, Upwork, Lyft and TaskRabbit. Partnering with these companies requires more than just showing our core mission, but it can be done by showing the number of contract workers on our platform. If we already have 10,000 Uber drivers using Thor Token for healthcare, it will be much easier to work with a company like Uber.
token economy
Thor Token is excited to be the pioneer of the token economy system. Thor Token will demonstrate the ability of a token economy to bring together different groups of economic participants and derive value from shared purchasing power. These tokens will enable freelancers to participate in a shared ecosystem, use their concentrated purchasing power on discounted goods and services, and encourage retailers to compete for users on Thor’s marketplace.
As the Thor Token network grows, we expect the value of each token to increase as the token is used. Because they are constantly scarce in the limited pool of available supply. This increase in value will give our company enough resources to reinvest into Thor Marketplace's subsidized offerings, incentivizing more freelancers to join our platform.
Thor Token is able to manage cryptocurrency volatility by maintaining a pool of reserve tokens and offering a range of products directly to users. Connect the value of the token to the non-cryptocurrency market. We expect this will allow us to provide the Thor network with stabilization that many other currencies do not have.
Our vision is to transfer Thor Token to a decentralized exchange like NEX. At the same time, we will manage the Thor exchange to support the utility of the token to freelancers in our network.
By using the token economy and incorporating freelancers, we can provide the freelance economy with benefits that were previously reserved for full-time and employee union members.
Discounted service
Thor Token will be able to provide users with a wide range of discounted services and discounted products, including benefits such as health, home and auto insurance, as well as participating retailers' exclusive Thor promotions.
While the Labor Department is taking steps to help freelancers unite to create health plan associations, most contract workers and freelancers still don't have access to the health plans that big employers offer full-time workers. Thor Token will alleviate this barrier by allowing freelancers in our network to pool their purchasing power and access coverage that they would not otherwise be able to obtain as an individual consumer.
As the value of Thor Token grows, we will use the growing market cap to subsidize Thor products and benefits, reinvesting our capital in our network. This will make our network more attractive to freelancers who have not yet joined, maximizing our ability to attract new users, which in turn increases our ability to offer further subsidies.
We also encourage retailers to compete for the attention of Thor network users by offering discounts and promotions using the Thor VISA card. This allows retailers to gain visibility into a vast network of potential customers, while providing financial benefits to users and being part of that network.
Collectively, these discounted services will be an impetus for hundreds of millions of freelancers to join our network, while providing them with tangible benefits. We'll also help freelancers provide financial security they don't get in the current freelancing economy.
Why do blockchain
The process of recording and transferring data on the blockchain is transparent, secure and auditable. Since the blockchain is a distributed network, it is resistant to disruption. Blockchain makes data and organizations that utilize this technology transparent, democratic, decentralized, efficient and secure. Thor Token uses SHA256 encryption for all user information to ensure privacy and security. Resume's smart contracts on the blockchain platform allow for instant payments and are not susceptible to the breaches often encountered when accepting payments. Blockchain-backed currencies and smart contracts will be Thor Token's secret sauce for revolutionary economic innovation solutions.
According to a 2014 survey, one in two freelancers had trouble not getting paid that year. 71% of respondents have problems paying at some point in their careers. To make matters worse, they report an average annual loss of nearly $6,000. However, moving freelancers and contract workers onto a blockchain network alleviates most, if not all, of the payment problems.
In the traditional economy, companies own and control all employee data, payment history and reviews. They are also the gateway for employees to receive benefits such as health insurance and retirement plans. This model creates friction and challenges if comprehensive coverage from one job to another cannot be maintained.
In a blockchain-enabled smart economy, freelance workers own and control their employment history and reviews. They can maintain a single health insurance and retirement plan from one job to another. Because their status in the Thor Token network will remain the same, even if they work for a particular on-demand company.
Additionally, using blockchain technology, Thor Token can use the token economy to bring economic benefits to its users, offering discounted goods and services for using and holding Thor Tokens. Furthermore, the token economy would allow Thor tokens to manage the stability of the network, maintaining security for the users involved.
Why choose NEO?
Smart contracts are tools that record data and store blocks of information in the blockchain. Speed ​​becomes an issue as more and more companies try to store data on the blockchain. But a revolutionary platform like NEO circumvents this problem by allowing 10,000 transactions per second — all without transaction costs. This is a big reason why we chose to build Thor Token on the NEO platform rather than a competing platform like Ethereum. Thor Token will be one of the first U.S. companies to utilize the NEO platform, but it will almost certainly not be the last.
Below is a comparison of Ethereum and NEO, illustrating why we chose the NEO platform as the block underlying Thor Token
chain layer.
platform independence
The health of the Thor Token network does not depend on the health of any individual blockchain platform. While we believe that NEO is the best choice for the Thor Token blockchain platform at the moment, we will remain unpredictable and forward looking for the platform. This will allow Thor Token to adapt to any unforeseen changes in the coming years, or move to a more efficient or broader platform when the opportunity arises.
Freelancers and on-demand companies using Thor, as well as investors who choose Thor Token, know that Thor Token's long-term viability does not depend on any one blockchain platform.
build bridges
Using cryptocurrencies, blockchains have shown the potential to convert money into decentralized utility without the control of a large central banking system - a system whose rules are set by protocols acceptable to everyone, rather than exclusively set for the benefit of an individual.
With Thor, we're trying to build a bridge to the future. Blockchain currency can only replace fiat currency if it accepts enough transactions to meet the total economic needs of people. Likewise, companies will not be forced to accept these currencies until a large number of customers use them. By building Thor Token's massive user network, we hope to accelerate the move to a decentralized economy by making blockchain currency a bigger part of more people's lives. To quickly build and grow this user network, Thor Token will provide a centralized exchange mechanism that allows users to transfer tokens in and out as they see fit. Thor will carry out this exchange until a decentralized exchange can meet the needs of users.
We look forward to the day when Thor tokens are used in a fully decentralized manner. The Thor platform will ultimately provide a decentralized marketplace of services that companies and their employees are more than happy to use, all powered by Thor tokens.
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