In excess of 700,000 person accounts from a freelancing web site are transferring on to the EOS blockchain.
Moonlighting, a marketplace for freelance industry experts launched in 2014, has taken on a $5 million expenditure from the FinLab EOS VC fund, a joint undertaking of FinLab AG and Block.just one. The investment will be employed to improve Moonlighting’s person foundation and to combine its present infrastructure with EOS.
“We have been checking out blockchain protocols considering the fact that the close of 2017 and decided on EOSIO thanks to its ability to scale transaction processing, retain small transaction expenses and allow ease of person account management,” Moonlighting CEO Jeff Tennery advised CoinDesk.
Stepping back, Block.just one lifted an believed $4 billion in a yearlong original coin featuring in 2018, employing those people cash to create the EOSIO application on which the EOS blockchain is operate. Block.just one also invested in funders who would assistance purposes meant to operate on the new blockchain, most famously in Mike Novogratz’s Galaxy Electronic. The FinLab EOS VC fund is a identical effort.
“We think that Moonlighting has the three key attributes you search for in a decentralized application: serious prospects, serious traction and a bona fide use scenario for blockchain technological know-how,” Paul Grotowski, COO of EOS VC, explained in a press launch.
Germany’s FinLab AG has been investing in economic technological know-how considering the fact that 2005. FinLab board member Stefan Schuetze explained in a launch that men and women at his business “believe they will be just one of the early winners to validate blockchain.”
Integrating with Website 3. technological know-how is a strategic change for Moonlighting.
“We made a decision that we want our users to be in a position to port their profile to any system and offer them a basic way to use their Moonlighting profile anywhere they chose to use it,” Tennery explained via electronic mail. “The gig economy is so fragmented, and our plan is to permit freelancers management the use of their profile and offer a one sign-on, aggregated gateway.”
Critically, however, the organization is not copying all of its knowledge to the blockchain in plain textual content. As a substitute, it’s securing the knowledge employing hashes that however rely on Moonlighting’s centralized databases to decrypt.
“The hashes on the blockchain gives audit-ability and validity to our freelancer profiles managed off-chain,” he explained.
This is critical for the reason that the organization plans to use this funding to boost its validation of profiles, for case in point by authenticating freelancers’ numerous coaching certifications.
“This funding facilitates employing our blockchain plans to be the Oracle of Profiles in the freelance economy.”
It’s not Moonlighting’s initially foray into crypto. The organization considered, but by no means conducted, an original coin featuring in mid-2018 to enable aid more quickly payments. “Too significantly scrutiny final 12 months,” Tannery advised CoinDesk. “Plus EOS VC most well-liked to commit in regular equity.”
Moonlighting co-founders photo (remaining to proper: Roy Slater, Ritesh Johar, Jeff Tennery) courtesy of the organization