Stipend Whitepaper

Abstract

Nowadays, more and more companies are starting to hire people remotely for many
different reasons – it’s usually cheaper, easier and they have a bigger pool to pick great
talents from. However, the sites that are currently used aren’t using blockchain technology,
from which they could benefit enormously. We believe that the future lies in the blockchain,
and that Stipend will advance the vision of a decentralized platform for freelancers that will:
(1) enable anyone to post an offer, (2) allow for an individual to apply for an offer without
restrictions, and (3) automate the process of reviewing work through the use of a user
“rating” scheme.

Perhaps the main downfall of many sites currently operating in the market is the use
of incredibly high fees–some up to more than 20% percent before any payment processing
fee is included. If a freelancer wants to get paid via credit/debit card for example, the fees
are even higher because of additional anti-fraud checks that credit card companies have to
make. PayPal fees also cut deeply into any paycheck and bank transfer–the cheapest of
which can take up to a week to clear. Additionally, ensuring the work is done and the
payment is made to the right address takes time and might be hard for the person to settle it.
The entire process is inefficient and time consuming, limiting the scope and breadth of tasks
that bidders can outsource to our platform to find the perfect worker.

Stipend will therefore be a all-in-one platform for all kind of task added during project
lifetime. Instant payment as rewards, incentivized workers with coin reward schema
throughout the platform. Teams will be able to easily and efficiently disperse payments to
contributors who have fulfilled the requirements of any task using the coin they desire. Those
using SPD will have no fees charged, while using any other coin supported to pay the job will
be charged a small fee to be paid by the buyer. A verification process and reputation system
will be built in to verify that each task was successfully completed before payment is
dispersed, known as the “pre-user rating”.

Stipend Website
Stipend Whitepaper

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