Thursday May 27th
Staking Eligibility Cutoff:
Thursday May 27th, 5 AM UTC
Public Sale Token Price:
Allocation Round Open:
Thursday May 27th, 8 AM UTC
Public Sale (FCFS) Round Open:
Thursday May 27th, 1 PM UTC
Pancakeswap Listing Date/Time:
Thursday May 27th, Time TBA
Maximum Token Supply:
Tokens Available in BSCPAD Public Sale:
Circulating Supply at Listing:
Market Capitalization at Listing:
Public Sale Vesting Schedule:
100% at TGE, no vesting
Freela is a DeFi powered freelance work platform that is commission-free, P2P, and self-governing. Through the power of its unique architecture and features, Freela matches skilled freelancers to employers across the globe.
What problems does it solve?
Current freelance platform solutions are either too centralized, or too crypto-specific.
Centralized solutions currently account for over 99% of the 1.5 trillion dollar gig economy. This includes companies such as Fiverr, Upwork, Toptal and ZBJ.COM. While centralized services are familiar to users and quite popular, we believe their models have three major drawbacks:
- High Commissions — these services regularly charge 20% commission, sometimes even more depending on the situation. That means for every $5 a freelancer makes, they must pay $1 to the site. This ‘tax’ means that freelancers need to charge higher rates to reach their revenue targets.
- Gated Communities — becoming a freelancer or hiring one requires you to go through a lengthy sign up process and provide personal details. These details are stored on centralized servers, where they are susceptible to leaks and other risks.
- Poor Mediation — when there is a dispute between an employer and a freelancer, these sites have slow appeal processes and often lack mediators with the proper professional knowledge to pass judgement on any given topic.
- Decentralized solutions account of less than 1% of the addressable market. This group of solutions includes Cryptotask, Ethlance, and LaborX. These platforms have several drawbacks that are preventing them from being adopted by a wide user base. Many of these drawbacks are related to being too crypto-centric, for example:
- Only Crypto Listings — these services typically focus on jobs within the crypto space, limiting their appeal to a large majority of the population.
- Only Crypto Payments — since there is no integrated fiat gateway, these sites rely on all users to deposit cryptocurrency before making or accepting payments.
- Poor UI/UX — existing decentralized services do not ‘feel’ familiar and easy to use like their centralized counterparts, further hampering their ability to gain widespread traction.
How does Freela address these problems?
Three agent system
Freela’s basic structure involves three types of users: Freelancers (apply for and execute jobs), Employers (define jobs and set rewards), and Arbitrators (settle disputes). When 2 out of 3 of these users sign off on a job, the funds are paid to the Freelancer and the job is considered complete. Since arbitrators are neutral third parties and the arbitrator list is continuously maintained by the DAO, the system allows for high efficiency while remaining as far as possible to all parties.
Identity and reputation tier systems
Freela will be built on a reputation system that uses 4 factors to determine the tier of both employers and employees. These factors are:
Identity Verification — Users can use a combination of KYC, social media integration, and relevant official certifications to strengthen their identity score. Unlike centralized platforms, user data is stored in an encrypted and decentralized fashion using blockchain.
Arbitrator Involvement — Users start with a perfect score and this score decreases as a user is in interactions that must be taken to arbitration. This rewards employers and freelancers who are able to close deals without incident.
Job Rating — Similar to a feedback system, both employers and freelancers are given a rating out of 5 stars at the conclusion of a transaction
Tokens Staked — Users can stake FREL tokens to prove their vested interest in the success of the platform and increase their reputation
As users increase their reputation, they are given access to higher profile employers, higher profile talent, and faster access to arbitration.
Payment gateway integrations
By integrating payment gateways that are presented seamlessly in the Freela UI, users will be able to enter and exit the platform in fiat as well as cryptocurrency. This will give the platform a more ‘traditional’ feel that is more accessible to newcomers to the world of crypto and decentralized applications.
By incentivizing arbitrators and DAO participants through secondary means, employers and freelancers can complete direct P2P transactions. This means the 20% commissions normally paid by the freelancer to the platform on centralized solutions becomes a thing of the past.
Token liquidity pools
Pools of tokens locked in a smart contract are used to perform various functions. They are used to facilitate arbitrator rewards, provide frictionless liquidity for users interacting with payment gateways and incentivize token staking. Pool participants can earn APR yield for staking their tokens.
Mr. Mahadev Vasireddy is the CEO of Freela. He studied Computer Science at Penn State University and brings a diverse entrepreneurial background. He currently serves as the Vice-Chairman for the Vasireddy Venkatadri Institute of Technology (VVIT) and the associated VIVA School. In recent years, he has also served as the Global Ambassador of both VVIT and VIVA, playing a crucial role in establishing partnerships with Government and various MNCs including Google, Siemens and Coursera. Mr. Mahadev’s innovative thinking and knowledge about “Industry 4.0” led to the idea and inception of Freela, a Defi-powered, commission-free, P2P and self-governing DAO. He strongly believes Freela will become an industry leading solution by facilitating a win-win platform for both employers and employees by connecting “the right person to the right job for the right pay at no extra cost”.
Mr. Suryadevara is a triple postgraduate by qualification who began his career working for the governmental organization MECL (Mineral Exploration Corporation Ltd.). He then moved on to Social Computers as a financial coordinator overseeing over 250 schools. In 2007, he took over the responsibility as the Secretary of Education for the Vasireddy Venkatadri Institute of Technology.
Dr. Lakshmi Tripirneni holds a Phd in Computer Science and is a renowned influencer in areas of Information Technology, Education, Skill Development, Entrepreneurship & Innovation Sectors. She was awarded with CSI — Nihilent e-Governance award, Woman of the Year 2006 by India Today for her IT contributions in Rural India. With over 28 years of experience, Dr. Lakshmi is a pioneer in Digital Transformation at Scale. She played a vital role in launching First Internet Village in India in 2004. Later, Dr. Lakshmi was instrumental in designing & delivering deduplication solutions for Aadhaar — the National ID of India. She has also worked with international organizations such as the United Nations World Food Program.
Siva Prasad Pinnamaneni holds a Masters Degree in Computer Science and Engineering from JNTUK and has been in the Tech World for 15 years. Excited by Blockchain Technology, he published two research papers and is currently pursuing a Ph.D in the field. He is leaning towards applying Deep Learning Algorithms in the area of Blockchain. He joined Freela in 2020 as CTO to help turn the company’s vision into a reality.
Important details about participation on BSCPad:
BSCPad uses a tiered model that requires users to stake at least 1000 $BSCPAD tokens to participate. For full details, review the landing page of our website at https://bscpad.com/.
Users must complete KYC verification before participating on BSCPad. For full details on completing this process, read our explainer article linked below. We have also included a list of restricted regions for easy reference.
Restricted Region List: Botswana, Cambodia, Central African Republic, Democratic People’s Republic of Korea, Republic of Seychelles, Ethiopia, Ghana, Iran, Iraq, Libya, Somalia, South Sudan, Sri Lanka, Syria, Sudan, Thailand, Trinidad and Tobago, Tunisia, Venezuela, Yemen, and the United States of America (herein “Prohibited Jurisdictions”)
Bronze and Silver tier members must complete additional social media engagement tasks in order to be whitelisted for each IDO. The requirements for this specific IDO are listed below:
Whitelist Requirements for Bronze and Silver Members:
1. Join the #FREELA Telegram: https://t.me/FreelaOfficial
2. Follow #FREELA on Twitter: https://twitter.com/freela_official
3. Follow #BSCPAD on Twitter: https://twitter.com/BSCPad
4. Put out a tweet (originating directly from your account) containing the #BSCPAD & #FREELA hashtags and share the link in the whitelist.
5. Follow the steps inside the white list form:
Stay connected to our official outlets for the latest on all of our launchpad offerings!