A lot of different blockchain projects are well worth keeping a close eye on. Hiway is another company looking to bridge the gap between distributed ledgers and workforce marketplaces. This venture is designed to rival existing workforce platforms and offer a lot more transparency to this industry as a whole.
The Hiway Concept Explained
There are a few blockchain platforms which focus their attention on disrupting the marketplace for work industry, as there is a lot of potential in this business. It is safe to say the blockchain industry can use a go-to decentralized marketplace for work seekers and companies looking to hire.
How Does it Work?
Under the hood, Hiway will use a matching algorithm to efficiently link job seekers and companies together. This will be facilitated through the use of smart contracts. These automated and enforceable agreements make it easier for employers and workers to come together without the involvement of intermediaries.
There are still a lot of issues when trying to match the individuals with the necessary skills to job openings. With blockchain technology, uniting the workforce and corporate sector into one global marketplace becomes a possibility. It appears Hiway will mainly focus its attention on job openings pertaining to the blockchain industry, although that plan may be subject to change.
Compared to other freelance marketplaces, solutions such as Hiway can be significantly cheaper to use. It is expected Hiway will offer an 85% discounted fee rate compared to mainstream options. Combined with the direct link between employers and workers, Hiway is certainly tapping a market which is prone to disruption.
The WAY Token
No blockchain platform can be complete without creating its own token. For Hiway, its token will be known as WAY, albeit its exact purpose remains a bit unclear at this stage. It seems evident job listings will need to be paid for, and the fees charged by the platform will probably be settled with this native currency as well.
The Road Ahead
There is still a lot of work to be done before Hiway can even come to market. Its first of three ICO sale stages is currently ongoing. A prototype of the platform will be unveiled shortly, and the official platform will commence development later this year. Under ideal circumstances, the platform will go live in Q2 of 2019, albeit timelines are always subject to change in the blockchain industry.