After years of mounting momentum, cryptocurrencies finally announced themselves on the world stage in late 2017. Bitcoin’s surge in popularity propelled it into becoming a household name, along with blockchain technology. In fact, the Blockchain technology market is expected to grow to $2.3 billion by 2021.
Since then, we’ve begun to see companies and startups alike looking to bring cryptocurrencies further into the mainstream, with the potential it holds to influence key industries as a driving force.
While crypto is beginning to demonstrate its power in enabling secure transactions and the holding and distribution of medical information, it’s the jobs market that looks set to experience the benefits of digital currencies significantly over the coming months and years.
Here, we take a closer look at the role cryptocurrencies can play in bringing job opportunities, not only through the production of more industry roles but in creating an intuitive and more efficient jobs market.
Greater Crowdfunding for Startups
One revolutionary way in which cryptocurrencies are creating job opportunities is through ICOs. An ICO stands for ‘initial coin offering’, and has been highly effective in leveraging crowdfunding causes for fledgling businesses.
So far this year, over $20 billion has been raised through ICOs.
ICOs exist as a crypto coin that investors are able to buy during the conception of a new business. Commonly known as ‘tokens’ the ICO process works similarly to allowing customers to buy shares, and as long as interest builds, they can pave the way for a very well backed startup.
The appeal of ICO-based startups is much greater than classic crowdfunding campaigns thanks to the prospect of investors being rewarded by an increase in coin value as the company grows. Many startups also allow their cryptocurrency-based tokens to be spent on goods and services once the business establishes itself – meaning that an investor’s good faith in the project can be rewarded while the company benefits from not having to relinquish shares in return for funding.
Because of this fresh new approach to starting a company, new businesses have the chance to establish themselves through greater financial backing than via bootstrapping, and with more control than through investors. This, in turn, is great news for the jobs market.
ICOs pave the way for confidence in fresh entrepreneurial endeavors and can open up earlier opportunities for businesses to expand and bring fresh faces into the company.
One notable success story of the ICO approach to starting a business is Ethereum – a company that managed to raise $18 million in just 42 days. Today Ethereum has used its early funding to employ over 200 staff in job roles that may not have been possible without the effective use of an initial coin offering.
Fundamentally, ICOs have the power to pull businesses into existence where it would otherwise be impossible. As a result, scores of people can enjoy the benefits of increased job opportunities and more options within the jobs market.
Building Intuitive Job Markets
Cryptocurrencies can not only greatly help in the creation of job roles, but also in building more intuitive and effective job marketplaces.
Apart from newly established crypto job search websites that allow crypto and blockchain enthusiasts land dream jobs, there’s now a number of crypto-based platforms that directly impact the way we search for jobs.
Some of these platforms are:
Blocklancer – based on Ethereum, this freelancing/gigs platform allows employers and freelancers find each other. You don’t need a bank account to get started – Ethereum is used to make and receive payments.
Humans.net – based on its own cryptocurrency – Humans Gen. The platform anticipates the evolving trends of the labour market, and offers a fee-free location for freelance workers to make themselves known to prospective employers by listing their skills and adding a bio about themselves.
BountyOx is a cryptocurrency bounty hunting platform that allows you to earn cryptocurrency and tokens by completing simple marketing, software development, and creative tasks.
Ethlance – another freelancing platform based entirely on Blockchain. As with Humans.net, there’re no fees and restrictions on memberships. Everybody can apply for, or create, an unlimited number of jobs.
Most of these platforms look to operate on a peer-to-peer basis which will ultimately use ‘decentralised financial instruments’. This means that users can utilize the company’s own cryptocurrency, to enlist the help of workers within the site in a secure and simple manner.
Suffice to say, in an interconnected future, crypto has a huge role to play in placing more of us in employment with less of the difficulty we have today.