A new bitcoin micropayments tool has launched to take aim at the global freelance and on-demand services market.
Called Faradam (after inventor Michael Faraday), the service uses a simple timer to facilitate payment between two parties, with freelancers seeking to leverage the service only needing to provide their name, hourly work rate and bitcoin address. In turn, those looking to employ short-term services simply receive a link and connect a wallet.
Created by former former Quasar Ventures senior business analyst Demian Brener and Manuel Araoz, the developer behind early decentralized verification project Proof of Existence, the project boasts three full-time employees and is based in Argentina.
Unsurprisingly given its high bitcoin adoption rates, it’s in this region where Brener believes Faradam could have the biggest impact, telling CoinDesk:
“What we’re now doing is focusing mainly on use cases where people have bitcoin like international freelancers, and they charge their clients in bitcoin. In Argentina, we don’t have a PayPal, it’s really hard to charge for freelance services from the US.”
While a novel use case for micropayments, the technology underlying the service is not new, having been created