Advertisment

Even though the rejection of the bitcoin ETF is all everything focuses on right now, other things are going on in the world of cryptocurrency. Rein, for example, is a decentralized labor market what embraced bitcoin quite some time ago. Earlier today, the company announced a rating system, allowing both freelancers and employers to rate one another based on their experiences. An invaluable addition to such a platform, that much is certain.

Rating System Comes To The Rein Market

When dealing with a decentralized market system, building trust can be a bit of a struggle. Without a rating or review system, it is impossible to tell if the other person is genuine or not. This is especially true when it comes to labor markets, as your reputation and previous experiences are even more valuable in such a setting. This is why Rein introduced their rating system today, as it allows all users to build trust more easily.

In its current form, users on the Rein platform will be able to rate others through a five-star system. Users can give other parties any rating they see fit, albeit they will be final. It will be important to keep an eye out for people looking to abuse this system moving forward, though. Moreover, the average of all ratings will be taken and displayed on the user’s profile page. All things considered, a more than a viable system for the decentralized labor marketplace.

In the future, Rein will make some changes to their rating business model. Summarizing ratings as a trust score will be the next step in the process. The team acknowledges there is no 100% waterproof reputation right now, yet it will help prevent fraud and exploitation of the system. After all, freelancers want employers who will stick to the agreement, and business owners want to hire freelancers who are known to do their job properly.

Several new additions have been made to the platform as well. Overall security has been improved as a mnemonic bypass bug has been removed. It is also possible for users to hide bids and jobs they are not interested din, which will improve the overall user experience. A decentralized labor marketplace will always be a constant work in progress, and it is good to see these smaller updates getting pushed out on a  regular basis.

It is evident bitcoin and other cryptocurrencies have a vital role to play in the future of freelance market platforms. Connecting people from all over the world requires a global payment solution, and bitcoin fits that bill perfectly. Additionally, the company uses multisignature escrow to prevent fraud and ensure funds are safe at all times. It takes at least two out of three parties to sign off on a transaction before the payment is made.  What is even more appealing is how the platform does not require proof of identity, as the decentralized labor market is completely pseudonymous.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.