700,000+ Moonlighting Professional Freelancers to Change Platforms to EOS
As blockchain finds new places in many use cases and places around the world, one of the latest to decide to implement the technology is a market place for freelance professionals called Moonlighting. The platform was originally launched in 2014, and they are now moving their 700,000 user accounts onto the blockchain.
Moonlighting recently accepted an investment from the FinLab EOS VC fund worth $5 million. The fund is a collaborative project between FinLab AG and Block.one. With the investment, Moonlighting’s user base can be slowly expanded, while using EOS to integrate the current infrastructure.
CEO Jeff Tennery spoke with CoinDesk, expressing that the interest that the company has had in blockchain has existed since 2017. Their selection of EOSIO has been based on “its ability to scale transaction processing, maintain low transaction costs and enable ease of user account management.”
In 2018 alone, Block.one managed to raise $4 billion throughout the year in an initial coin offering (ICO), which they used towards the EOSIO software development. This software is the program under which EOS’s blockchain runs. The company also invested in Galaxy Digital and others who will ultimately support applications that will run on the EOS blockchain. COO of EOS VC, Paul Grotowski, said that there are three main attributes to look for within a decentralized application, which include “real customers,” “real traction,” and a real use case for blockchain.
Adding the Web 3.0 tech is a manner of strategy within the Moonlighting platform. Tennery expressed that the goal for the freelance marketplace is to make sure that their clients can easily distribute their own profiles to any platform, making it possible to use their profile across multiple websites. Considering the “fragmented” nature of this sector of the community, Moonlighting should be effective in promoting the personal use of a freelancer’s profile, creating an aggregated gateway with a simple sign-on process.
Still, it is worth noting that there is a small portion of data that will not be imported via plain text. Instead, hashes will be used for creating data security, which are still relying on the decryption processes of the Moonlighting centralized database. For the off-chain freelancer profiles, these hashes “provide audit-ability and validity.” Considering that the funding should ultimately be to increase the validation process for profiles, the validation is crucial.
Tennery commented, with the funding, Moonlighting can finally follow through with blockchain plans, making them “the Oracle of Profiles” within the world of freelance. Along with this new project, Moonlighting had recently considered an initial coin offering last year for faster payment processing but ultimately chose not to follow through because of the abundance of “scrutiny” last year.