Blocklancer Review: Worth A Closer Look?

Blocklancer Review: Worth A Closer Look?

Blocklancer claims to be an upcoming freelancing platform that works with Ethereum. Its status bars indicate that it is nearing completion and it has this cool new thing called the Token Holder Tribunal, in which the people who hold tokens are also the ones who settle disputes. Is it worth investing in? It could be, if it can get past the natural hurdles of impatient investors and a highly competitive space.

The Pros:

The tokens are stupid cheap right now. If you are patient, you might stand a chance of taking 10X profits by the end of 2018 by snapping up a few thousand tokens. At last check, you could get tokens for less than 1500 gwei (the Ethereum version of satoshi) on IDEX.

This says more about some ICO investors’ impatience and the expected dumping of bounty tokens than it does about the potential value of this token once the platform goes live, though. According to some hodlers in the Telegram group, $1 a token is not an unreasonable price target once things really get rolling with this project.

Blocklancer seems to take platform development seriously. The team has not yet announced a firm date for the official launch of their platform, but you could sign up for early access to the private beta right now and most of the progress bars on its website are at 90%. Although Blocklancer does not update its blog very often, it does have some nice screenshots in one developer update.

Another interesting tidbit is that they seem to have prioritized development over listings on large exchanges. The token is listed on Sistemkoin, Forkdelta, IDEX, QUEX and DDEX … and that’s it. Is this the right move, or just a sign of a super tight budget?

While some have argued that listing on a big exchange will increase visibility, there is also the fact that some serious investors may remember the days when altcoin creators treated listing on exchanges as the entire point of their coin’s existence so that they could dump their premined coins, hence the terms “shitcoin” and “scamcoin”.

Perhaps the platform developers are simply working with limited funds and prefer to have the platform up and running before they even begin to think about the trouble and expense of listing on large exchanges.

In any case, it would not be at all unreasonable to assume that the beta version will be launched by the end of the summer if the team can keep up their current pace.

The Token Holder Tribunal could theoretically keep things fair. Clients complain about freelancers who never deliver on the work. Freelancers complain about clients who never pay for completed work. Who’s right when this type of disagreement gets to the point where one or the other is ready to file a complaint?

With the Token Holder Tribunal, token holders not only have incentive to protect the value of their tokens by making correct decisions, but they only get rewarded for voting in any given case if they do a creditable job of inspecting evidence that includes the relevant files and chats between clients and freelancers.

This is a step up from hiring mediators who are only involved because it is “a job” and their decisions don’t really affect their salaries all that much beyond the possibility of getting dinged if they have a provable history of chronically making decisions based on an unreasonable dislike of certain users.

The problem is that the mediators for companies like Upwork and Freelancer.com are only employees or third party contractors who do not have a stake in the company like the Token Holder Tribunal does.

As an added bonus, the results of disputes that users were involved in are added to their reputation, which basically means that clients can use past disputes as a gauge for sizing up freelancers who apply to their jobs and freelancers can do the same with clients whose jobs they are considering applying for.

The Cons:

The team is not always very communicative with news. This may be because there isn’t much news to be had and has caused grumbles from investors about being slow to develop the platform and communicate anything that’s new.

The most recent update is that the team has reached the 1/3 mark for creating the mobile app and is nearly ready to launch the beta version, and that is in their Telegram group rather than on their blog. This may be a factor in the low token price.

An extension of the ICO got shot down by investors. The team was originally going to extend the ICO until the end of March, but ended up sticking to the original plan of ending at the end of February after an explosion of wrath on Twitter and the Telegram group.

An extension might have bought more time for the team to promote their ICO and raise more funds. Now it’s suspected that the team is operating on a shoestring budget after the ICO failed to raise as much ETH as expected and the value of ETH tanked.

It’s not very well known outside Twitter and the Telegram group. Perhaps instead of burning unsold tokens, the Blocklancer team could have held them as rewards for helping to promote the platform after it was launched.

The team did seem to have some luck with the usual Twitter, Facebook, and blog bounties during the ICO because that helped them reach a wider audience.

Since Blocklancer is starting from a relative standstill in a world where platforms like Ethlancer and Upwork exist, they may have to get creative when it comes to promotion with their suspected “limited funds” problem and probably add an attractive affiliate program to effectively “crowdsource” marketing after platform launch.

Is Blocklancer worth investing in and possibly checking out when the platform goes live? Traders can get the tokens cheaply with a chance of at least 10X profits if they are willing to be patient and need not lose much if the project never really goes big. The team may not be as communicative as they could be, but if they meant to pull an outright exit scam, they probably would have disappeared months ago. So I’d give this one a cautious “yes.”

Thanks for reading!

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