11 May
Rise Smart Contracts: The Future of Work
In any business settings, a contract is essential. It is a way to have proof of an agreement through written terms. For freelancers, this is only magnified, considering the work done by independent professionals is many times, done between two parties that have never worked together before. A contract suggests trust when the only thing the two parties can agree upon is a transaction. A contract represents the bond between two strangers, and an agreement that whatever is written will be taken seriously.
Whether an established independent professional or just starting out, contracts can put both parties more at ease. They establish actual timelines, payment terms, and give an aura of professionalism to the work to be done. This credibility rolls over into future jobs taken on by the freelancer, which may even have been obtained due to a job well done. Figuring out how to structure these documents may take a bit of experience, but it is worth understanding the importance of them early on in your freelance life. All clients are different. Some may be flexible, while others may make an independent professional’s life a bit more difficult. Having a contract puts terms forward for each party to see. It’s important to lay out the exact process to be expected so there are no surprises. The more predictable the work to be done is, the better.
At Rise, we understand the importance of the contract to an independent professional. We also understand the shortcomings of what a traditional contract can bring. Things that are agreed upon on paper can be manipulated. Timelines may not come to fruition and parties that sign contracts may end up unhappy with the decision to work with one another.
Marketplaces which offer gig opportunities act as third parties during a transaction. More often than not, freelancers rely on them for protection when a client defaults or starts acting unprofessional. Unfortunately for freelancers, mediation decisions almost always favor the customer.
Collaborations enabled by Rise Smart Contracts
What if there’d be a way to streamline project milestones and secure payments without a third party? Well, the answer exists: Rise Smart Contracts.
First, what are smart contracts?
Smart contracts are unique pieces of code deployed on the Blockchain to programmatically verify and ensure the performance of a contract (which includes a set of steps (transactions)). They act on an “If-This-Then-That” basis.
A blockchain is a decentralized ledger that records transactions between two parties. That ledger cannot be interfered with, meaning once a transaction happens, it cannot be changed or removed. Transactions are done through a verified peer-to-peer network.
Now, what are Rise’s smart contracts?
Rise Smart Contracts are unique and deployed on the blockchain once an agreement for a project between a freelancer and a client occurs (i.e. Service, price & timeline). They streamline project milestones and ensure the smooth execution of the project.
Additionally, the funds will be paid upfront and stored on the Smart Contract throughout the project’s cycle. As opposed to traditional contracts typically enforcing net15 or net30 waiting periods post project, Rise Smart Contracts will instantly distribute funds to freelancers after a project is achieved.
Most importantly, our smart contracts are easy and intuitive to interact with. When signing up on Rise, parties will be able to create their own digital wallet, which will be used to upload work and approve project milestones. Furthermore, the use of stable coins ($USDC) in our contracts will enable us to avoid price fluctuations in the crypto currency market, as this type of cryptocurrency is pegged to government currencies such as the american dollar and is therefore consistent in value.
A new way to build up your reputation
By facilitating work through Smart Contracts, our goal is to empower parties and hold them accountable for their work. Our Work Ethic Rating, a reputation algorithm which will be at the heart of our platform, will ensure a fair & transparent way for parties to build their credibility.
Communication, Efficiency & Quality will be the main drivers of our rating. Having an objective rather than a client subjective approach to gather data around these skills will provide a new kind of online reputation: one that should be driving the future of work.
Relying on technology for monetary transactions has become normal in the past several years. What started with PayPal has now become a market for companies like Square and Venmo to join. Where those fall short is their inability to pair with an actual contract. Rise combines the ease of electronic transactions with the security of the blockchain to give freelancers tools to succeed in their work, grow and reach independence.
We believe in a world where independent professionals are in control of the way they work. Implementing new technologies such as smart contracts are just one way of streamlining smooth collaborations, ensuring execution and overall trust within our community. To learn more about our features and tools: