LanceChain ICO Overview


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The Lancechain ICO is set to start soon with their pre sale starting in just 2 weeks.
Website: https://lancechain.com

What is Lancechain?


https://lancechain.com
They're planning to develop a new blockchain based decentralized marketplace that connects freelancers to employers. In their whitepaper they state that they plan to make the platform completely free without any commission charges which will be sure to attract freelancers who are used to paying fees as high as 20% to freelancing platforms.
The platform will run on the Ethereum network with smart contracts and will use a ERC20 based token to facilitate payments on the platform.

How big is the market?

The last 10 years or so have seen freelancing flourish. The rise of the internet has made it possible for people to work whilst sat at home from the comfort of their laptop.
During the last few years there's also been the quick rise of platforms such as Uber that have shown it's possible to easily make extra cash on top of your 'normal' day to day job.
In their whitepaper Lancechain claim that the 'gig economy' is over 35% of the current workforce in the US and the UK.
The freelancing economy is estimated to keep on growing as more and more jobs can be done whilst working remotely, many millennials are attracted to working from their home or whilst they're traveling.

Problems with the current market

One of the main problems with the current market is the high fees that they charge. Upwork is the biggest and most well known and they charge their freelancers a huge 20% commission.

Lancechain Advantages

  • 0% commission: Perhaps the most important advantage is that the platform doesn't plan to charge it's freelancers any commission.
  • Advantages of the blockchain: By using the blockchain freelancers will be guaranteed to get paid with funds being stored in an escrow type service.
  • Unique dispute service: When a freelancer and the employer has a dispute over the work done it will be settled by a team of experts on the platform. This can offer freelancers benefits and create a fairer environment. Many feel that centralized platforms often unfairly take the side of the employer.
  • Fair reviews: By having a decentralized platform it will mean that the review system is fair.

Monetization and early growth

The team behind the project are hoping to quickly gain popularity by offering an early adopters program. 10% of the total supply of LANC tokens will be set aside for them to incentive early users of the website. Freelancers who begin working on the platform from the start will initially receive a 10% bonus to any payments they receive. Buyers who are posting projects will also receive a similar benefit with them receiving a 10% discount.
The platform plans to run a freemium model and promises to always keep the core features completely free for all users. In order for them to make money to cover the costs of the platform they'll introduce a tiered plan with additional benefits granted to users who subscribe to a plan. This will also be available for free to those who keep a certain amount of tokens in their wallet which will also offer an incentive for investors to hold on to their tokens.

Decentralization

The platform will be both centralized and decentralized. The blockchain based layer will run on the Ethereum network and be used to store most of the key information such as users profiles and job history.
They claim in their whitepaper that they're looking for decentralized solutions for storage but at the moment it's not practical to store a lot of information on the blockchain.
The blockchain will offer key benefits, such as:
  • All transactions will use the new LANC token and be fast. This will also mean that no fraudulent chargebacks will occur on the platform, with disputes managed by a team.
  • The Ethereum smart contracts will also ensure a high level of security with funds being held until the project is completed.
  • The blockchain will also record all history meaning that no fraudulent edits of information can be made.

Benefits for freelancers

  • By connecting freelancers to business owners it will allow freelancers to work completely remotely.
  • The Ethereum smart contract escrow type system will ensure that freelancers are paid fairly whether they charge per hour or based on the project.

Benefits for Employers

  • Employers and business owners will be able to post any type of job and receive proposals from freelancers, due to the platform not charging commission is should mean that they're offered the best prices.
  • Screen grab tool: Business owners will be able to use a tool that takes a screen shot of the freelancers screen at random points, this ensures that they know that the freelancer is busy working on their project. There will also be a time tracking tool that can be used when freelancers are charging per hour.
  • Task tracking tools: One of the downsides of remote work is that it can often be harder to communicate and manage your projects. The new platform will offer a task and requirements system so that they can easily set the work that they need doing.

The team

The team behind the platform are based in Bulgaria. They state that they all of history of working on freelancing platforms themselves and feel that the commission charged is too high.
The team is made up of software developers, with all of them having a keen interest in Bitcoin ever since it was born.
They're planning to use a chunk of the money raised during the ICO to recruit additional members to the team.

Lancechain token Utility

The new Lanc token will be a utility token that's the sole payment method on the platform. This should mean that demand for the token increases as the popularity for the platform increases.
The token will be ERC20 based meaning that it can be stored on popular online wallets such as My Ether Wallet, they also state in their whitepaper that they plan to list the token on popular exchanges by July.

Lancechain ICO Details

  • Total supply: 96.8 million
  • Soft cap: 20,000 ETH
  • Hardcap: 31,000 ETH
  • Price: 1,400-2,000 ETH depending on the round that you purchase.

Conclusion

A 0% commission freelancing platform is sure to attract freelancers and should attract small business owners as the prices offered should be low.
The team behind the platform seem to have a fair bit of experience which is always one of the main things I look for in an ICO.
Getting traction when the platform is launched will obviously be one of the main challengers. However with a lot of cryptocurrency enthusiasts being freelancers and small business owners themselves this could offer them an initial boost in itself.
The softcap is large at 20,000 ETH which shows they're obviously confident that can run a successful token sale.
Check out further details on their website below:

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