Cryptotask and the application of blockchain technology

Posted by | February 13, 2018 | Technology | No Comments
cryptotask and blockchain technology

In the times that we’re living in, technology has made unbelievable advancement as compared to any time in the past. This evolution has redefined the life of man on almost every aspect. In fact, this evolution is an ongoing process and thus, human life on earth is improving constantly day in and day out. One of the latest inclusions in this aspect is cryptotask.

Cryptotask is a decentralized task market where blockchain technology will disrupt the current freelancing systems. The basis is a consensus mechanism that enable scalability, an issue plaguing most of the popular blockchain projects. The key innovation is a reviewer board selection mechanism built into the blockchain, including an escalation option that satisfies the equilibrium. The selection mechanism satisfies the condition of secrecy in order to discourage potential collusion and off-chain communication between reviewers by implementing a reporting mechanism. Voting is done in two stages, including a secret commit phase, to dissuade parties from using the waiting strategy. Cryptotask is nothing but digital currency, which has been designed to impose security and anonymity in online monetary transactions.

cryptotask and blockchain technologyCrytotask applies the blockchain technology to the current freelancing market. The commercial potential is huge, with freelancers making up 35% of the workforce in the U.S. and contributing approximately 1 trillion USD to the economy. The decentralization that blockchain enables offers multiple advantages: lower fees, no censorship, dispute process transparency, no financial limits, no arbitrary meddling from corporations or governments.

Evolution of cryptotask is mainly attributed to the virtual world of the web and involves the procedure of transforming legible information into a code, which is almost uncrackable. Thus, it becomes easier to track purchases and transfers involving the currency. Understanding this latest version of technology, in form of cryptotask is not tough. One needs a little interest and spend time on the net to get the basics clear.

First, Crytotask is ahead of the game in terms of convenience. Right now, its transactions take about 10 minutes to an hour on average. One of the most appealing features of crytotask is that its blockchain efficiency eliminates the unnecessary overhead bringing lower fees for customers which gives them an advantage over any centralized service.

Crytotask introduced a blockchain-based task market system consisting of clients, freelancers and reviewers. Clients post job offers, freelancers apply for these and reviewers are stake-holders that put down a deposit, at least equal to the value of tasks they intend to be reviewers for, and define their area of expertise. Reviewers tries to define their areas of expertise honestly, otherwise they risk losing in the consensus mechanism. Reviewers get a percentage of each task value even if no dispute process is initiated, and if a dispute is initiated, they get a larger percentage as compensation. Also, all TaskCoin holders get a small percentage as a dividend.

Clients put a deposit equal to the task value, while freelancers need to put down 10% of the task they applied for. The freelancer deposit is used as a measure against wasting the client’s time, as without it, freelancers could basically DOS the system. It is also used to initiate disputes, as it will be paid to reviewers as compensation. In case of a dispute, depending on the result, either the freelancer or the client will lose 10% of the task value, that will go to the reviewers. Also, 10% of each reviewer’s deposit who voted against the consensus or did not cast the vote, is distributed among other reviewers in the panel. There are 10 reviewers on average in the panel, though that number is not deterministic. Voting is done in two stages: commit and reveal; the idea being that no reviewer can wait to see how other reviewers voted. The proposed system satisfies Nash equilibrium as no party has incentive to change their game strategy, considering that other parties keep their strategies fixed. The system blockchain is a Monero fork, as ring signatures hide the sending address, making the task creator unknown, as well as reviewers when applying for the panel after learning that they were selected. The reviewer selection mechanism is built into the blockchain; it could be thought of as a hard-coded smart contract.

At each block, each reviewer encrypts the last block hash with his private key, and if the last part is smaller than his reviewer stake percentage, he knows that he is selected. The reviewer then proceeds to submit the vote hash, and then in the reveal phase he proves that he was selected and reveals the vote. If there are more disputes, the starting part of the encrypted last block’s hash can be divided into task ranges. The result given by the review panel can be challenged by either the freelancer, the client or one of the reviewers with the deposit equaling the task value.

The task solution is submitted publicly, but the encryption mechanism can be added so that only the client can see the solution and is revealed only in case of a dispute. The client generates a onetime public-private key pair and announces his onetime public key that the freelancer uses to encrypt the solution. In case of a dispute, the client reveals his onetime private key.

Cryptotask and the application of blockchain technology are still in the infant stages when thought of in financial terms. The future of transacting on stocks, bonds and other types of financial assets could very well be traded using the cryptotask and blockchain technology. Cryptotask markets are offering a brand new cash form and sometimes the rewards can be great. You may make a very small investment only to find that it has mushroomed into something great in a very short period of time. However, it is still important to note that the market can be volatile too, and there are risks that are associated with buying.

Crptotask present a novel system that solves scalability issues present in current prediction markets and freelancing systems, letting people to target the commercial freelancing economy, offering a number of advantages such as lower fees, no censorship and other blockchain related advantages.

You may also wanna read this article: Technology, software and our body.

ECA Ray

About ECA Ray

Ray is a manager at ECA Tech Inc. , Toronto's top Ecommerce software, website development and digital marketing company. He has been a programmer for 24 years. He has some good experience in integrating designs to various software. He has volunteered in numerous IT related free training courses all over North America and contributes articles on numerous blogs. He also participates in continued education classes at local colleges.

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