Mandatory Tokenization of Accounts

Expercoin will seek to build upon knowledge gained through Experfy to orchestrate a reliable, trust-inducing environment for its users. It will do so in part by requiring mandatory tokenization of accounts. This will discourage bad actors early on and establish trust between users in the ecosystem.

Experfy

On the Experfy platform, we have found that users who add their credit card before posting a project are more likely to be good actors and also end up awarding the project to a freelancer. Those who do not add their credit card before posting a project may be “kicking the tires,” often with no intention of hiring someone. This led us to require each buyer to have a credit card on file and charge a $500 deposit before they post a project on the platform. We will take a similar approach here through the tokenization of user accounts.

Expercoin

Any user would be able to create a user account in any of the Expercoin Republics for free. However, each person who would like to hire a freelancer or engage in high value transactions — as a buyer or seller — would need to verify their account by staking Expercoin tokens. The number of tokens to be staked would depend on the types of activities the user seeks to engage in within the Republic. Those involved in high-value transactions would be required to stake a larger amount than those involved in micro-transactions. The deposit of token signals that the account is trustworthy. Those who has verified their accounts through this tokenization will also see an increase in their Expercoin Trust Quotient. Those engaging in bad behavior or fraud would forfeit the tokens they have staked to verify their accounts.

We believe that emphasizing trust building measures will make our platform more attractive to potential users. It is our hope that these measures will allow Expercoin to emerge as a trustworthy and highly reliable resource for its community.