Mycro: Converting Time to Money

February 25, 2019

Today’s global online marketplace features literally hundreds of platforms that bring together employers and job seekers. All such platforms may have different concepts behind them, but the overwhelming majority has the following common problems:

  • High service fees, which may reach 20-25% of the agreed rate;
  • Imperfect matching algorithms which could be exploited by the malevolent users;
  • The bias system of arbitration where the decisions are being predominantly carried out in the employer’s favor.

Unfortunately, it’s only a short list of issues that exist in this industry. However, the founders of the blockchain project called Mycro, short for Mycrojobs, decided that they would be able to offer not only the solution but also ways to improve this particular niche.

What Mycro is about

Mycro is a German blockchain project which was founded by Andre Bruckmann, a serial entrepreneur who had a string of successful business relationships with the likes of Vodafone, EON, and SKY. Andre and his team, a group of German software developers, blockchain investors, and entrepreneurs, decided to focus on the particular niche of the job market, the micro-jobs: gardening, cleaning, delivery, tutoring, small repairs etc.

The central idea that Mycro tries to convey in the marketing campaign is that the product will enable users to decide how much their time is worth thus create the so-called “time and money equalizer.” A bit too sophisticated formulation of a mechanism that matches jobbers with work providers through the use of self-learning algorithms utilized by numerous dating platforms.

However, Mycro certainly has its advantages, among which are low service fees and the absence of intermediaries. According to the official whitepaper, the Mycro fees will not exceed 2%, which is peanuts compared to what major job platforms charge their users. Such small fees will be achieved by eliminating all intermediaries and creating the state-of-the-art fully decentralized mobile application.

The Mycro team also claims that the platform will facilitate the development of improved verification and rating mechanism thanks to the immutability of records inherent to blockchain. Although the user’s identity would be verified not by the Mycro community but by an external partner. Once the user’s identity is confirmed, the corresponding data would be permanently linked to the crypto wallet allocated on the Mycro platform.

As for the rating mechanism, it will be executed on the basis of the Ethereum smart contract and contain feedback from both the hirer and the task performer. The rating will be decentrally and immutably linked to the user’s Mycro wallet. The funds, allocated for a certain job, will be kept in escrow, also designed as a smart contract, and released to the performer's wallet only after successful task completion. The payments will be carried out by means of both crypto and fiat currencies though Mycro will have its native utility token MYO. It could be used to apply/ pay for jobs and reward users for developing the Mycro community and keeping a good track record.

ICO details

The pre-sale of MYO tokens will begin on the 24th of February and end on the 2nd of March. The public token sale will be launched one day later, on the 3rd of March, and will last for two weeks, until March 17.

The price of one MYO is estimated at 0.25 Euro cents or the corresponding amount of ETH. Mycro offers both bounty and bonus programs, details available on the official website. Investors from the United States of America will not be allowed to participate in the token sale. The ICO soft cap was established at 3.5 million EUR while the hard cap was 14 million EUR.

All ICO review platforms gave Mycro very favorable scores.

  • ICObench - 4.3 out 5.
  • Trackico - 5 out of 5.
  • ICOMarks - 9.5 out of 10.
  • FoundIco - 7.3 out of 10. 
  • Coincheckup - 4.4 out of 5. 

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