A Decentralized Online Marketplace Powered by: Facebucks Token

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1 A Decentralized Online Marketplace Powered by: Facebucks Token Whitepaper V

2 EXECUTIVE SUMMARY The global freelance services marketplace is in a state of both expansion and consolidation. More buyers than ever before are buying digitally, and worldwide freelance sales are rising. The freelance economy has taken the world by storm and there could be more freelancers than full-time workers in the US in just under ten years. Technology is driving much of this growth, with online middleman platforms like Etsy and Fiverr hosting billions of dollars worth of freelance gigs annually. These freelance marketplaces have struggled to solve a number of ongoing problems despite their popularity. Making prompt and ef icient payments to millions of freelancers in hundreds of different countries is proving to be a real challenge. Ensuring the quality of work delivered to clients is another major headache. However, a new tech revolution promises to disrupt this industry and deliver solutions to these problems. Blockchain-based alternatives are promising a brighter future for both freelancers and clients with low fees, fast payments, and new incentives that make the experience better for everyone. 1

3 CURRENT MARKETPLACE SITUATION: Current marketplaces are designed to provide either products or freelance services and they come with very high transaction costs and other inef iciencies in the process of approval of providers, protection of clients, as well as payment delays and withdrawal barriers. There are 57 million freelancers in the US alone, bringing in over $1.4 trillion dollars a year. Payoneer survey recorded 70% of freelancers use online marketplaces to ind work. It is a colossal market that is only getting bigger and hungrier for new ways to connect. Freelancing economy is selected by more and more people as it provides the full working lexibility. This trend is especially strong with the younger generations where nearly 50% of millennial workers in the US are already freelancing. It is also a preferred way of work for companies because of some known bene its such as lower running costs as there is no need to employ full time employees, no need to provide workspace and equipments, payment is based on results and high possibilities of getting standard services. PREVAILING CENTRALIZED MARKETPLACE PROBLEMS: The ever-growing marketplaces give good opportunities for selling and buying of products and services and at the same time huge issues which include: 2

4 1 High fees: Average marketplace rakes between 20 50% of the revenues from the sales of freelancers as commission. 2 Slow payment: Freelancers get paid very late, in most cases 14 days after the completion of their order. 3 Preference for top sellers: most marketplaces feature their top sellers and lure potentially buyers to buy from the top sellers thereby leaving the new entrants behind and without rating. 4 Cumbersome verification processes: the marketplaces verification processes are worrisome as so many talented individuals who do not like to disclose their identity because of a reason well known to them are deprived of taking part of the global market to showcase their expertise. THE SOLUTION: Blockchain technology is already disrupting banking, money transfers, and healthcare. There are three main ways the blockchain promises to improve the current services for both freelancers and employers. 3

5 Most freelancers want faster payments from their freelance work. This makes sense, as getting paid online can be a major headache. Cryptocurrency payments are instant, even across international borders. This is useful to freelancers as cryptocurrency can be easily exchanged, so funds can be withdrawn and used as soon as they have been approved. Cryptocurrencies also unlock the potential of the 39% of the world s population that don t have access to bank accounts. Billions now have access to the Internet, but not to banks. Blockchain applications are threatening middlemen all over the economy. When users can interact directly with each other via a protocol rather than through a centralized service, the value of the middleman drops. We re already seeing this with international money transfers and with online advertising. The most interesting development is the ability to tokenize anything with a blockchain application. One of the biggest problems for employers and freelancers on the current platforms is trust. Some employers and freelancers don t treat others fairly, and this drags the whole system down. Crypto-tokens and smart contracts can be used in clever ways to incentivize everyone to act fairly and professionally at all times. This is a win-win for employers and freelancers who honestly want to use the platform. Decentralization can also mean fairer, distributed dispute resolution, leading to better contract outcomes, more accurate ratings, and less centralized authoritarian control. 4

6 Benefits For Freelancers Freelancers get the full bene it of all of the things mentioned above. 1 Cash in their wallets faster Lower fees mean that they can either increase pro its or reduce their rates to be more competitive. The unbanked billions can start participating in the freelancer economy. Tokenized reputation means reputation equals money, and clients always have something on the line too. Less centralized control means their business and income is safer, and can t be unfairly held hostage. New Blockchain Solutions: The market is new, but there are already some great projects looking to build platforms and protocols that reap the bene its above. Facebucks is one of the most exciting ones so far. 5

7 Facebucks is a decentralized online marketplace providing direct connection between Clients who need products and services and the Providers who offer such. Our marketplace is powered by our own token (Facebucks Token). No middleman interference, low fees, full transparency, all based on the blockchain technology with ixed rules of operation. Facebucks aims to create a marketplace that does not require a bank account, cell phone number or government ID to become a seller. Safely sell goods and facilitate services through the Facebucks Marketplace to bypass any 3rd party that intends to take a chunk of your earnings, or keep record of what you are selling. A platform that gives room for creating your own marketplace and sell goods and services within minutes, only need veri ication from within the Facebucks Market Ecosystem. The Facebucks Token is the gateway to the Facebucks Marketplace and will be built to incentivize users for using the token. Blockchain and Token Functionality Purchases and payments are conducted directly and without any intermediaries involved, in any convenient currency and upon the preference of both sides for the usage of crypto currencies. The Trust Wallet and the use of blockchain make the transactions as safe and fast as possible. The Trust Wallet transfers make sure that the money is transferred to the seller s account only upon occurrence of the pre-agreed conditions i.e provision of the service or downloading the product. This makes the process safe for both 6

8 sides and provides the opportunity to work together at a marginal fee. Token The platform will be operating via own payment token: Facebucks Token. All purchases and transactions on the platform will be running on Facebucks Token and all the exchanges are automatically implemented by the exchange of the platform. The exchange of the platform allows exchange from and to popular cryptocurrencies (EtherDelta, ForkDelta, Token Store, Etherscan etc.) 7

9 Why Facebucks?: 6 1 Built around Accountability 5 Absolute Autonomy Active Support 4 Peer-to-Peer Transactions Community Backed 2 Exchange Ready 3 Peer-to-Peer Transactions Safely send and receive funds from wallets and exchanges speedily and inexpensively with click of a button. Community Backed 10% of our supply is being airdropped to newcomers and members of our community to build excitement and bring awareness to the project. 8

10 Exchange Ready We have raised over 1BTC in donations to help pay the listing fees for exchanges. We will begin the application process in Q4 of Active Support Friendly admins and developers are available 24/7 to resolve technical issues and answer any questions. Absolute Autonomy Facebucks is a self governed project that independently operates within the con idence of the blockchain and is immune to in lation Built around Accountability Our team is galvanized around transparency. We keep our identities visible to the public to assure accountability within our team. The Facebucks Token will prove to be a revolutionary cryptocurrency for the online marketplace ecosystem to ensure sellers and buyers get their optimum satisfaction from the services. With the aforementioned features of the Facebucks Marketplace and Facebucks Token, sellers will have a more convenient and economical service while engaging their customers. This would also encourage customers to continue using Facebucks Token as frequently as possible. This will help to boost several businesses, and also satisfy millions of customers in the best way possible. 9

11 FOR MORE INFORMATION, CONTACT US: Website: Tel: (917)