Student’s Coin & Technology
bitJob’s technology merges the benefits of micro-gigs and freelancer-centric bidding sites with Ethereum Blockchain, creating the first Hybrid Blockchain Project that allows for peer-to-peer connection with employers and students.
Welcome to the STU Ecosystem
Student tokens, also known as STU, are based on Ethereum Blockchain and are used to Reward & Make payments inside the bitJob app. STU tokens can be earned on the platform or purchased on exchanges.
The purpose of this hybrid model was to speed up and improve the adoption of the idea during the initial crowdfunding phase and serve as a catalyst for user acquisition during the platform development phase. Although a decentralized paradigm is the ultimate goal, slow adoption of the blockchain technology should be temporarily substituted by solutions that are familiar to the average internet user. Internet users today expect online services to be fast, with intuitive interfaces that are accessible via mobile devices. This dictates our approach, which provides these two technologies, simultaneously. With the adoption of the platform and new developments in blockchain technology users can seamlessly switch to decentralized solutions. Once users show familiarity with the platform by way of satisfactory adoption, they will be encouraged to interact through the blockchain component, which will allow them to pay for services with cryptocurrency and earn income through the usage of the crypto economy
bitJob will facilitate the provision of freelancing services through an online platform. Participants who offer a service (most often one which can be delivered online) will register using the system (as ‘service providers’) and offer their availability to do work in a way which is categorized by the platform. Participants who seek certain services will register as ‘service consumers’ and will either contact ‘service providers’ through the search function or will enter a request for services. Bidding on services and setting requests for services will give participants the ability to interact and find mutual agreements regardless to what demand and supply are available. The platform will provide mechanisms to ensure that, upon agreement, sufficient money is kept in escrow, so that the service provider is always paid, unless, of course, there are issues with their provision of service, in which case the platform will offer conflict resolution methods. Users will be able to rate each other, so frivolous or unreasonable ratings will not have the ability to proliferate for any significant length of time. Users, on the ‘service providers’ end, who collect negative ratings, may be subjected to higher fees. The Company business model is based on generating revenue through fees applied to both service providers and service consumers (not including students).
bitJob HYBRID MarketPlace Flowchart bitJob User Signup & Authenticity Process The following flowchart represents our vision for the bitJob HYBRID architecture for our marketplace, which will be handled both by centralized servers (using fiat traditional currency payment method) and decentralized infrastructure (infrastructure (registration & identity, fees, distribution for affiliates, etc’). The Chart below shows bitJob’s formal Token (STU), and the allocation methods for the token holders & affiliates. More explanation about the STU token and its utility can be found in Section 3 (STU).
Using the Ethereum protocol allowed us to build this great application, and to remove the need to “blindly trust” server administrators. Thanks to its transparent properties, we now have a strong authentication, identification, better verifiability and micro-transactions for our payments and affiliates fees distribution. In the sketch below, we have decided to clarify the user sign-up process which has different aspects of authentications. bitJob Student (Identify Requester) - At this stage, the requester (student) will fill in the needed data at the bitJob UI application. The UI application will make sure the Student is a legitimate entity by analyzing the supplied data as a proof of ownership. bitJob User UI Application - a proof of identify will be sent from the UI Application to the student members list storage (this will be the student ID number). The storage will then return the UI Application an approval for the authenticated data.
We built a fantastic affiliate program that will strengthen the relationship between bitJob and the students: students’ unions will receive a commission from each transaction their students engage in. We have launched pilot agreements with leading student associations in Israel, in addition to a number of employers who were more than happy to participate. We are also negotiating with several leading job search engines to ensure a continuous flow of quality jobs. Student unions around the world constantly engage in programs for professional internships with leading employers. In order to get as many students as possible to our marketplace, we created the ultimate incentive with our affiliate program. It’s a win-win setup that will play a critical part in bitJob’s success. Our focus on small online student jobs will attract players in the field of employee recruitment who are in pursuit of the next generation.
In initial phase of this project, we were asked why we want to use blockchain technology for something that doesn’t obviously benefit from using the technology. Although the benefits are not instantly visible, they are quite convincing when they are spelled out.
When money is moved between accounts using traditional methods, it can cost anywhere between 2% to 10% of the transaction amount. The cost of moving money on the blockchain can be in the vicinity of 0.01%. If someone could capture the difference between the current cost of settling transactions and the blockchain cost, the transfer of $1 million in revenue would produce between $20,000 and $100,000 in savings just by switching to blockchain. In certain countries, those transaction fees might be even higher, and it can take several days to process them due to restrictions and local limitations—e.g., PayPal is not offered everywhere, and in some areas, transactions are held for many days before they appear in the recipient account. In the very near future, blockchain technologies will be replacing existing client server architectures. By having already incorporated blockchain into our platform, we can take advantage of new ideas and trends rapidly, while other providers will just be starting to look into solutions in that space. A cryptocurrency crowdfunding campaign is possible when building a decentralized system. Additional funding can be obtained through communities associated with cryptocurrencies. Although it’s not implemented in the STU Token model, the concept of mining is strictly related to the blockchain. Through the mining process, with either proof of stake or proof of work, new coins can be created and distributed to the contributing community. As mentioned, this is not part of the current STU token model but will be considered in the future and can be deployed upon additional token symbol creation. There is no need to create a legal entity if someone wants to reach markets in other countries. The platform can function in any country without a legal presence, as cryptocurrencies have no such regulations or requirements. There is no need for bitJob to spend money on hardware, infrastructure, or tech staff. Platforms such as Ethereum offer said infrastructure, which has minimal cost only when used. Any new technological advances within the Ethereum community will be available to the platform as soon as they are created. It would be impossible for a business that facilitates freelance
bitJob will partner up with certain external service providers to enable users to purchase their services with STU tokens.
• Affiliates sending referrals will be offered commission in STU tokens.
• Users will be able to form groups on the platform for collaboration and collective engagement.
• Evangelists: Receive fees for introducing bitJob to new educational organizations. This is part of the Global ambassadors program the company will build for its first-year expansion.
• A registration STU gift will be given to every new registrant on the platform, as a promotional registration bonus.
• Developers: will be able to form groups on the platform for collaboration and collective engagement.
The bitJob (STU) Token is a token on the Ethereum platform. Its design follows widely adopted token implementation standards. This makes the token easy to manage using existing solutions, including the Ethereum Wallet.
• Maximum number of tokens created during crowdfunding campaign: 200,000,000 (100%)
• Sending 1 Ether to the bitJob account will create Approx. 888 STU. (Based on Ether price during the preparation of this document). •
• Tokens will be transferable once the crowdfunding is successfully completed.
• The amount of STU coins per 1 Ether might vary due to movement in Ether price. The final values will be determined at the beginning of Emission day and can also be modified during the sale. According to the Terms & Agreements that will be published on our CrowdFund page.
• The bitJob token (STU) crowdfunding campaign emission will be distributed in the following way:
• Some of the reserved marketing tokens will be used for bounties paid for the following marketing campaigns: translation and forum, moderators, newsletter subscriptions, Bitcoin Talk signatures, Twitter campaigns, Facebook likes, and blog posts.
• More details about our bounty campaign will be given on our social media or through our blog posts on Medium.
• Our Presale & ICO Terms & Conditions will be published prior to the events through our channels
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