Wednesday, February 24, 2021

Tokens & DAO

Work Quest DAO refers to the decentralized autonomous organization responsible for maintaining and regulating the Work Quest platform. Work Quest DAO features two tokens to run its operations, namely, Work USD (WUSD) stablecoin and Work Quest Token (WQT) management token.

The organization seeks to deliver on its objective of creating a link between employers and potential employees run on the public blockchain. The platform is designed to ensure ease of use while at the same time upholding privacy, transparency, as well as data integrity. Navigating the platform is easy, allowing users to search according to urgency, region, and profession. The team behind the successful operations of the platform are the shareholders who have made the necessary investments and have also combined efforts to make the right decisions towards the organization’s success.

A better understanding of the platforms’ functionality requires an understanding of the Work Quest Decentralized Autonomous Organization (DAO).

Work Quest Decentralized Autonomous Organization (DAO)

The cryptocurrency market seeks to function distinctly without hierarchical management while upholding privacy and functionality fully at the same time. This concept aims to eliminate middlemen, which also plays a key role in minimizing the usage cost on a platform. This DAO features tokens as its internal property allowing the organization to spend and reward specified activities within the organization. In addition, users investing in Work Quest DAO receive voting rights, which influences the way the platform operates.

Work Quest DAO has provided a set of rules encoded on a smart contract to perform its functions. This DAO is not only responsible for maintaining the platform but also in the regulation of Work USD. WUSD is the platform’s stablecoin, which is a type of cryptocurrency. This stablecoin aims to keep its value as close as possible to the US dollar, making it an ideal investment option. To achieve this objective, WUSD functions under an automated system of smart contracts on the Ethereum blockchain. The smart contracts automatically execute, control, and store all the relevant events according to a specified agreement.

To promote functionality and transparency, the DAO remains fully autonomous and independent not just from outsiders but also from its creators. Another added advantage is that all financial information and transactions are recorded in the blockchain, making the platform incorruptible. Cases of fraud registered in many job search marketplaces are unheard of when using Work Quest. The platform’s participants are reviewed to provide reliable feedback before getting into a smart contract with a second party.

All the decisions on Work Quest regarding the available funds’ spendings will be made via reaching a consensus. Keep in mind that everyone who has a stake in Work Quest DAO has the power to suggest the organization’s future. Once suggestions are received, stakeholders can then vote on the suggested proposals. The final say goes to the majority vote.

Becoming a Work Quest DAO Shareholder

It is easy to invest in the Work Quest DAO. It gets even more comfortable for users who have previous experience in buying cryptocurrencies such as Ether or Bitcoin. Another simple requirement is the ownership of a wallet. Purchasing the DAO is similar to buying shares of the Work Quest Company.

To become a shareholder, you can only purchase shares during the funding phase. This gesture means that you cannot simply purchase company tokens at any time. An individual must await the buying phase, which the company determines.

As a shareholder, you can make proposals in addition to voting for the proposed proposals. As a business venture, shareholders have the opportunity to make a profit on their investment. Depending on the number of tokens one purchases, it remains directly proportional to the voting power one obtains on the platform.

To help individuals decide whether they want to become a shareholder, the Work Quest DAO is completely transparent and comes with underlying codes that are always open-source. Therefore, shareholders have the opportunity to review the provided code to ensure that there are no mistakes or bugs.

How the Work Quest DAO works

In the DAO, each action, in this case, a vote, is represented by the Ethereum TX address considering that all votes will be made on the Ethereum blockchain.

Every user will have a token that will represent his or her shares on the DAO. These are the same tokens that shareholders use to vote in the DAO when seeking to make a decision. You can think of the Work Quest token as a Platform’s Governance Token. Those with more control and influence on the DAO have more tokens on their address.

The Work Quest DAO is regulated by a set of automated rules on a public blockchain to incentivize individuals to work towards a joint mission. In this case, Work Quest DAO’s mission is to promote a loose, transparent, open, and fully global labor market. Due to its transparency, anyone with an internet connection can verify the present members, their financial data, as well as the decisions made on the platform. This DAO organization is flexible due to its low entry barriers, making it easy for members to join.

Work Quest Token

Work Quest Token (WQT) serves as a management function as well as carries forth a business logic. DAO’s top management responsible for the decision-making process comprises all the Work Quest Token holders. Their role is to manage the system as well as participate in the platform’s development. The decision-making process may have positive or negative results. In the event a wrong decision is made, the management will incur losses.

To arrive at a decision, WQT holders vote for a suggested proposal or project. In addition, shareholders with a minimum of 100 Work Quest Token or a delegated WQT can suggest measures to improve the organization ecosystem. The actions vary from simple to complex actions depending on the need. These actions may include changing the current market model, adding of new platform features, or even changing the asset support factor.

Work Quest Token (WQT) has a total supply of 100 million. However, the available tokens for sale are 10 million, with the locked amount standing at 90 million. The unlocking process requires ninety percent of the total supply of the WQT.

Payment Mode

Transactions through the platform are completed via the Work USD wallet. However, individuals need to register and create a personal wallet to start using the platform. After creating the wallet, the individual should recharge it.

The Work Quest platform has its wallet for carrying out transactions, whereas the Work USD wallet refers to a desktop application compatible with macOS, Windows, and Linux compatible operating systems. This payment system allows users on the platform to make fast and affordable transfers. On the other hand, Work USD Wallet Mobile refers to a mobile application compatible with iOS and Android operating system gadgets.

Work USD Stablecoin (WUSD)

Work Quest Blockchain has Work USD (WUSD) as its cryptocurrency on the Work Net network. This currency is also used to calculate the remuneration between an employer and employee when concluding a smart contract. Therefore, it will facilitate payment for all types of transactions on the platform.

Uses of WUSD

Facilitating transactions in the Work Quest platform upon completion of a smart contract between an employer and a candidate
Exchange for a different cryptocurrency or withdrawal to a bank card in the organization platform
Boosts simplification of taxation
Promotes efficiency and reduces the possibilities of corruption

Funds Withdrawal

Funds withdrawal is affordable and straightforward. Using Work USD Stablecoin, user can easily and quickly transfer funds to another user on the platform. In addition, users can also choose to change their crypto in exchange for a different cryptocurrency as well as withdraw funds to their credit card.

Over time, the platform will better its project by developing new partnerships as cryptocurrency is gaining popularity globally. In the near future, it will be possible for users to directly make payments for available work products and services by using WUSD.

Conclusion

Work Quest is based on the blockchain with the key purpose of enabling individuals to find work and allow employees to identify the right candidates to fill job vacancies. Therefore, it functions by easing the communication between employers and employees. To ensure the platform’s functionality and the successful operation of the organization, the organization works under an automated platform with the required set of rules. Above is a better understanding of the Work Quest DAO and the platform’s tokens that enable users to make the right decisions when investing in the organization.