Currency has been evolving for ages and now we are at the next level with cryptocurrency. GigApp plans to transform the global marketplace by creating a decentralized platform where users can buy and sell products or services with GigApp Token. GigApp will take advantage of NEO smart contracts and the reward system to provide users with a truly decentralized and autonomous marketplace.
We believe all energy holds value; mining creates value because it utilizes energy from electricity and computing power. We believe that the time and energy spent by users contributing to social network also deserve a reward. GigApp will implement a system that will reward users for their contribution in our marketplace's social network and arbitration process. Unlike any other blockchain based app/project, GigApp's reward pool has a replenishment function built in which ensures that the users are always rewarded.
Smart contract implementation in a marketplace will allow us to build an escrow model into the application to create a secure transaction that is distributed autonomously upon agreement of both customer and seller/provider.
The app will be built on NEO platform that will allow users to pay each other for goods and services using our secure crypto payment technology. The accepted form of payment will be GigApp Token.
User contribution to GigApp's social network will be rewarded in form of GigApp Token. Following user actions will earn GigApp Tokens:
- Rating other users (clients or sellers/providers)
- Writing detailed reviews that would help the community make informed decisions.
- Sharing posts or user profiles onto other platforms.
- Participating in the arbitration process.
GigApp marketplace will utilize NEO's smart contracts to provide users with an escrow solution. In case of a dispute, users can pursue various steps:
If customer opens a dispute, seller/provider can either propose a different invoice or terminate the contract. If customer and seller/provider cannot reach an agreement, they can request arbitration from GigApp's community at a 4% cost of total amount in escrow.
GigApp will provide user profile creation functionality and ability to create postings for product sale, service sale, and service wanted. Users will be able to directly message each other and collaborate using GigApp's built in messenger. Users will be able to provide star rating and write detailed reviews at the profile level.
Each time the number of coins in the Reward Program decreases by half, the reward provided to users will also decrease by half.
This function will ensure rewards are issued to users for a longer time frame.
GigApp has a transaction fee of 0.8% for each transaction performed on the platform, 1% of that transaction fee will go directly to the Reward Pool in order to ensure that users always continue to earn rewards.
Constant replenishment of rewards will ensure that reward pool never runs out.
GigApp will provide users an option to have their posts be listed as featured posts for 50GAPP/week. This price is subject to change based on GigApp Token market value.
GigApp will provide users an option to upgrade to a premium account for 25GAPP/month, this price is subject to change based on GigApp Token market value.
In order to account for NEO transaction fees and maintenance of GigApp there will be 0.8% transaction fee for each transaction performed on the GigApp platform.
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