In September 2021, Coinbase listed Braintrust’s token BTRST, which rose nearly 200% in a single day, putting the freelancer recruitment platform on the radar.
Since the COVID-19 outbreak, economies around the world have seen different levels of impact. As the pandemic continues to aggravate, unemployment has risen sharply across the globe, while telecommuting and freelancing are also on the rise. In this context, Braintrust has emerged to give its users more flexible, efficient, and unconstrained work opportunities.
Unlike traditional recruitment platforms, Braintrust is a decentralized marketplace for talent networks that replaces the conventional dispersive human resources market with community participation and algorithmically controlled marketplaces. It aims to transform the gig economy by connecting the world's top talents (mainly engineers, designers, and developers for now) with established companies in a decentralized way.
The Braintrust platform has been developed and maintained by global community contributors from more than 100 countries. Its community works with hundreds of Fortune 1000 companies, including Goldman Sachs, Nike, American Eagle Outfitters, Atlassian, Porsche, Under Armour, and Wayfair.
On September 1, 2021, the platform issued BTRST based on the ERC20 standard, with a total supply of 250 million, 54% of which goes to community incentives and rewards, allocated as recommendation engines, subsidies and bonuses.
Users can earn BTRST through various contributions to the platform, including building a talent profile (work experience and skills certification, etc.), referring new talents or new clients, and helping to examine and manage the talent pool. In a word, by bringing clients (demand side) and talents (supply side) to the platform, users can earn BTRST. Clients (demand side) can spend BTRST on posting job demands, whereas, talents (supply side) can pay BTRST to refine their resumes or take professional courses to improve their skills.
In addition, BTRST plays other roles on the Braintrust platform:
- An endorsement for talent caliber. Talents stake BTRST to present their work abilities, thus having a better chance of standing out, winning a job, and building a stronger relationship of trust with the employer.
- A share of decision-making and platform governance. BTRST inspires the community to provide an inexhaustible source of motivation for platform governance. With BTRST in hand, users can vote on Braintrust's future direction or participate in essential decision-making, including fee structure, roadmap, and new platform features. Braintrust uses a "one-token, one-vote" system to give token holders proportional access to platform governance.
- Access to unique benefits. BTRST can be used to redeem special benefits explicitly created for the Braintrust community, such as free and discounted software, products, career resources, and community benefits.
Also, it is worth mentioning that BTRST is not for payment but for community incentives. In other words, employers still pay their talents fiat money (mainly US dollars) instead of BTRST, so users don't have to worry about BTRST price fluctuations affecting their income. Of course, BTRST is more than an incentive, and more features will be unlocked as the project continues to evolve.
Braintrust declares that it is changing the way people work:
- Ownership. Braintrust is a platform controlled by its users through tokens;
- Higher-income. Braintrust charges no commission fees or membership fees so that 100% of the revenue belongs to the user;
- Forward-looking career path. Braintrust offers long-term job opportunities to its users, thus reducing their life pressure;
- Professional job-seeking service. Braintrust has its experts seeking jobs for talents according to their skills and interests.
Reportedly, Braintrust was launched in June 2020 with a $6-million seed round funding and an $18-million strategic round funding in October 2020, its investment institutions include Hashkey Capital, Pantera, Multicoin Capital, Galaxy Digital, ACME Capital, Blockchange Venture, etc. Now that CoinEx has listed BTRST, users can experience its charm on the exchange.