Whitepaper summary for the Blue Whale ICO

[CryptoMav]

Below is an excerpt of Amity’s summary of the Blue Whale ICO Whitepaper:

What is the Blue Whale ICO?
Blue Whale is a decentralized ecosystem for self-employed freelancers aimed at providing benefits to freelancers like health insurance, sick leave, and pensions, as well as tackling problems like commission rates and high advertising costs. The whitepaper cites a study estimating that 58% of Americans will be engaged in the gig economy in under ten years, with membership of peer-to-peer booking platforms like Uber skyrocketing. Freelancers working with major tech companies in this situation are usually independent contractors, and their three main problems are identified as a lack of benefits, high commission, and advertising fees.

How does Blue Whale work?
Blue Whale offers a solution to the problems of independent contractors through the WORK system of smart contracts on the ICON blockchain. The WORK system has three main components. The first component is the Contribution Activity Manager (CAM), which monitors and rewards people driving traffic to freelancers and small businesses, allowing anyone to become a paid advertiser for those freelancers without charging them high commission rates as seen on major centralized ad platforms which monopolize the advertising sector. The second component is the Decentralized Associated Network (DAN), which consists of free Software-as-a-service (SaaS) tools like booking and scheduling software, customer relationship management (CRM) tools, and intelligent advertising solutions.

The network is designed to reduce freelancer costs by increasing the efficiency and SEO of their paid ads, and is powered by machine learning being fed constantly updated consumer data, creating a new revenue model. It aims to place data analytics capabilities in the hands of the freelancers. The third component is the Reward Bank (ReBa), which receives and distributes the BWX coins throughout the network.

Contributions to the CAM are processed and balanced here as well as revenues generated by the network, and the Reward Bank operates on blockchain technology to allow for transparent and trustworthy management of platform funds. The Blue Whale Ad Network uses a referral system that rewards service providers (freelancers) as follows: Customer A buys goods/services from Freelancer B through a referral link on Freelancer C’s social media account. Freelancer C makes a 5% commission, and an additional 5% commission is paid to the Blue Whale Foundation platform itself. The DAN facilitates the promotion with the SaaS tools. 60% of net Blue Whale Foundation profits will be channeled to the WORK reward system for freelancer benefits.

Why is Blue Whale unique?
Blue Whale is the first ICO on the ICON blockchain and is tackling problems that as of now have found no easy solution. By creating a decentralized ecosystem for freelancers to receive pensions and sick leave among other benefits and security features, the platform is breaking new ground in the gig economy and among small business owners. The platform fulfills the role of middle and upper management in a company by providing job security not currently available to most freelancers. But through using the decentralized blockchain-based platform, the participating freelancers can connect directly to customers and cut out the middleman, i.e. the centralized companies providing the infrastructure to facilitate business.

Who makes up the team behind Blue Whale?
Will Lee is the CEO of Blue Whale and also Verlocal, an online platform aimed at allowing people to monetize their passions. He studied Artificial Intelligence at Stanford and has made it his goal to help freelance workers become one-person businesses. Hawon Chung is the COO of Blue Whale and the CEO of ChainTOB, a blockchain business and off-chain storage platform. Jaewoong Choi is the Managing Director and has over ten years of experience in IT, specifically in infrastructure, software, and web and mobile application development. Prior to his current role he was Head of Product and Service at DomoSafety, a healthcare start-up focussing on service strategy, design and implementation of a machine learning based medical data analytics and healthcare platform. Jay JH Park is the founder with 24 years of experience in the service development industry. He was Executive Vice President to SK Telecom and led the Samsung Pay service and development department as GM and Vice President before that.