The San Francisco based project Thor has released their whitepaper on Jan.31st titled, “How Blockchain Will Fix The Gig Economy”. Thor will target the growing ‘gig’ market primarily composed of independent contractors, freelancers, workers who are hired on short tasks.
One of the main issues that the current ‘gig’ economy currently faces is irregular payments, financial stability, and not being able to access benefits like health insurance through an employer. Thor aims to improve the current economy by implementing Thor tokens and NEO smart contracts which will help streamline real time payments. Thor plans to integrate with exchanges that deal with fiat like GDAX and NEX to convert Thor tokens into fiat with ease. Employers will benefit by processing pay checks at no cost and will fast and easily accountable transactions. Employees will be able to decide how much of their pay check is allocated towards Thor tokens and USD.
In addition, Thor will offer contractors group policy healthcare plans using the collective buying power of the ecosystem to subsidize the cost. Companies that hire ‘gig’ workers like Uber, Postmates, Doordash etc, will be able to offer cost effective health benefits at no additional cost to the company. The insurance plans will be implemented by Thor so changing gigs will not mean starting new plans.
Along with better payment solutions, Thor will launch their Gig Network which will make it easier for employees and on-demand workers to manage workflow and application process. Workers and hiring companies will be able to connect and find opportunities on the Thor platform.
A token sale will be held during the first half of 2018 with a total goal of $40 million split between public and private sales. A total of 100,000,000 tokens will be minted, with 50,000,000 being sold for $1.00 USD each, and 50,000,000 being reserved for business expenses and operational costs. An official date has yet to be announced.