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Sunday, May 20, 2018

An Ecosystem of Employment: The SpringRole ICO...

Imagine getting paid to write your LinkedIn profile. Why not? After all, you are providing the content. Without user contribution, a social network like LinkedIn wouldn’t be a network at all. As it is right now, career building platforms offer to connect users and employers for free because they get their revenue from advertisements or monetized data. Still, they rely on user content they don’t pay for. They subsist on the demand for employment and career development. In other words, they are middlemen, selling your data and giving you perceived access in exchange.

The Spring Foundation proposes a new social networking ecosystem that rewards users for submitting information, incentivizes those who validate and endorse the info, and streamlines the system of recruiting for prospective employers. They call it SpringRole, and the goal is to make the process of applying for a job more efficient and more focused on the user than ever before.

Why blockchain? Simply put, for truth and transparency. SpringRole estimates approximately 53% of all resumes contain inaccurate facts, some of which are very difficult to cross reference. Rather than having to take the word of an applicant or contact previous jobs and schools, all the information would be readily available and not under scrutiny. Because blockchain is immutable, there would be less repetition in finding work. Once you add a skill to your resume, it’s there for good. This makes it easy for recruiters to easily search for qualified personnel.

SpringRole breaks down the system into types of attestation, or validation. Skill endorsement, educational qualification, and work experience are all attestations that need to be validated and verified by other users, institutions, or employers. Someone who attests to a skill or merit might be a co-worker, a college advisor, or a previous employer. The entire ecosystem depends on this kind of feedback.

Of course, being a smart contract-based solution on Ethereum’s network means that the system will be tokenized. In this case, the ERC20 “SPRING” token will be used to incentivize the feedback system mentioned above. There are several ways to receive SPRING tokens: submitting resumes, referring other users, companies, or by being validators. Those who endorse or attest to skills and merits will, in exchange, receive SPRING. Employers can purchase the tokens to obtain access to valid resumes.

Here’s how it would work: SpringRole offers tokens to users who submit resumes. The resumes are validated by other users, universities, and companies who are also given token for these endorsements. A company looking for a new employee goes SpringRole, where all this information is being shared as a social network with an easy- to-use interface not unlike LinkedIn or Upwork. The company pays for the service in fiat.

Once a user is found to fill the position, that user is again awarded with Spring tokens. The new employee gets instant verification and the job listing is filled.

Essentially, it’s a checks-and-balances system that favors the user. That’s a refreshing change from the cut-throat process of trying to find employment in today’s economy. No more writing and rewriting your resume and mission statement, no need to ask for letters of recommendation over and over. Just plug into the system and you’re ready to work. The job opportunities come to you.

SrpingRole was founded by Carnegie-Mellon grad Kartik Mandaville in 2014. His vision was to disrupt the recruiting industry using new AI technology. Frustrated with the money-hungry recruiting agencies, he created a solution that takes the pressure off the recruit while maintaining a more veritable source of information for the employer. SpringRole plans to work in alongside identity verification company Civic, also a tokenized service on Ethereum’s blockchain. Since SprinRole’s service depends so much on identity protection and verification, they are somewhat bound to the rollout of Civic’s platform. Still, it’s great to see these blockchain enterprises working in concert. IPFS (Interplanetary File System) will also be used for file storage and transmission.

Regarding the token distribution, SpringRoll is straightforward. 25% will be sold as tokens during the ICO. The rest will be for market development, the team, founders, and advisors. Team, founder, and advisor tokens will be locked for at least four years. The token sale begins in Q2 of 2018, and the distribution will follow shortly after. According to their roadmap, the freelancer system and API will be ready sometime in Q4 of 2018, at which point they will also have further development and announcements.

For more info, visit the SpringRole website at https://springrole.com
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Author: Vincent Russo
Los Angeles News Desk