KuCoin AMA With WORK X (WORK) — The Internet of Jobs

Dear KuCoin Users,

Time: December 13, 2023, 11:00 AM- 12:18 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the Founder and CEO of Work X, Rik Rapmund in the KuCoin Exchange Group.

Official Website: https://www.work-x.io/

Whitepaper: https://content.workx.io/whitepaper/Work+X+Whitepaper+V8.pdf

Follow Work X on Twitter, Telegram and Discord

Q: Could you explain the main benefit of a decentralized platform over a centralized platform such as UpWork or Indeed?

Rik: Yes, sure! So the biggest advantage over centralized platforms is the economic efficiency. As we are matching employers with candidates peer-to-peer, we don't have to pay any commercial commissions to middlemen. We only charge a small fee to cover the costs of running Work X, which means that the salaries of workers are much higher and services become more accessible (cheaper). Also, we are allowing our users to own and control their data. Instead of LinkedIn who owns and even monetizes the data of its users.

Users are able to connect on the platform and use their on-chain verified credentials to find a job. They are able to take this data with them for the rest of their career and they don't have to trust external institutions with their privacy sensitive data.

Q: Can you explain how Work X's dynamic fee model works and how this also impacts the WORK token on the exchanges?

Rik: One of our core USP's is that we don't focus on reaching an audience in Web3 only as the volumes are way too small here. Work X is utilizing Web3 tech to make it accessible for everyone (including Web2 or TradFi users). We just posted an article and thread about this here.

As for the dynamic fee model: we allow users to buy job postings and (AI) subscriptions with traditional payment methods (credit, debit, Stripe, PayPal etc.) In the background, we bundle transaction fees and buy back the $WORK token from the market to make sure that our Web2 or TradFi users don't have to understand how MetaMask works. Every tx contributes to the buy pressure of $WORK without the web3 knowledge.

Q: How does Work X ensure the privacy and security of user data, particularly considering the sensitive nature of personal and professional information shared on the platform?

Rik: This is one of our core focus areas. Over the last 3 years, we have been working hard on our Self-Sovereign Identity use-case. Together with the Dutch government, the European Commission and a large consortium of businesses, we are contributing to the decentralized identity space.

Work X ensures that users are able to verify their identity in multiple ways (gov’t, biometrics, web3, etc.) while also remaining anonymous if people want to offer their services in an undocked manner. This also allow users to apply for a job in an unbiased manner. You own and control your own data. To fund this use-case, Work X has been declared as one of the 5 winners within a 2 year grant program with the European Commission. Winning from 200+ selected start-ups.

Q: Can you provide more information about the team behind Work X, their expertise in decentralized technologies, and their track record in the job market industry?

Rik: Here we are!

The core team consists of me (Rik Rapmund), Daniel de Witte (our CTO) and Legal Board Member Patrick Storchenegger:

Rik Rapmund - CEO - Started his first travel business at the age of 14 and successfully sold this before AirBnB took over the market. Building blockchain tech. since 2012 & was selected among the top 500 tech. talents in The Netherlands under the age of 30.

Daniel de Witte - CTO - In space since 2010, coding for over 30 years, and has international experience as a lead at a large logistics company.

Patrick Storchenegger - Legal Board Member - Executive board member Ethereum Foundation

The rest of the team consists out of 8 front-end, back-end, full-stack and blockchain developers spread across Europe.

Q: Can you explain how Work X empowers both talent and employers without requiring them to possess Web3 knowledge?

Rik: Work X is working together with 50+ corporate organizations and many people working for these companies do not have a lot of technical knowledge. Work X allows these people to just pay for services with fiat without having to understand how MetaMask works. When people want to learn more about regaining control over their data, identity, reputation and money, we assist them to onboard Web3.

A hybrid approach is essential here! Also, we have a lot of companies that are dealing with more than 50,000 job candidates per year, Work X is offering them a way to measure their skills and find a better match with open positions. This saves the company a lot of money as they don't have to interview 50k+ candidates. Additionally, candidates have free tools to find their dream job.

Q: How does Work X plan to attract a large user base and ensure sufficient job opportunities for workers on the platform?

Rik: Our platform, Work X, is uniquely positioned to cater both Web2 and Web3 domains, offering a versatile ecosystem for businesses and individuals. We have two main routes to our conversion strategy.

The biggest influx of new job candidates is coming from our 50+ corporate partners. Onboarding the first 3 partners already resulted in 140k users on the platform.! Read more about our entire conversion plan here.

Q: What measures does Work X have in place to prevent fraudulent activities or misrepresentation of skills and qualifications by the talent using the platform?

Rik: Work X has designed a decentralized process to resolve disputes on the platform. If someone is breaking the terms & conditions of the platform, they lose their security deposit fee that is required before engaging in a collaboration. This fee is used to pay for an external dispute resolution platform that solves the dispute in a decentralized way with legal professionals judging on the case. As long as you comply with the terms & conditions of the platform, you do not risk losing your deposit fee. For more information about this mechanism, please read Chapter 6 in our whitepaper.

Q: How does Work X address potential biases or discrimination in the job matching process, particularly considering the platform operates without human intervention?

Rik: By eliminating everything that doesn't matter in the matching process. We are excluding things like age, gender, race, and many others in the matching algorithm. Of course, there will always be a moment where a candidate will get in touch with a hiring company. However, the least we can do is make sure that everybody has a fair chance to present themselves.

If our AI algorithm finds a pattern that f.e. People with a background in healthcare perform great in a customer support setting, it will provide job and development suggestions in this direction.

Q: How does Work X ensure the authenticity and reliability of the skills and work experience verified on its platform?

Rik: We have developed a tiered data model where users are able to enrich their data profile with skill measurements and verified credentials. For example, you are able to send a verification request to old employers, participate in peer reviews, add your diplomas, development certificates and references. The more measurements you add, the stronger your profile looks for companies. You should compare it to Amazon where you are more inclined to buy the product that has 1,000 reviews with 4.5 stars over the product with 3 reviews but 4.6 stars.

Q: As we all know your Contract Address (WORK) has been created with (BSC) Network. Do you have any plans to bridge popular networks such as $SUI, $APTOS or $ARB?

Rik: Yes, Work X has a multi-chain approach and is aiming to integrate on multiple blockchains. We will kick-off with the integration on ETH later this week.

Q: Based on the roadmap of the project, what are your top priorities for the future?

Rik: Right now, we will focus on onboarding the 50+ corporations that are ready to start using Work X. We require about 6 months to do this, and will result in a lot of new users to establish the platform.

Q: How does the genesis NFT work and what exclusive features and benefits does it offer holders?

Rik: $WORK token holders will be able to stake tokens inside the Genesis NFT and level it up over time. The higher the level of your NFT, the bigger your share in the rewards pool. The interesting thing about the NFT is that you're able to sell it as a “vessel” including the tokens within the NFT. As it grants utilities such as fee discounts, AI subscription and highlighted job posts, companies will have a very tangible reason to buy these NFT's and tokens inside, it grants them more $WORK tokens to spend and it will reduce their costs.

Q: What are the top 1-3 standout features of this project that set it apart from its rivals? Which aspect of your project's competitive advantage gives you the most confidence?

Rik:

● Peer-to-Peer Collaboration

● Generative AI Assistant

● Decentralized Identity

● Verified References

● Unbiased Hiring

You can read more here.

🎁 Participate in the Work X AMA quiz now for a chance to win $10 IN WORK!

The form will remain open for five days from publishing this AMA recap.

KuCoin and Work X have prepared a total of $2,000 in WORK to give away to AMA participants.

1. Pre-AMA activity: $800 in WORK

2. Free-ask section: $50 in WORK

3. Flash mini-game: $400 in WORK

4. Post-AMA quiz: $750 in WORK

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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