We held a live AMA with Mahadev Vasireddy , Founder & CEO of Freela on 18th May 11:00 PM (UTC+8). Here’s the recap for those who missed it.
Serene: So before we start the first section, can you please introduce yourselves and your team background to our community?
Mahadev Vasireddy: Coming to myself, I pursued Computer Science from Penn State University and comes with an entrepreneurial background and training. I am the Vice Chairman of elite educational institutions, Vasireddy Venkatadri Institute of Technology (VVIT) and VIVA The School. In the last couple of years, I also executed responsibilities as Global Ambassador of both VVIT and VIVA, playing a crucial role in establishing partnerships with Government and various MNCs including Google, Siemens and Coursera.
From our website:
Mr. Mahadev’s innovative thinking and knowledge about industry 4.0 led to the idea and inception of Freela, a Defi-powered, commission-free, P2P and self-governing DAO. He envisions Freela to be a game changing Blockchain unicorn and the future of freelancing facilitating a win-win platform for both employers & employees ensuring “right person on right job for the right pay at no extra cost”.
And for people who are not familiar with Indian Institutions, VVIT is the 3rd biggest college of engineering in the state of AP and rated among the top 25 most innovative colleges in the entire country by govt of India
Valentin Donstetter: I’m Valentin Donstetter, CMO of Freela and entrepreneur, worked during 10 years in e-commerce with High-Tech refurbished products and collectibles. In Blockchain space since 3 years
Serene: Any latest/ update news about Freela you would like to share with our community?
Valentin Donstetter: Yes just got a huge news from one of our biggest partner ;)
Mahadev Vasireddy: Quote From Polygon — “We’re thrilled to support Freela and their brilliant team in building the future of freelancing and talent matching. DAOs are shaping the world, and we’re sure that Freela’s innovative model will ensure the best experience for employers and freelancers.”
AMA Twitter Section Begin:
Q1: How will Arbitrators be chosen, whether they are the right skill-set to judge the job done in an unbiased way. Also i saw that arbitrators will need to stake, thag simply gives the power of arbitration in the hands of someone who can stake more. How do u plan to solve this.
Mahadev Vasireddy: For being an arbitrator, you need to stake and being chosen by competent Governors and/or by the DAO process.
Governor role : Everyone that locks/stakes 0.1% of the whole supply is going to be a governor on the platform that gets to vote in Dao decisions regarding every single detail of the platform like hiring/firing arbitrators, modifying arbitration percentage and any other decision regarding the platform. This is an alternative system for the widely used defi governance tokens so that we don’t have to worry about 2 tokens for the same platform)
So arbitrators don’t have such power actually, and can get fired if they don’t do the work responsibly
Q2: Freela seems like a super interesting project to me. My question is, do you have a native token as the core of your project? If so, do the token holders have some kind of advantage over all other professionals? Is there any benefit to be a Freela holder?
Valentin Donstetter: Freela will have its token called #FREL
Token holders have advantages on the platform and is actually included in the Reputation System, so freelancers and companies should stake some ;)
Basically #FREL is :
-A payment method for any and all services offered on the platform
- A governance token, granting FREL holders the right to propose and vote on rules, regulations, and future developments
- An asset to be staked in liquidity pools on the platform
Q3: Will it be possible for Freela to benefit from future-oriented NFT technology? For example, can it be ensured that the certificates, diplomas, professional competence documents created as NFT can be used?
Valentin Donstetter: We’re actually thinking about implementing much more features, not sure about the implementation of NFT itself for certificates, diplomas etc, but it’s indeed something we’re looking into.
NFT are hot, but not sure certificate is the best option for it
Q4: Could you tell us a little bit about the payment gateways that will be used within the platform? Will all payments have to be made in Freela Token? Or will you have enabled the option of payments with Fiat money? Not all people know what a token, wallet or Uniswap is.
Mahadev Vasireddy: There is going to be 2 options to begin with. Traditional payments and cryptos. So when people are using the crypto option, the payments are going to be the choice of the employer and employee. The platform obviously incentivizes the users to use freela as the mode of currency by making the whole transaction at zero cost. But they can use any other Erc token and when they chose to do that over freela there is going to be small transaction cost like uniswap fee that will be directly used to burn freela off the market. In simple words, The value from the platform is always driven towards freela token value.
Q5: What are the advantages of #FREELA compared to competitors who offer similar programs? And how will your project become a leader in the blockchain market?
Valentin Donstetter: For going to the essential, It’s the only model/platform that provides every feature that centralized companies like upwork or fiverr provides and still charge nothing literally…
Except being literally Commission-Free, we also have developed some incredible tools and features like :
- Professional Mediation (anyone with an experience in a particular field can be an Arbitrator and can be remunerated based on disputes)
- Self Governance DAO
- A Complex Reputation System
- Traditional and Crypto Payment options
TBH it seems difficult to provide a better platform than Freela… It is not restricted to Freelance platforms, there is a lot of actual real life used applications and platforms in different fields but really, who wants to provide a feeless service these days anyway?
We do 🙂
Telegram Live AMA Begin:
Q6: I don’t see you discussing SAFETY
Can you explain what SECURITY the Project has, is it working with the world’s best security experts?
Mahadev Vasireddy: Its literally on the best possible chain and best possible L2. Eth and Polygon(Matic)
Q7: Freela focuses on the “right person on the right job for the right pay”. How do you determine the amount paid for a worker and make sure it is appropriate for the job?
lau What is the payment system that will be accepted by workers? is it paid in cryptocurency, or in fiat currency?
Valentin Donstetter: Freela doesn’t determine anything, Freelancers and Companies fix their own terms.
On Freela Traditional and Crypto Payments will be available
Q8: What future goal is Freela trying to achieve considering the global crypto space is experiencing huge development now and in years to come, what role will Freela be playing in that?
Mahadev Vasireddy: Good question. We believe we are going to be the best one stop freelancing solution in the world coming from blockchain space. And we are happy that our investors and community believes the same ❤️
Q9: Is the free payment system based on polygon correct?
Mahadev Vasireddy: Polygon is going to be the Layer 2 for having transactions at near zero cost and quicker instead of paying hugee gas fees on eth directly
Q10: Do you have a Partner or a VC supporting you? For your inauguration. Who are you partnering with? Are there any Sponsors working with your project?
Valentin Donstetter: Yes we got a pretty extensive and solid list of patners and VC, you can check our announcement concerning our Private when we raised $1.4M in few days without any publicity.
Freela successfully raised 1.4M USD in 10x oversubscribed private sale.
At Freela, we have believed from the beginning that the unique strengths of blockchain and cryptocurrency can bring…
Q11: How does #Freela platform allows for a variety of services that allow seamless entry in the marketspace?
Mahadev Vasireddy: By reducing the entry barrier to begin with and later by not limiting them about the services they want to provide
Q12: Where is freela whitelist results ?
Mahadev Vasireddy: Freela whitelists will be announced by the IDO partners themselves. Both BSCPAD and Poolz
Q13: There might be a problem of dishonest or inexperienced freelancers or recruiters, How freela is going to avoid this type of situations.
Valentin Donstetter: By providing a complex Reputation system based on several aspects each one with different point structures. check our Whitepaper on thefreela.com
Q14: Why does #Freela should incubated by Vasireddy Venkatadri Institute of Technology (VVIT)?
What’s purpose of that?
Mahadev Vasireddy: Freela is promoted by VVIT(Vasireddy Venkatadri Institute of Technology), an elite engineering college with enormous captive talent pool and access to an even larger talent pool and market of around 300 engineering colleges through its status of being an essential spoke in the skill development infrastructure of Andhra Pradesh State Skill Development Corporation. The Founder and Chairman of VVIT, Vidya Sagar Vasireddy is
acting as an Advisor to Freela. Which can be really useful for any talent matching company
Q15: How does #Freela roles on DeFi liquidity pools and DAO governance on Blockchain technology?
Valentin Donstetter: We actually use almost everything what Defi actually is…. 😅
1. Multiple Defi liquidity pools for the platform functionality(more detail in the sent WP)
2. People able to stake both freela and Usdt in those pools for staking rewards
3. Governor role : everyone that locks/stakes 0.1% of the whole supply is going to be a governor on the platform that gets to vote in Dao decisions regarding every single detail of the platform like hiring/firing arbitrators, modifying arbitration percentage and any other decision regarding the platform infact. This is an alternative system for the widely used defi governance tokens so that we dont have to worry about 2 tokens for the same platform)
In simplest words, every element of the project is designed in a Defi manner. “ Recreating traditional financial instrument in a decentralized architecture(Heco-Matic), outside of company and centralized control( Dao and its governance)”- Forbes
Q16: What exactly does the #FREELA project offer in the blockchain network that you can’t find in other companies that trade with cryptocurrencies??
Mahadev Vasireddy: To be really honest, We are first of our kind, so everything we do is almost something that no other guys do. We have filed a patent for the whole model be it commission free, be it professional mediation services or be it the unique reputation system that makes choosing employee easy
Q17: Africa is one potential market for Cryptocurrency, due to the instability of fiat currencies. Then are you interested in the African market and have a complete integration plan with the African market?
Valentin Donstetter: We are planning a complete integration with the global market, African market is itself a heavy one in huge expansion and we will of course take also advantage from it ;)
Q18: Hi I am a photographer and I am interested with freela. Most of my client I think not using cryptocurrency until now, how to make them using freela? So they can use my service in freela.
Valentin Donstetter: They will be able to use Freela and pay with traditional payments too ;)
Q19: How do you ensure the privacy of each party during the P2P services?
Mahadev Vasireddy: By making sure the storage used for the platform is decentralized and not even the CEO myself can access the files or conversation between users unless one of them calls for an arbitration
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