TEN – Trade Engine Technologies: Decentralization of the Labor Markets
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Abstract: Trade Engine is a blockchain development company. TEN is our token symbol. Our company is actively pursuing integration of blockchain solutions into the labor market sectors of the world economy. Trade Engine will be at the forefront of structuring innovative products and services with greater labor market buy and sell efficiencies across all industries. Trade Engine’s platform for labor exchange on the blockchain will provide decentralization to private industries while simultaneously promoting wealth creation by providing a method which can increase wealth potential in both the employer side of enterprise and the employee side. Our patent-pending innovative technology can create efficient and liquid markets for labor in both the real world and the metaverse. Trade Engine’s platform would permit the use of Non-Fungible Tokens as a verification instrument. Users can display their work history from credentials in their profile which will prove their ability to accomplish a given task based upon prior jobs which have been verified by their addition to the digital ledger. Trade Engine believes it is important to augment current employment programs with a more efficient means of activating the unemployed and incentivizing employers by providing them with the tools they need to make an effective decision in their hiring process. This will be accomplished by using the metadata from the blockchain that provides verification and the quality of work from the employed while using smart contracts to automate the process.
1. Platform Introduction
Trade Engine’s labor platform architecture will feature decentralization, peer-to-peer networking, and blockchain based labor. Blockchain was introduced to address structural problems within commerce and banking back in 2008 as bitcoin; Trade Engine will create an effective solution for the labor markets that provides a sort of “labor arbitrage” for its participants. Our solution includes a platform with decentralized databases and a peer-to-peer network (In the form of sellers and buyers of labor). Trade Engine will create incentivized mechanisms that generate a sustained finance cycle that will cover ongoing platform costs. The platform will include methods to find and identify incentivized activities that will largely impact labor activation to ensure the employee and employer relationship is a tailored fit. Trade Engine will utilize Distributed Ledger Technology (DLT) and data from private industries to create a blockchain that carries the metadata of laborers’ performance next to the buy side requirements to create liquidity for buyers and sellers of labor. We intend to incorporate an enhanced version of “Soul” NFTs where appropriate in the Trade Engine system. According to the Co-Founder of the Ethereum blockchain, Vitalik Buterin, Soulbound tokens (SBTs) are “the future” of Ethereum and Web 3.0. They are non-transferable but revocable tokens linked to a ‘soul’ address. NFTs are designed to be transferable — you can buy, sell and trade these digital assets over an exchange. In their simplest form, these SBTs are much like how we share information about ourselves on our Cvs.
Trade Engine objectives:
- To utilize DLT to achieve efficiencies in disbursement programs.
- To integrate skilled labor markets across national borders.
- To expand across digital labor markets.
- Platform and Quality Assurance
While there are many platforms that provide usage for decentralized finance, decentralized autonomy, and non-fungible tokens. Trade Engine is the first blockchain labor market platform that utilizes metadata found on-chain and in Non-Fungible Tokens. This would be used by laborers to display their history and work, and display other details which is part of our innovation. Because the blockchain is an immutable ledger of history, all former transactions recorded in blockchain data can be used to validate work experience and work processes of employees. The blockchain adds an extra layer of accountability to both employees and employers. Employees receive adequate and honest wage for their role in their company, and employers are granted the level of work they are paying their employee for.
Within the labor economy platform there will be Quality Assurance roles established by participants and used to address disputes between labor buyers and sellers. This will be provided by assigning certified roles where the specific participants will perform tasks that assist in the efficiency of the platform’s ecosystem. For example, in software development, automated tests and peer reviews are often included in project requirements. These requirements interact with the platform rules and rewards are distributed for proper attribution of requirements in the labor economy. This process would also accompany payment for the assurance activities and will have a contingent agreement on the finalized labor transaction via multi-signature technology. This technology would require a minimum of 2 out of 3 digital signatures to process the token transfer.
Payment is included in the initial labor bid order, although it is optional. As risk management appetites differ across bids. Proper QA (Quality Assurance) will be one of the many requirements utilized in a larger labor bid. A group of peers review each of the bid requirements until consensus is reached on the provision of a matching ask (which may require a subsidy). Strong identity verification will be required to mitigate any abuse and fraud of labor. Additionally, it will be required for platform validation of certifications from international standards bodies like ISO and ISC2.
Validation of credentials might be a requirement of platform costs and not necessarily a cost element of any labor bid; however, if included, the labor bid can be assured of the platform’s strong identity management behind matching ask claims on required credentials or certifications. Strong identity management controls per international standards such as ISO and DISA, shall be defined to meet government identity standards found in banking and finance. Smart contracts will interact with each blockchain user to validate on chain data about the position of either an employer or an employee. Central management includes off-chain transactions such as any social and historical record of user history, delegation, and voting.
There will be various token types, and these are used to incentivize employers or provide a way to organize labor on the blockchain. Employers are provided the metadata of previous work history of the laborer in question. The history is recorded in metadata on the blockchain. It can also be found on display from the laborer candidate’s projects. This will create a vehicle for conveying the value of the candidate’s skillset. Regarding our design, there are 3 major value implementations that are intended for the platform’s use. Each transfer follows its token value on the value chain, starting with a root value as it traverses the intermediary nodes to its final node.
Current Token Issue:
$TEN – Data/Governance Token: BEP-20 Token Standard. Built on BSC (Binance Smart Chain) to interact with BNB Tokens. The TEN token has a total supply of 100 Billion Tokens and is expected to launch with a market capitalization of about 20 Million USD. The token features auto liquidity-adds and pays holders’ dividends in BNB. These liquidity-adds are automatically performed during the selling of tokens and are collected as fees, pairing the received BNB with the token, and adding it as liquidity to the pair. In reference to the previous notation, this token will reward its holders and allow for community participation as we build our platform. This token features parameter-based anti-whale controls and an anti- sniper function to avoid market manipulation and allow for fair distribution of the tokens to investors and to prevent bots from manipulating low liquidity environments. The TEN Token’s ultimate utility purpose is to access our accrued data over the coming years. Data prospects are underlined and can be found from the aforementioned industries mentioned in the “abstract” heading.Patent Pending Design:
- Subsidy Token – Privately Funded. Starts with a funding event (from either private industry or government) that has a set budget for the fiscal year to support its employment program. This Subsidy Token bridges the gap between closes bid and ask spread in labor exchange. A public staking of subsidy involves, for example, an individual who decides to stake an amount of a particular funded subsidy token into its pool for a potential return. It remains staked until the end of the pool’s fiscal year, at which the entire staked amount is returned. The subsidy token’s lifecycle and transactions are managed independent of the platform in a public smart contract. This allows for unprecedented public transparency of an institution or blockchain-based government program.
- Reward Token – Publicly Funded. Investors stake outlays against anticipated returns. Reward tokens are expended only after proof the privately-funded tokens are expended. The purpose of public-funding is to allow labor (or supporting) departments to scale up their employment programs. Typically, the department will establish a reward pool, which will be returned to investors (or those who are staking their tokens) at the end of a defined period, perhaps a quarter, or a fiscal year. Those who are staking will then provide funding up to the point where the reward pool will be proportionate to the anticipated risk to investors; this is a process of market price discovery of a suitable rate of return on investment. The mechanics of this process are set out in advance using a public smart contract.
- Labor Economy Incentive Token – Similar to the reward token but is used as a broad-based incentive. After some experiments and determining which actions are most contributable, this token will be awarded to users that participate in activities and transactions that promote the maximum growth of the labor economy, under the assumption that findings will scale. The initial sampling will include evaluating response to reward signals for transactions such as making labor markets, performing quality assurance actions, performing arbitration actions, placing labor market asks or bids, and rating buyers and sellers. Feedback from sampling will be utilized in the incentive token design. This process involves training models on supervised deep learning methods.
- Smart Contracts
TEN’s architecture will utilize smart contracts on the blockchain. For each of the token types, there will be a smart contract that mitigates each instance. This would include smart contracts for minting, burning, distribution, and transfer. In the labor market, when bids and asks are matched, the tokens associated with the matching transaction await the multi-signature verification (2 out of 3 confirmations) before the transaction is finalized. In an undisputed transaction, the labor buyer and seller both sign when the buyer has a satisfactory receipt of labor completion along with any requirements on quality assurance and/or certifications in the agreement.In the case a buyer refuses to sign a transaction, the platform can step in and sign after peer reviewers (participants with arbitration roles) provide consensus on whether the labor has met all contracted requirements put out in the bid. Without at least 2 signatures, the tokens are returned to the buyer after the bid’s recorded transaction, to include any period for rework. In short, this requires a set of properties for each bid:
- Requirements on the product or service.
- Periods of performance and rework.
- Third party requirements.
Each of these properties are taken from records on the blockchain and are processed via smart contract to verify a labor transaction is complete. When 2 out of 3 on-chain digital signatures are signed, this determines a transaction’s final state and is recorded on the blockchain (distributed ledger). Smart contracts are deterministic agreements that are used as a form of verification in code on the blockchain. If the data is then verified between employee and employer, the smart contract is initiated, and a process starts. This creates an autonomous environment for labor markets and assists in culling the best results within the labor economy.
- Concluding Thoughts
Trade Engine’s proposal consists of a labor platform that will present a private and decentralized database to manage identities and integrate blockchain into employment programs. As the Trade Engine Blockchain platform is deployed it will incentivize users and provide a more liquid and efficient labor market. Trade Engine intends to extend private party interest in our services and become an innovative leader in the technology for labor markets. Trade Engine anticipates expanding services to the domestic US, Department of Labor and other employment departments across national and international borders. Trade Engine’s use of DLT (Distributed Ledger Technology) will enhance productivity and accountability for private sector efficiency and the Trade Engine Blockchain will create market principles that will work for all participants in its economy, regardless of social or economic status. The efficient use of labor and other disbursement programs will create a more effective process of hiring and payment for participants in the Trade Engine labor economy. This process will be able to occur due to the sharing of labor related data and scaling-up platform volume. We intend to be the largest market designated for blockchain based labor and the first of its kind.