At a GlanceBlue Whale is building a decentralized ecosystem for the sharing economy on the blockchain, tackling several key downsides of traditional sharing economy. These include high commission rates, expensive advertising costs and lack of employment benefits. Blue Whale designed a new system called Worker Optimized Reward Keeper (W.O.R.K), composing of 3 main components, Contribution Activity Manager (CAM) to compensate fair rewards, Decentralized Associated Network (DAN) to deploy cost-effective marketing and advertising campaigns and Reward Bank to provide liquidity and cashflow for the ecosystem.
Blue Whale further explores the possibility of adding employment benefits that are non-existent in the freelance world, these include retirement plan, paid time-off, unemployment, health and medical benefits.
WORK (Worker Optimized Reward Keeper)Contribution Activity Manager (CAM)
To overcome high commission rates, Blue Whale designed a system called Contribution Activity Manager (CAM) which monitors contributions from all participants within the network and compensates fair rewards upon different activities.
Websites and social media accounts can install free SaaS tools provided by Blue Whale, which allow service providers to post ads to these accounts. If the ads successfully generate leads to purchases, 5% of the purchase price will be allocated to the publisher while another 5% will be allocated to Blue Whale.
(Of the 5% allocated to Blue Whale, 60% of net profit will be deposited to the Reward Reserved Pool.)
Let's create a real life scenario,
A wedding venue website installs Blue Whale's Booking Ad Widget SaaS tool, creating ad space on its website. Blue Whale's Big Data and Machine Learning algorithms will discover relevant relationships among the publishers, eg. professional photographers, wedding banquet caterers, wedding band services etc. Their ads will be posted to the website, and if a serivce is successfully purchased, 5% of sold service price will go to the website, 5% will go to Blue Whale.
This can work the other way around, or cross-promoted between heterogeneous platforms, incentivized under Blue Whale's Referral System and paid out automatically.
In order to ensure the quality of services provided on the network, service providers will be vetted by an independent verifier on the initial 50 tasks, if the rating is lower than 4 out of max score of 5, the provider will need to be verified again before becoming eligible for future listings.
Verification cost, verification reward and verification escrow rate can be found on Blue Whale's WP pg. 11
In the case of disputes, Blue Whale has a complete arbitration system in place to resolve conflicts. Disputes will be reviewed by the arbitration Council consisting of community jury members, these are members of highest quality with following qualifications,
- Be a freelancer working in the same field
- Have completed over 100 tasks
- maintain a rating above 4.9
- Dispute Initiation: Either the freelancer or the user can request for arbitration in cases of conflicts
- Dispute Reporting: The request is sent to the arbitration Council and the two parties need to submit the required payments
- Dispute Review: 5 or more jury members will be selected at random to decide the case
- Dispute Conclusion: Payments are made to the jury members
Jurors will provide the rationale and justifications to their decisions, ensuring the involved parties to understand the logic that led to the decision. If the decision was unsatisfactory, it can be escalated to the wider public and revoted. It is also possible to expand the size of jury pool, with higher deposits to compensate the jurors and prevent unnecessary escalations.
Jurors are rewarded at the end of settlements, they will also be rated by the parties involved in the dispute. Consistent low ratings will disqualfy their future participation.
Decentralized Associated Network (DAN)To overcome expensive marketing and advertising costs, Blue Whale proposes Decentralized Associated Network (DAN), which is essentially a network of decentralized nodes powered by Blue Whale SaaS tools. Websites and social media accounts can install the Ad Widget, which transforms them into new nodes in the network.
The main purpose of DAN is to collect user data and build a decentralized advertising network. Users will be able to leverage big data analytics and the underlying machine learning technology, allowing effective use of ad space at a fraction of the cost of traditional advertisement offered by big players such as google and facebook.
Booking Software Widget
Providers installing the Booking Software on their site or social media accounts will be able to convert any fiat currency into native BWX coins. This also establishes the required liquidity and cashflow for the Blue Whale ecosystem.
Booking Ad Widget and Ad Widget are components of the Booking Software, with these installed, providers will be able to create ad spaces and post to ad spaces within the network. Participants are rewarded based on their contribution determined by the CAM.
Big Data & Machine Learning Solution
Deep learning is an integral part of the Blue Whale network, websites or social media accounts with aforementioned SaaS installed will allow user data to be collected, analyzed and put into effective use. The ads posted to the network will be displayed based on demographics, interest, geo etc, reaching out to targeted audiences for higher conversion rates.
The bank acts as a depositary for receiving and disbursing Blue Whale eXchange (BWX) coins as the currency of the network. The bank will receive 20% of BWX offered at ICO as its initial reserve, Contribution Activity Manager (CAM) will be responsible for reward payouts from the bank and 60% of the net profits generated from the Decentralized Associated Network (DAN) will also be put into the bank reserve.
Blue Whale team is stacked with top talents from related fields. Will Lee, CEO of Verlocal, a SaaS enabled sharing economy on the WWW. Hawon Chung, CEO of ChainTOB, a blockchain service operator which recently partnered with ICON. Jaehyun Park, VP at Samsung and leader of blockchain technical research group. Hyunjin Choi, lead at Samsung Advanced Platform lab and chief architect during Mars Polar Lander project at NASA. Graduates from top universities such as Stanford, POSTECH, KAIST, Cambridge just to name a few.
There's a section in the WP with brief intro of each team member, you can find it on pg.26
- ICON DApp - Bluewhale
- BlueWhale ICO Interview: Decentralizing the Freelance Economy w/ Will Lee
- Blue Whale Network (BWX) - First ICON (ICX) ICO!
TeamWill Lee (Co-founder & CEO) | CEO of Verlocal, Stanford CS (Artificial Intelligence) | LinkedIn Profile
Hawon Chung (Co-founder & COO) | Formerly Oracle | LinkedIn Profile
*Hawon Chung is the CEO of ChainToB, a Korean blockchain startup that is an official partner of ICON, see the partnership announcement here ICON: theloop and ChainToB Partnership
Jay Park (Co-founder & CAO) | Formerly Samsung VP, Formerly SKT SVP | LinkedIn Profile
Hyunjin Choi (CTO) | Head of Advanced Platform lab at Samsung Electronics Ph.D. Cambridge CS | LinkedIn Profile
Changsup Keum (CIO) | Ph. D. KAIST & MS CMU
Jay Choi (Co-founder & Head of Product) | Formerly Oracle | LinkedIn Profile
Ryan Chew (Director of Business Development) | Serial Entrepreneur, Director of Verlocal Singapore | LinkedIn Profile
Qihan Zhu (Software Engineering Manager) | Head of Engeering at Verlocal, UC Berkeley CS | LinkedIn Profile
Alexis Low (Business Development & Sales) | Business Development & Sales at Verlocal | LinkedIn Profile
Minsu Jung (Smart Contract Engineer) | Formerly Tmax Software | LinkedIn Profile
Sophie Ahn (Global Operations) | Formerly Samsung | LinkedIn Profile
Shiyan Yang (Full-stack Software Engineer) | Lead Software Engineer at Verlocal | LinkedIn Profile
David Huerta (Business Development & Sales) | Business Development & Sales at Verlocal, UC Berkeley Political Economy | LinkedIn Profile
Terry Grinner III (Business Development & Sales) | Business Development & Sales at Verlocal | LinkedIn Profile
Hao Yu (Full-stack Software Engineer) | Lead Software Engineer at Verlocal | LinkedIn Profile
More details of each team member can be found on whitepaper pg.26
Injong Rhee | Google EIR, Former CTO of Samsung Electronics
Marco Torregrossa | Managing Director at Euro Freelancers
Kyungjoon Lee | ICON Foundation Council
Jonghyup Kim | ICON Foundation Council
Simon Yu | CEO of StormX
Nick Yang | Founder, Lebox Capital/Chairman, Chinese Young Angel Investor Association
Product & ServiceSort of, Verlocal is a good representation of what's coming.
VestingThe Blue Whale team will be on a 3-year vesting schedule. The team will receive ⅙ of their allocation 6 months after the end of the Public Sale. Every month thereafter, the team will receive 1/36 of their allocation until the 3-year vesting schedule is finished.
Additional InfoToken Allocation
- 50% Token Sale
- 20% Company Reserve
- 18% Community Reserve
- 12% Team & Advisors
Use of Proceeds
- 30% Engineering & Dev
- 30% Strategic Partnership
- 20% Marketing & Biz Dev
- 10% Operation
- 10% Reserve