A contract market for sourcing specialised expertise is putting its bets on a token to get the soiled work achieved.
Braintrust launched out of stealth mode Wednesday, backed by a $6 million seed spherical that includes True Ventures, Homebrew Ventures, Rebellion Ventures, Galaxy Digital, IDEO CoLab, Kindred Ventures and Vy Capital.
The tech startup goals to chop the intermediary (assume: ZipRecruiter, Certainly) from the employment determination, all utilizing a blockchain – on this case, a fork of decentralized finance (DeFi) protocol Compound.
“In the current environment of massive economic uncertainty, it is our responsibility to share our expertise in managing a distributed workforce, and help businesses supplement their existing teams and continue to innovate in order to get our economy back on track,” Adam Jackson, co-founder and CEO of Braintrust, mentioned in a telephone interview with Fintech Zoom.
The spherical was additionally joined by a handful of notable angel traders: Adobe CPO Scott Belsky, Compound CEO Robert Leshner, former Instagram CTO (and now Novi VP of engineering) James Everingham and TaskRabbit CEO Stacy Brown Philpot.
Braintrust has already sourced hires for corporations corresponding to Porsche, Nestle, Blue Cross Blue Defend, TaskRabbit and even NASA. Jackson beforehand co-founded Physician On Demand.
Employment markets ought to be two-sided affairs however are sometimes parceled out to 3rd events, Jackson mentioned. These events typically fail at sourcing prime tech expertise and cost massive cuts for putting candidates, and are notably poorly tailored to the strains of an more and more distant workforce.
Braintrust flips the concept on its head by putting candidates in a pool with employers and making a construction for interplay primarily based on the Braintrust Token, Jackson mentioned.
The token permits customers to set governance parameters for the platform and is paid out primarily based on actions, corresponding to a profitable referral.
“It’s not a financial token – it’s not meant to be monetized,” Jackson defined. “You can use it to decide what the rules are, like, ‘Should we let people in with this qualification or should we go to this category?’ or, ‘What fees should we charge clients and talent?’”
Primarily based on Ethereum’s ERC-20 token customary, Braintrust’s governance model is a variant of Compound’s. Leshner counts himself as an adviser in addition to an investor.
“Compound created a basic governance token and voting framework which we hope other teams adopt to accelerate their own development,” Leshner informed Fintech Zoom. “Braintrust is a great example of a team leveraging open source code intelligently.”
Braintrust isn’t alone within the blockchain-meets-employment market. For instance, freelance market Moonlighting moved over to the EOS blockchain in April 2019 in an effort to attach the fragmented gig economic system with Net 3.0.
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