Web3 platform Smartrust takes platforms such as Upwork with an escrow system on the chain.
Web3 comes to the growing market of freelance work. On Wednesday, April 30, Reactive Network Developer Fund announced the latest financing receiver, Smartrust. The project is building a Multichain Escrow layer for web3 freelancers and customers, based on reactive smart contracts.
The network enables customers to lock funds in smart contracts, which can be released in milestones for payments. These programs are transparent and programmable, without the need for centralized intermediaries. The network also makes it possible for third -party dispute resolution, which increases security for both customers and freelancers.
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Reactive network in the core of Smartrust
Smartrust uses reactive smart contracts. The event-driven infrastructure enables Smartrust to work on various EVM-compatible chains and even being able to bridge logic and to stem over these chains. Emilijus Pranckus, ecosystem head at Reactive Network, explains the role of reactive plays in Smartrust.
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“Smartrust is tackling a clear and pressing real-world problem. By placing reactive at the core of their application, they are enabling trustless mechanisms between clients, freelancers, and adjudicators the valuefy, thentify. This beauty, thentify. IFTTT Network Brings to a Wide Range of Smart Contract-based Applications, ”Emilijus Pranckus, Reactive Network.
The global freelance market is growing, both in terms of the workforce and turnover. Between 2020 and 2024, the number of freelancers in the United States increased by 90%, with the trend expected to continue.
By 2027, Statista projects that 86.5 million people in the US will be freelancs, which is more than half of his workforce. At the same time, the freelancing market will grow from the 2024 figure from $ 6.55 billion to $ 14.17 billion in 2029. A key factor that stimulates this growth is the need for a more flexible workforce, so that companies can adjust and scales faster.
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