London-based startup Colony is edifice an infrastructure based on the Ethereum blockchain that aims to revamp the vogue organizations in addition to companies function in addition to collaborate, promising to brand human resources in addition to projection administration to a greater extent than open, fair in addition to efficient.
Think of Colony every bit the merger of Trello in addition to Upwork, but running on a blockchain. Colony essentially brings the scheme in addition to human uppercase together onto a decentralized in addition to transparent platform, in addition to adds a monetary scheme that rewards freelancers in addition to contributors alike based on their contributions to the success of the organization.
“Colony brings close a novel ‘Nature of the Firm’ past times significantly reducing both the transaction costs of the marketplace position substitution machinery for labor, in addition to trust required for people to function together,” Jack du Rose, co-founder of Colony, told Bitcoin Magazine.
“We run across Colony every bit infrastructure for the organizations of the future. We believe infrastructure should last reliable in addition to impartial; 1 scheme should non last reliant on the existence or permission of some other to operate.”
Instead of existence managed past times fallible individuals, “colonies” running on the platform harness the wisdom of the crowd to brand certain that things larn done past times the correct people in addition to at the correct time.
Each colony has its ain token that represents a percentage of the ownership of the organization. Smart contracts are programmed to distribute ownership tokens according to the value each private contributes. Contributors tin afterwards merchandise their tokens on the opened upwards marketplace position for cash.
Colony also comes amongst a reputation scheme that allows people to review in addition to flat others’ contributed work. This scheme allows companies to select the best candidates spell enabling freelancers in addition to experts to ready influence in addition to demonstrate their skills.
Colony: The “People Layer for the Decentralized Protocol Stack”
While Colony is edifice a reference customer for its platform, the squad really much thinks of the Colony protocol every bit infrastructure upon which other developers volition ready applications.
The Colony protocol, which is built every bit open-source smart contracts on the Ethereum network, is designed to enable developers to integrate decentralized in addition to self-regulating partition of labor, decision-making in addition to fiscal administration into their applications.
Du Rose described it every bit “the people layer for the decentralized protocol stack” in addition to said he expects many companies in addition to products to last built based on the software.
In the future, he hopes to run across the protocol existence integrated into a diversity of applications. It tin last used, for instance, to shape the solid set down of a decentralized ride-sharing service, to grip claims inwards an insurance decentralized app or to render the framework past times which a merchants' social club coordinates inwards a virtual world, he said.
Moving forward
Colony released its beta inwards Feb of this year. The Colony Beta allows teams to exercise their ain “collaboration network” in addition to combines trace administration amongst payments in addition to tracking features.
These features include automated cryptocurrency payments; USD, GBP in addition to EUR payments amongst Stripe; integrations amongst pop tools including Slack, Xero in addition to GitHub; a reputation scheme in addition to a voting system.
Du Rose said that the team’s immediate focus is to cash inwards one's chips on to ready out the network in addition to customer library, in addition to “get them inwards the hands of every bit many people every bit possible.”
He said that an ongoing utilization of Colony’s medium- in addition to long-term goals is focused on polishing the platform in addition to improving the software inwards monastic enjoin to growth blockchain adoption, “not simply for developers edifice on plough over of the Colony Protocol, but for the Ethereum developer community every bit a whole.”
He continued, “We run across many challenges to usability inwards [the] blockchain space, in addition to nosotros don’t believe we’re going to make mainstream adoption of blockchain applied scientific discipline until nosotros are able to offering the same character of sense every bit centralized services provide.”
Companies in addition to organizations simply about the globe are get-go to explore the utilization of blockchain applied scientific discipline inwards projection management. Russian government–owned evolution banking corporation Vnesheconombank (VEB) is reportedly looking to launch a epitome for such a platform.
Speaking to Sputnik at the Saint Petersburg International Economic Forum inwards May, the bank's chairman, Sergey Gorkov, said:
“When nosotros started to intend close how to cope projects efficiently, nosotros realized that at that spot is no platform. Everything that nosotros had became obsolete. We realized that the blockchain is a goodness fundamental in addition to qualitative platform for the future. [...] We direct established a qualification optic in addition to a airplane pilot projection was launched. We are launching the initiative of all epitome inwards price of projection administration this fall.”
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