The current ecosystem gathers the data from professionals, packages and organizes it and sells it on to businesses who pay dearly for that information. The users never get any reward or compensation for their data except for the use of the service itself. These intermediaries are also not particularly incentivized to streamline the transfer of data between professionals or between professionals and businesses, as the more data that is requested, the more these sites and services make money.
The Profede protocol would provide an unprecedented level of efficiency in the professional data value chain. Moving to a decentralized blockchain-based technology would retain the current benefits of professional social networking while also adding several significant benefits, including a resistance to data breaches, better data and reduced costs as proprietary portals are no longer necessary. Data would be kept safe and available only to those the user wishes to share it with and the user is incentivized to participate and share that data, leading to a larger, more active and engaged user base. That, then, will incentivize businesses to use the service to reach the large pool of professionals available through it.
Profede intends to add value for both professional users and businesses. Users will be able to control to whom data is sent and which data is transmitted, they will be compensated with tokens for sending data, they can set their own price and therefore feel fairly compensated in each transaction, and they will have a portable professional profile and ranking that doesn’t rely on a centralized authority.
Businesses should see an increase in savings as they will be communicating with those who want to be communicated with, reducing wasted time. They will also avoid expenses relating to service packages or subscriptions, as they will only be buying the data they need. Finally, they’ll be able to see the professional rating before purchasing data, to avoid reaching out to candidates they wouldn’t even be interested in. Finally, they would have community-verified profiles to access, avoiding concerns about inflated or misleading profiles.
Profede ICO Details
Total Token Supply: 6 Trillion Tokens
ICO Supply: 50% (3 Trillion Tokens)
Hard Cap: $20 Million
Soft Cap: $1.5 Million
Presale Discount: 15%
Token price: $.01
Presale Ends: May 31, 2018
Crowdsale Start: July 1, 2018
Crowdsale End: 105 Days or Hard Cap reached
- 50% Presale and Crowdsale
- 40% Reserved as long term budget (bounties, userbase expansion programs, development, legal costs)
- 10% Reserved for Advisors and Team
- 44% Expansion programs
- 40% R&D
- 6% Unforeseen Costs
- 5% Administration Costs
- 5% Legal Costs
Profede intends to disrupt a market ripe for it, that of connecting job-seeking professionals with businesses. The current markets are inefficient, expensive, and return very little value to the users. Profede plans to create a new ecosystem where users’ data not only has value, but has that value set by and paid to the user, who owns that data. No longer will a random third party portal own the data. This is a huge increase in privacy and data protection as the user will be able to put the price on their data and make the choices about who can and cannot purchase it. Something no professional can do today. Further, as the data is kept private and only sent between the user and the company, the chance for data leaks and breaches is much reduced.
Profede makes a good case for replacing this old-style system with a new paradigm, and the fact that they bring value to users and companies both is an important feature. Users, particularly professionals, are starting to understand the value of their own data and are becoming more reticent to be the product sold by job sites and professional social networking sites. Making users an integral part of the transaction makes it much less likely that users will pull back from the system or avoid using it due to moral or ethical objections, as is often the case with current professional social networking systems.
Profede’s token allocation and fund distribution look good, the protocol does not seem so technically complex as to be a risk, connecting businesses and users should be reasonably straightforward, though they do still retain a good portion for R&D, which should lead to a well designed product and one that is accessible to professionals who may not be particularly technologically adept. It is gratifying to see the large portion of funds going towards user base expansion and adoption programs, as social networks live and die by their usage. If Profede is able to bring users on board, by offering bounties, bonuses and other programs, it should bring businesses onboard very quickly. Businesses will go where the talent is.
But gathering that talent may be Profede’s greatest risk, as to a degree, users already have several professional networking sites or job search sites, so Profede will have to use their funds wisely in order to jumpstart the adoption rate so as to reach the critical mass of users to make the network worthwhile. Starting with the beBee contract and the 12 million users there may well give Profede the gas to get the engine humming. If not, Profede will need to aggressively expand their user acquisition plans in order to reach that tipping point. Luckily, they appear to be well aware of the position they’re in, and that users are the lifeblood of such a system.