Dubai: Enlisting the services of a babysitter, grocery, laundry or cleaning company at the click of a button may be familiar enough in our digital times, but did you know you can now pay for them in cryptocurrencies?
First for the UAE
Making this possible is a new app called ConnectJob, which its co-founder Ali Kassab from investment firm Centurian & Co claims is a first for the UAE.
So how does the transaction work?
To begin with, you have to open a digital wallet by logging on to the ConnectJob website. Once you are registered, you follow due protocol and enter into a smart contract. Essentially, this allows you to buy ConnectJob tokens with dollars or cryptocurrency Etherium.
As Kassab said, “For one Etherium (which is currently valued at $1,000), you can get 2,400 ConnectJob tokens that can be used for a transaction. Under our pre-initial coin offering (ICO) promotion running till February 11, you can get a 25 per cent bonus, which means they get 3,000 tokens for the same amount.” The wallet loaded, you can look for the service provider in the area intended. Using advanced geolocation technology, the platform provides 40 day-to-day services, including gardeners, plumbers and make-up artists, to users via its app through individuals called “jobbers” available in their local area, which are invoiced in CJT (ConnectJob tokens) at an hourly rate that is fixed for each type of job. Once you have zeroed in on the provider and the provider accepts the contract, a certain number of tokens is transferred from your wallet to the provider. ConnectJob’s transaction fee is also deducted.
Kassab said 5,000 customers have come aboard with ICO raising nearly $5.3 million. He said unlike other online marketplaces, buyers can actually speak to the service providers, on ConnectJob in real time. “Using blockchain, ConnectJob allows its customers to exchange value directly without relying on a third party. There are many benefits in using our decentralised platform. Besides real time transactions, it allows for transparency and a convenient payment gateway. It is user-friendly and open to everyone.”