What is the patent pending technology and how it works?
Patent Pending for Hedging against volatility : This is a significant and most important feature of Boon lacking in any other blockchain projects at present.
Especially in a job marketplace where majority of the jobs are 100 or less, hedging against the crypto market fluctuations are mandatory, otherwise project will be a failure.
Only Boon assumes the market will have a downside. Every other project assume ether price will always go up.
Assume an entrepreneur want to build a website.
Entrepreneur will create a project in Boon platform and hire a freelancer among the numerous bids he received. Usually a webdesign project will atleast last 2 to 3 weeks
At the start of the project entrepreneur deposit lets assume $2000 worth of Ether or Boon in the Boon escrow. Freelancer will only able to receive his payment after the project is complete and the entrepreneur is satisfied with the project. After that entrepreneur will release the payment.
When entrepreneur deposit funds in Boon platform, we hedge this funds against USD. We covert your ETH into Boon dollars which is pegged to USD
Once the project is completed at the time of withdrawal Boon platform will convert the Boon dollars into ETH or any other currency freelancer like to receive the payment.
This process will ensure freelancer and entrepreneur the promised funds at the start of the project is satisfied when the project is completed.
No one engaged in our platform will lose money and every users engaged in Boon platform dont have to worry about the crypto currency fluctuation.
This is especially true for small projects as well as big projects. This will help entrepreneurs give confidence in our platform because an entrepreneur knows his project wont be abondoned in the middle and he dont have to fund the project in the middle if ETH value or Boon coin value goes down.
Same for the freelancers as well, they can know upfront before accepting a project the amount freelancer earns from a project.
Conversion of ETH to Boon dollars is called hedging. This is the technology we developed using our logic and few other API’s.
Boon dollars is pegged to the value of USD, the most stable currency in the world.
This also helps users relate to the currency value. Its hard to know the value of a currency in decimal. For example its hard to understand how much is 0.373 BTC or ETH. But people know how much ledger wallet cost in USD.
If we put USD in our platform users will think its a Fiat platform. So we came up with the concept of Boon Dollars.
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