Unemployment and underemployment has been a major setback in the socioeconomic development of the communities in the recent years. It is expected that by the year 2020, there will be a global shortage of skilled workers in the economy at large. According to a recent study, in countries like United States, India, China etc, around 30 to 45% of the working population is unemployed or are working part-time. There is also a shortage of skilled workers, which is deterrent for growth in industries where critical or specialized skill is required. The technology is ever-changing and industries are making new innovations and new AI based operations. The online talent and job platforms lack the infrastructure or the connection between the critical skills demanded by the employers and the job searchers.
In view of this, Experfy Inc, which is a consulting and training marketplace and a Harvard-backed startup, launched the Expercoin ecosystem. The main objective of Expercoin was to set up decentralized networks or marketplaces called “Republics” that will generate advance learning and training as well as create jobs in the digital world. By leveraging Blockchain based AI protocol and Fortune 500 backed Experfy infrastructure, it will create a marketplace for training, mentoring, assessment and jobs for job seekers and employers. Now anyone can use the platform to launch their marketplace. The main vision is to make education more skill based. Employers are more interested in specialised skills rather than university degrees. So the idea is to create a decentralized platform where one can acquire specialized education as well as jobs based on that.
Features of Expercoin
The Expercoin Republic consists of the six pillars that govern its functioning.
- A Learning Marketplace: This platform offers the courses available in the system. Students can choose and learn through interactive gaming experiences as well. All the course offerings are rated to help students choose the best one that matches their criteria. The AI based interface helps the students to learn through the latest technological tools.
- A Job Marketplace: It is a platform where employers post their jobs in the form of apprenticeships, internships, short-term or full-term contracts or jobs based on specific specializations.
- A Mentorship Marketplace: Here students and corporate employees can hire mentors who can give them advice on various topics which can be both technical and nontechnical.
- An Assessment Platform: Job seekers have to go through assessment tests based on their particular expertise. These tests help the employers to screen the potential future employees. The job seekers also get certificates on their results which further helps them to build a portfolio based on their credentials.
- A Corporate Academy: Here organizations can buy employee courses, learning contents and subscriptions for their employees.
- Financial Aid: A unique facility where students can also ask for assistance in payment of their course fees. Here course creators as well as lenders can pay on behalf of the students. In that case course creators will charge a premium on the course fees.
- The utility token of Expercoin Inc, is Expercoin which will be used in all transactions in the ecosystem. It is ERC-20 compliant and based on the Ethereum Blockchain. The Expercoin wallet will bring all the functionalities of the Blockchain technology.
- Expercoin will eliminate all fraudulent activities by restricting third party interference.
- Users can open a free account in the system.
- Buyers can post projects only after depositing $500 through credit card.
- Open voting system in the community platform thus ensuring self-governance.
- Full scope for course development and marketing through open votes.
- Peer-to-Peer funding system where the more affluent can fund the less privileged students so that they can afford the course fees.
- An interactive App store for the community members.
Expercoin wants to create a futuristic employment model by up-skilling the workers through specialized education as well as creating a decentralized marketplace for both the parties (workers and the companies) who can work and hire at the same time.