Estimated reading time: 5 minutes, 35 seconds
Looking for a new job, but tired of those inefficient web alternatives? HireMatch ICO is aiming to be the best recruitment site to date! They are looking to create a platform that can effectively match those seeking employment with employers that are looking to add to their teams. You are probably aware of the existing employment solutions on the web, HireMatch is looking to take the web recruiting platforms, and decentralize the hiring process with the use of blockchain technology.
In this video, Jeremy goes over what the HireMatch project is and what is driving the excitement behind it. He also points out the noteworthy details about the ICO, any potential concerns, and hopes for the project.
What is the HireMatch project and what problem is it looking to solve?
Like I mentioned in the intro, you may be familiar with websites like Monster and Indeed. If you aren’t, the concept is easy to understand. These “legacy” sites acted as a forum where jobs could pay to post their open listings, and those seeking employment could have a convenient place to look for openings. This fundamentally shifted the way the job market functioned, mainly in the form of how those seek employment.
Long gone are the days of people dropping off resumes door to door or people lined up outside of temp agencies. These sites provided a much more efficient way for people to get their resume out there and apply to jobs. And an interesting thing happened. This totally revolutionized the recruiting industry.
Job recruiters that got paid per placement now had an electronic competitor. One where you could simply post your resume and have several recruiters email you back if you fit their parameters.
What these job board sites did was revolutionize the market, and HireMatch is trying to be the next step in the evolution of the recruiting industry. By decentralizing the job search process and eliminating middlemen, HireMatch believes it can create a better recruiting peer-to-peer environment for both those seeking work and those looking fill positions. Recruiters would take up to $37,000 for the placement of one high level employee, one making over $100,000. These fees are huge, making the acquisition costs for good talent extremely expensive.
So how does it work? By using an underlying network of smart contracts and something that HireMatch calls bounties. In more depth:
- The HR Manager puts the job requirements together and selects a bounty of a certain about of HIRE Tokens to acquire this new employee.
- The HR Manager acquires (HIRE) tokens to post the job to the HireMatch.io Network.
- The job gets published via a smart contract on the Ethereum blockchain.
- Agents that fit the specific requirements will then get a notification that a smart contract has been issued and are able to refer LinkedIn contacts, Facebook contacts, and phone contacts to find suitable applicants to the posted job. Agents can be humans or applications connected via their open API.
When the applicant is selected by the company, the final bounty is distributed via the smart contract to every agent who had a part in hiring the new employee (including referrals and interviews that were accepted by the company) and the contract is closed.
Here is how the bounty is distributed:
- 35% goes to the one who places the applicant
- 25% distributed to interviewer
- 15% for the people who recommended he applicant
- 25% goes back to the company as a stake
What are the maket conditions facing the HireMatch project?
HireMatch makes it very clear who their competition is by acknowledging them right away. They attack the existing model of job recruiting, and how it disproportionately rewards the middle men.
In terms of competition on the blockchain, there are a few competitors in the “job board” industry, but they seem to have different focuses. We’ve mentioned ETHLANCE wayyyyy back in our first ICO or NO about District 0x, as Ethlance pledged to be one of the first communities on the decentralized social network.
However, Ethlance has a slightly different focus, and its actually right there in the name.
Ethlance is a take-off on the term freelance. While HireMatch looks to match up perspective employees with those looking for long term work, Ethlance’s main focus is project based employment for independent contractors. So while both these projects have the main goal of getting people hired, they are actually serving a different market. (For more information on Ethlance and freelancing market platforms, check out our guide!)
This is the first “job board” type site having a major ICO. Judging from the Whitepaper and sponsored content, HireMatch has prioritized marketing and have been very aggressive in doing so. Marketing is important, but if you don’t have the product to support it, well the marketing isn’t going to mean much. But that is still to be seen.
If the project does see some success, this strategy puts them in a really good position to grab some attention. The faster that they get a functional platform up and running with a sustainable concept, the better position they will be in to take advantage of these aggressive marketing tactics.
Who is the team behind HireMatch?
HireMatch is active on social media, has a functional website, a timeline, and Whitepaper. But one thing that did get my attention was the size of the team. They feature just four team members, which is significantly smaller than most projects that we review.
This could be a red flag, because with such a small team, there is a very good chance that they are going to have to outsource work, which costs money. It seems like a very ambitious to take on the project with a team of that size.
I’m definitely not saying it’s impossible, but I’d expect them to spend some of the funds raised from the crowdsale on expanding their staff. And with success they are going to have to.
What is the design of the ICO?
So here’s the problem. The ICO has been delayed multiple times. That’s not to say it will happen again.
If everything goes according to plan, the ICO will start on October 1st, 2017 and run through the end of the month, or until 100 billion HIRE Tokens sell out.
Right now the exchange rate is pegged at 1 ETH = 1,800 HIRE. However, that will change with time as the price of Ether fluctuates.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending