In this episode of ICO or NO, Jeremy dives into the Latium project: what the project hopes to achieve, the market conditions surrounding the project, the team, and the details of the token sale. Latium is looking to create a task marketplace, complete with reputation rankings. Individuals can posts jobs they need done, both physical and digital, and are able to find someone to provide a needed service through the application!
Check out the project & let us now what you think!What is the Latium project & what problem does it hope to solve?
Latium describes itself as the first and only tasking platform to incorporate a totally automated rating system in tandem with a one-to-many task relationship structure. Now there’s a lot in that description, but we’ll help break it down.
It’s a really simple core concept. You need something done; let’s say your window breaks, and you have to get it fixed, otherwise you’re going to end up with rabid raccoons or something. One problem, its the weekend and the company that originally installed the window can’t make it out until Monday morning. If only there was a way to find an individual who knew how to repair the window. That’s where Latium comes in. You simply post the job on the platform and wait for someone to respond to the job.
But that’s not the only type of job that can be posted. Besides face-to-face tasks, the platforms allows for digital tasks to also be posted and completed. If you have a task that requires more than one person — let’s say you want 1,000 people to show up to an event — the platform allows for that as well!
They aim to remove the trust that has to exist between two parties in order to get a job done. By offering the services they have on their platform, you wouldn’t have to specifically trust that person. Rather, you’re putting trust in the Latium platform.
So how does the dApp establish trust between to parties that don’t know each other? You don’t want to be letting any random individual into your house without at least knowing that they are reputable. The Latium solution is that the dApp contains a “reputation rating,” similar to the one that eBay has. Once a job is complete, you simply rate the person who completed a task, and through an aggregation of ratings, you can figure out if this individual is a good fit for your required task or project.
What are the market conditions facing the project?
This is the first ICO that I’ve heard of that has the goal of mobilizing the global work force in a peer-to-peer manner. The project actually lists a few market inefficiencies that they hope to exploit.
The first to point out is that even with the boom in popularity of cryptocurrency, the vast majority of people have no idea what it is, and that is slowing mass adoption. Latium hopes that by introducing their application they can speed up this process. If their platform is a viable alternative then people may want to use Latium to get tasks done. By eliminating a traditional third party, the person posting the task saves money and the one completing the task sees a higher percentage of the task fee going into their pocket!
There is also lack of a global task force. According to the Whitepaper:
Currently labor markets are divided into pools based on Local, Regional and National regulations. These segmented pools of labor liquidity hurt both employees and employers alike. As an employee it could be hard to find work and a livable wage depending on your jurisdiction. As an employer it can be difficult, or impossible, to find the right employee with the required skill set in your local labor market.
They definitely make a few good points, but there is one major issue. There is a lot of regulation surrounding person-to-person tasks. For example, if you want to cut someone’s hair in the state of Illinois, you need a license. If you get caught providing this service without one, you get in trouble. There is going to be a point where the local regulations get directly in the way of this platform, and there is going to be a battle. Places may try to ban it. However, people will probably find a work around. Just something you guys should know.
On another note, does this really need a crytptocurrency? It really just seems like an app using geolocation to complete tasks. And since Latium is created and burned in real time, why not just use cash? Obviously, for non-in-person tasks this is useful because of differences in currency. However, I’m not sure how necessary having a token is for this project.
Who is the team behind the Latium ICO?
The ICO has a full team, but the most prominent member is John McAfee. Yes, that John McAfee who made anti-virus software that was everywhere. And that John McAfee who made a bet that bitcoin would hit $500,000 USD. Lots of people have heard about McAfee Security. He is a foremost cybersecurity expert. And he’s out there front and center doing the media tour.
For some this is an awesome thing. I mean he’s well known and clearly brilliant. However, some are not so excited for very valid reason. McAfee is known for being a little mercurial… I’m not going to go into the details, but maybe check out the Showtime documentary on him before you do backflips about his involvement.
Details of the ICO
Something to note, Latium had a Whitelist sale and a pre-sale, so the ICO is actually the third round of funding.
The general sale opened on November 28th, 2017. The general sale rate will be static at 2,000 LATX per Ether. A mild volume bonus structure was released prior to the opening of the general sale. The total max cap of ETH raised from the Whitelist Sale and the General Sale is 70,000. Any token sale supply not sold during the general sale will be burned.
- 40% development
- 30% marketing
- 15% security
- 10% day to day
- 5% legal
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*Patent Maybe Pending