The Web3 platform Smartrust uses the on-chain escrow system to undertake platforms such as Upwork.
Web3 has come to a growing market for freelance jobs. On Wednesday, April 30th, the Reactive Network Developer Fund announced its latest funding recipient, Smartrust. The project is building a multi-chine escrow layer for Web3 freelancers and clients based on reactive smart contracts.
This network allows clients to lock in funds for smart contracts that can be released for payments at milestones. These programs are transparent and programmable without the need for a central broker. The network also enables third-party dispute resolution, increasing the security of both clients and freelancers.
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Reactive networks at the heart of Smartrust
SmarTrust leverages reactive smart contracts. Its event-driven infrastructure allows SmarTrust to work on several EVM compatible chains, even bridging logic and state across these chains. Emilijus Pranckus, head of the Ecosystem of Reactive Network, explains the role Reactive plays in Smartrust.
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“Smartrust tackles clear and pressing real-world issues. By placing reactive at the core of your application, it enables reliable mechanisms between clients, freelancers and arbitrators in a scalable way.
The global freelance market is growing in both its workforce and revenue. Between 2020 and 2024, the number of US freelancers will rise by 90%, and that trend is expected to continue.
By 2027, Statista predicts that 86.5 million Americans will become freelancers. This is more than half of the workforce. At the same time, the freelance market will grow from 2024 figures from $6.555 billion to $14.17 billion in 2029. A key driver of this growth is the need for a more flexible workforce, allowing businesses to adapt and scale faster.
read more: What is web3? Understanding the next era of the Internet
