The Moonlight Network (LX) ICO
What is Moonlight?
Moonlight is a decentralized network for employment. The Moonlight team hopes to capitalize on the growing trend towards knowledge-oriented freelancing and remote work.
The team believes there are many problems firms face when trying to hire the right workers presently. Surveys have shown that filling a job can cost as much as $2,000 per job and recruitment fees of up to 20% of salary. This is because the current employment process relies upon resumes, which require a high degree of trust. Employers have tried to get around this problem by creating challenging interviews to weed out candidates that are likely to perform poorly. However, there is no evidence that being good at passing interviews makes a candidate better at performing his/her job.
The Moonlight team believes these inefficiencies in hiring can be overcome by using a decentralized blockchain platform to connect employers with workers.
How does Moonlight work?
In Moonlight, there are two types of organizations: issuers and resolvers. Issuers are firms that need tasks to be done while resolvers are firms that perform tasks. An organization can consist of multiple individuals or even a single person.
Whenever an organization completes a task, information about the task is published on the blockchain for everyone to see. Issuers are asked to review the resolvers who performed their tasks, and resolvers in turn are asked to review issuers.
When issuers post a task to the network, resolvers make bids on this task. However, the bids are in the form of time, not money. Resolvers announce how quickly they can get the task done. Issuers, on the other hand, state at the outset how much "value" they intend to pay. The higher the value of the task, the more aggressively resolvers will bid on it, and therefore the faster it will get done.
"Value" is an objective measurement on the Moonlight network that is separate from any particular currency’s exchange rate. So it’s possible to pay for work on the network using GAS, NEO, ETH, USD, or any other currency. But no matter what, a higher-value task will pay better than a lower-value task.
Issuers also post information about skills needed when they provide a task. When a resolver completes the task in the specified amount of time, it becomes part of the blockchain record. This record becomes a trustless resume over time, doing away with the inefficiencies that exist in traditional employment.
The Moonlight network charges a fee of 2% for each task performed on the network using LX, plus an extra percentage for participants who want to use other currencies. These fees are paid to the holders of LX based on the amount staked.
How is Moonlight unique?
The principal competitors to Moonlight are online job boards like Upwork, Outsourcely, Freelancer.com, Guru, and Fiverr. However, these websites have many of the same inefficiencies that exist in traditional employment. In addition, they are extremely costly as they charge fees up to 20%, whereas Moonlight charges no more than 2-4% per transaction. For these reasons, the Moonlight team believes it can compete effectively with these online job boards.
Who makes up the team behind Moonlight?
The Moonlight team is made up of experts in engineering, marketing, and the remote work space. This includes Business Development Director Alan Fong (Co-Founder of City of Zion, former Assistant in Research at University of Michigan), "Architect" Tyler B. Adams (Co-Founder of City of Zion, former Test Systems Manager for SeaGate Technology), Back-end Developer Michael de Wal, Blockchain Developer Chris Birmingham (former Chief Information Officer for Eify Pty Ltd.), Travis Lin, Elias Tan, Pawan Rawal, Nathaniel Walpole, Chris Dienes, and Ethan Fast.
More details about the Moonlight ICO
The Moonlight ICO is launching in July. There is not a whitelist, but investors can keep up to date with the project by signing up for email announcements at the official Moonlight website. The first 250,000 LX sold will be available to purchasers immediately. The second batch of 250,000 LX purchased after the first will not be available until 3 months after the ICO ends. For investors that buy after the first 500,000 LX have been sold, tokens will be transferable 6 months after the ICO ends.
The Moonlight (LX) tokens will cost US$0.0425 each, to be paid in NEO, GAS, or ETH equivalent. The team hopes to raise US$21.3 million total.
The Q2 2018 public sale will comply with the following allocation strategy:
25% of the tokens will be sold in the presale
25% will be sold in the public token sale
30% will be reserved for immediate project growth
20% will be vested and made available within 24 months for future project growth