Instant Pledge & User Directory
Welcome back, HYVERs! We are thrilled to kick off the week with an exciting new feature that will revolutionize the way you handle transactions. By implementing one of the most anticipated features from the First Era, we are proud to introduce Instant Pledge and User Directory!
This game-changing addition, based on our initial Escrow functionality, will enable you to make your transactions more efficient, allowing you to easily settle deeds or receive money securely. Moreover, the User Directory creates a comprehensive browsing experience for freelancers and clients alike, reducing searching times and allowing you to find a match in terms of professional requirements.
The implemented features highlight our commitment to innovation and user satisfaction. We constantly strive to improve your HYVE experience by adding features that simplify processes and enhance user experience.
Introducing Instant Pledge - the escrow now functionality
Instant Pledge is designed for individuals who need an escrow account to settle deeds or transactions that were performed outside of HYVE (i.e. somebody provided you with a service outside of HYVE and you now require a secure and easy way for payment).
This feature eliminates the hassle of creating a listing (job or offer) on the platform, providing one of the safest ways to send and receive funds. By leveraging HYVE’s robust cross-chain infrastructure, both payers and payees can select one of the 200+ supported cryptocurrencies across 15+ blockchains to settle transactions, ensuring maximum flexibility and convenience.
How does Instant Pledge work?
Within the top page of the HYVE Platform, you will now see the Escrow Now functionality. This will enable the creation of a secure escrow account backed by a smart contract for settling outside deeds and debts, without requiring you to be onboarded into the platform.
There are two parties that can interact with this feature - the Funds Recipient and the Funds Payer, both being able to generate an escrow account easily, without having to create an account on HYVE. After completing all the necessary details, such as the cryptocurrency in which the payment will be made and the blockchain, as well as the availability of the link, there will be an additional field to add the address of the recipient or the payer in order to interact with the smart contract (i.e. if the account was created by a client, they will input the freelancer's wallet address and vice-versa).
Why do we use escrow accounts? (for freelancing)
The answer is simple: ease of mind for payer and payee. An escrow account is a third-party account where funds are kept before they are transferred to the beneficiary party. Our Escrow Accounts are backed by a smart contract, whereby the entire process is completely automated, requiring only the payee and payer to interact with it, removing any third-party interference.
Escrow accounts are a cornerstone of secure and efficient transactions, especially for freelancers. Here are some key advantages of using escrow accounts:
- payment convenience - one of the most significant benefits of using an escrow account; freelancers can rest assured knowing that the client's funds are held in escrow and will only be released when the agreed-upon milestones or project deliverables are met.
- trust building - for new clients, escrow accounts help build trust as they can be confident that their money is safely held and will only be released when the freelancer delivers the agreed work.
- dispute resolution - escrow services act as impartial mediators, reducing the risk of conflicts and providing a structured process for resolving issues.
- clear terms & conditions - escrow accounts necessitate clearly defined terms and conditions for the release of funds, therefore providing clear communication between parties, and reducing misunderstandings
- reduce the risk of non-payment - escrow accounts mitigate this risk by holding the client's payment upfront, ensuring that funds are available once the work is completed satisfactorily.
Did you know?
The concept of escrow dates back to medieval Britain. It was initially used in property transactions to ensure fair deals between buyers and sellers. Today, we’ve brought this age-old practice into the digital era with Instant Pledge, combining ancient wisdom with cutting-edge blockchain technology to offer you the best solution for your requirements.
User Directory - the ultimate user database
Besides the Instant Pledge functionality, we have also completed work on the User Directory. We have repeatedly mentioned the importance of building such a directory, as it allows potential clients to browse the type of expertise available on the HYVE platform, as well as freelancers to discover clients and what assignments they are searching for.
In the Browsing top right menu, where users can explore and create listings, they will now notice a different option - Users. Clicking on it will take you to a new page, where you could browse all active users on the platform, be it clients, companies of freelancers.
Brief information on each profile will be displayed, such as the skills or known technologies, as well as hourly rates through the individual user profile cards. You'll be able to directly message all users, by clicking on the small speech bubble button in their individual card.
By clicking on the More Info button, you will be taken to the detailed user profile page, where you can browse more details on the freelancer, such as description, existing listings and offers, completed jobs and reviews. You can also search users based on their wallet address, by inputting it in the custom search box.
Within the directory, users can be sorted based on Filters, by clicking on the eponymous button. A pop-up menu will appear, allowing you to select the skills you are interested in, as well as their spoken languages. To further differentiate, you can select options such as Education, Work Experience and Certifications, adding a supplementary layer of decision when looking for a freelancer to hire. Clients can now explore past assignments and reviews for their potential collaboration partners.
Further in terms of sorting, you can also see users based on their date of registration on the platform, from oldest to most recent.
Next up:
We couldn’t have achieved this without the invaluable feedback and support from our incredible community. Your insights and suggestions have been instrumental in shaping this feature. Your trust and engagement drive us to continually innovate and improve. We have some more features in store that we will implement in the coming weeks - can you guess which ones? Drop us a mention on X or start a chat in our Telegram group.