May 8, 2020

HireVibes 2.0 Announcement

We’re excited to announce the upcoming release of HireVibes Beta version, HireVibes 2.0 — which will be rolled out in two phases over Q2 & Q3 of 2020, but with a twist☺️

Phase 1:
Features updates
Phase 2:
HireVibes DAC launch

Macro perspective

The jobs sector has declined in recent months and has drastically shifted from a candidate’s market to a hirers market. Millions of talented people find themselves out of work, so it’s imperative to make it as easy as possible to find new opportunities and build teams using HireVibes. The following updates will be steps to enable this.

Phase 1: HireVibes 2.0 Feature Updates

The following features will be released in HireVibes Beta:

(i) New Job Types

  • New job types will include: Freelance — Bounty — Voluntary — Projects
  • These job types will be completely free to list initially.
  • HireVibes Tokens (HVT) will be the default currency for freelance payments.

(ii) Job Categorization and Filtering

  • Job listings will be easily searchable by category and keyword.
  • HireVibes open talent database will also have search functionality to easily filter through relevant profiles.

(iii) Reduced Reward

  • Currently on HireVibes, Hirers are required to set a 6% minimum reward to incentivise larger volumes of direct applications and peer referrals — which is only paid if a hire is made. Over 90% of this reward is currently redistributed between: the successful candidate; the referrer; a charity of the successful candidates choice; and the HireVibes community. Over $25K in total rewards have amassed since HireVibes Alpha was launched in July 2019.
  • However due to the current state of global labour markets, we’ve decided to halve the minimum reward to 3% for a limited trial period of 3 months. This will help increase the amount of vacancies listed, while the reward system still gives employers the ability to “Power Up” their job post if they want to attract applicants in a faster time frame.

(iv) Agency On-Boarding

  • One of the main players within the recruitment industry is Recruitment Agencies. Even though it’s an intermediary business, many in this space are continuously looking to innovate and ride the next technological breakthrough that’s coming to their industry. Initially, HireVibes was aiming to disrupt the recruitment industry, however, over the last 3 months we have seen an opportunity to augment it instead.
  • We spoke with staffing firms located across North America and Europe and found an interest to potentially get involved — but only if the HireVibes fee was reduced to 3% or lower. So with the reward soon to be reduced to 3%, this will provide a perfect environment to on-board staffing firms to the HireVibes network.
  • Some recruitment agencies even signalled a desire to run to be Custodians of the network. Any entities and community members that wish to run as a HireVibes DAC Custodian will need to hold and stake HVT and add value to the network to increase the chances of getting elected by the community. Introducing the corporate world to the HireVibes Token is something new which would benefit the whole ecosystem.

(v) Mentoring

  • The demand for upskilling has also increased in recent times, so users will be able to signal on their HireVibes profile of their desire to look for mentoring opportunities or provide mentoring to others. Education is a never ending journey so we think many will find value from this.
  • Mentors will also be able to request payment for their time in HVT, which may grow into an open marketplace for education.

Phase 2: HireVibes DAC

Since the original HireVibes whitepaper was published in 2018, the mission has always been to create a decentralized jobs app that was managed by it’s community of users.

HireVibes Services Ltd will perform a supportive role and will hand the keys of HireVibes over to its new home owners: The HireVibes community, a.k.a; HireVibes DAC.

‘’DAC’’ stands for Decentralized Autonomous Community and is the term used to describe the community of HireVibes Token (HVT) holders that control the platform with the aid of smart contracts. Becoming a DAC means HireVibes will be further developed and governed in a decentralized fashion from the ground up, and will not have any central entity dictating its course from the top-down.

HireVibes DAC Launch

After the HireVibes 2.0 feature updates are released, it will be up to the HireVibes and EOS communities to launch HireVibes DAC. With the DAC Factory provided by eosDAC, it’s now both easy and quick to launch a new DAC. Given there will be no centralised entity taking profit from the platform, we hope the EOS community sees HireVibes as a public good — a primary place to find EOS related job opportunities and talent.

When HireVibes DAC is launched, HVS Ltd will share the HireVibes codebase with the DAC Custodians who will be elected in a genesis vote by the community of HVT holders. It will then be up to the Custodians to decide if & how much of the codebase is made open-source to attract wider community participation.

Development of the platform will be under the community’s control. Tools and online services provided by deWeb and Liquidapps etc should be used by HireVibes DAC to decentralize online services and incentivise community collaboration. If the community decides a new legal entity is needed at any time, we recommend a new limited company or a Foundation be set up.

HireVibes DAC Funds

The following EOS accounts holding HVT will be given to the HireVibes community when the DAC is live:

  • hirevibesdac8,499,084 HVT ($4,063) (2.4% of total supply)
  • hvbountyfund9,750,000 HVT ($4,661) (2.8% of total supply)
  • hvpartnersac24,713,779 HVT ($11,816) (7.06% of supply)

Total: 42,962,863 HVT ($20,540) (12.3% of the total HVT supply)
(HVT price at the time of writing: $0.00047811)

These funds should be managed via a multi-signature approval system to ensure consensus is always reached among the elected Community Custodians before transactions are made. It will be up to the community to decide how to allocate these funds efficiently and strategically. We recommend that a portion of these funds be used to payroll elected Community Custodians on a monthly basis.

Open-source Smart Contracts

The full smart contract stack that operates within HireVibes are currently open source on Github:

  • Token Contract
  • Staking Contract
  • Reward Contract

Staking rewards

Staking rewards are still being distributed on a daily basis. For more information, check out HireVibes website.

Final words

HireVibes has a uniquely strong chance of succeeding as a decentralized community because it’s a platform built for talent, and talent likes to build things.

With recruitment agencies coming on board, new job types being added and with HireVibes DAC coming to life, a new era in decentralized collaboration is unfolding.

We want to give a special thanks to all HireVibes and EOSIO community members that have supported us on this journey — we’re excited to see where it goes from here.

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