Boredbrains Consortium Logo

Boredbrains ICO - Right to Work Token

Revolutionizing Hiring with Blockchain and MICT

Founding Ideals

After two decades in the recruiting and HR industry, we have found that Respect, Trust, and Transparency are key. Diversity, Equal Availability of Opportunities, and the belief that All Are Skilled and capable of being productive members of a global society are our founding principles.

The Current State of Recruiting and Hiring

Ask anybody today and they'll tell you that the current state of recruiting and hiring is broken. On the candidate side, they are constantly bombarded with irrelevant communication about jobs they have no interest in. On the employer side, they are overwhelmed with the deluge of applications, most of which are irrelevant for the role. Why is there such an exchange of irrelevant information during the recruiting/hiring process? Aren’t the internet, job boards, and Applicant Tracking Systems supposed to make things easier and streamlined?

The answer to those questions can be summed up in one word: Accountability.

In the current, "Wild West" employment market, the cost to interact has been reduced considerably. Candidates spend 15 minutes to an hour completing a single application, only to have a recruiter or hiring manager take 6 seconds to review it. Candidates may never even receive a status update. Companies set up Applicant Tracking Systems to sift through hundreds of resumes, never knowing for sure what the cost per hire is or the value of their current human capital. Candidates continually apply for roles for which they are not a fit, driving up costs. It costs next to nothing to send out a blast of emails or resumes.

Current Market Landscape of ICOs in this Space

Many are working in the recruiting space, and some are working in the human capital sense, but no one is approaching the issues with the equality and inclusiveness we have designed into our token and contract methodology.

We can look at some others in this space:

These examples show old platform ideas being applied to new technology without fully leveraging its potential.

On the Problem of Accountability in Recruiting/Hiring

None of these examples takes care of the issue of mutual accountability and therefore the bigger word: Trust. How does a candidate trust you're going to review their application? How does a company trust you are a fit for the role? How do you ensure hiring authorities are considering people based on experience and capability, not name, location, or other subconscious biases?

OFCCP

There are currently few regulations in place for companies. Ones that are involved with US government contracts, are required to report on one called OFCCP. These reporting regulations are intended to create more accountability around inclusion, but they also add another layer of complexity, are easily gamed and don't take care of the issue at the source.

Leveraging Blockchain and the Token

Blockchain isn't just the hot new tech on the block; it's an opportunity to completely change the way data is stored, accessed, and traded. Our token will be used to represent the general value of Human Capital in employment and the recruiting process. We are building a Blockchain application with a token for referential value and interaction.

Why a Token and Not a Coin?

Tokens represent the value of things other than money. Our token will be used to represent the general value of Human Capital in employment and the recruiting process. This is not a ranging value based on experience, but the general value of people in the workforce.

Our Approach

Our tokens and data system will include verified employment information, anonymized resume submittal, Mutual Accountability Token Exchange, and Token Pooling and Trading for activities such as opening a job or applying for a job.

Why This Approach?

We are NOT a company or organization in the classic sense. We are embracing the totality of what a blockchain-based, decentralized system can bring us. We are embracing how encryption can protect citizens and give them a greater opportunity for employment. We are NOT a job board, and we welcome ALL job boards to integrate via our API when available. We are NOT an Applicant Tracking System (ATS), and we invite and encourage ATS developers to plug in to our API. We are NOT an overlay on an existing method of thought.

The current models of recruiting and hiring are blatantly flawed. By leveraging the benefits of blockchain and token currency, we will place people and employers on equal levels of accountability while providing both with specific benefits each desires from the process. Looking towards the future, we see a time where work will be limited and the need to be hyper-efficient in finding both a job and a candidate will be exponentially important.

Who We Are

We are people who believe in equality, fairness, and human ability. We believe by creating this platform we will reduce irrelevance and needless communications, increase real-time knowledge of the employment market, reduce costs and frustrations, and provide a blockchain-secured accountability structure for the whole hiring and employment process.

What We Are

We are a platform that will finally answer the question, "What is the value of human capital in employment?" We are approaching this from an "All are Equal" perspective. Our token will represent a person and their associated right to gainful employment. It will not calculate an individual's value specifically, but more as a value of their Human Rights. As such, our Token releases and mining schedules will use the World Population Clock calculations as a base for token design. Distribution, Inflation, Economy, and Governance will be explained in more detail.

Importance of Being a Third Party

It's important to remain a third party to maintain focus on providing the best services to all our customers. To do this, we will charge nominal fees per completed transaction to maintain operations beyond the initial offerings.

Initial Token Valuation

As this is a self-perpetuating concept, we are going to start with an extremely low initial offering value. We believe that as the idea catches on, the investment or value per token will increase. Fees will not increase; their relative value will increase based on the value placed on the Human Capital Employment Token at the Open Market. On ICO, we will release 14,000,000,000 tokens at an estimated 0.0025 per token USD (other coin equivalents available as possible). This is slightly below 2x the estimate of the population from 2011 and a little under 5 billion over the estimated population for 2050. Not all of these people are employed, but they will all get a Token. Claiming their token is done by uploading their work experience, education, and active skill sets to the blockchain. We will work to make this as easy as possible for everyone via our wallet application, which will act as a resume/CV and job application management tool. Everyone is encouraged to claim their token to get started for free.

You said the Token was worth the value of a person in gainful employment, why are there double the amount of tokens vs people at launch? It's estimated that there are only 3 billion people employed, what's up with the other 11 billion tokens at launch?

We are taking into account that everyone on the planet is created equal. That they are endowed with certain unalienable rights and that the current hiring processes and available employment do not cater to those rights on a global scale. Therefore, as someone who might be staying at home with the kids, taking care of sick parents or any other situation that might cause one to be "out of work" or under employed you will have the ability to "sell" or lend out your whole token or portions of your token for use by people and companies. This will help to create the marketplace. It will also place real time value on the activities involved with recruiting and hiring. This value will have a psychological effect on parties in the transaction, the candidate and company. Providing the vehicle for quantifiable ownership, accountability and value return for both.

The extra Tokens in circulation are to facilitate the expected needs of companies when it comes to searching for and hiring talent, and also the possibility that candidates may need to apply to more jobs than they can with what token they have available and want to maintain a stash in case they need to be more active in their job search. For most people, the initial token should be enough. Keeping the rate of two plus tokens per person will help keep inflation in control until 20 billion tokens are issued. At that point, it will begin to move to a one-to-one ratio, creating the potential for inflationary value of Human Capital in Employment over the next 200 years.

As humans progress, we will have systems, robotics, and AI in place that will have displaced most workers. We will need to look at inflating the value of Human Capital within the workforce to compensate for the lack of hours that will be involved. Similarly, those that can no longer work will need and be able to rent out their Token's capabilities to others who need it at the market rate. As that value inflates, it will help to offset unemployment as well.

Though it may sound like the initial offering of Token is large, in the long run, it is needed to continue with utility as population grows, business needs and personal needs increase.

How Does it Work? What is My Token Good For?

Let's start with the first question and from the beginning. Upon our ICO, we will be offering the ability to purchase a quantity of 3 billion of the initial overage of tokens. These will be important as they will be used by both candidates and companies to enter into an escrow type of contract. Meaning for each application a candidate submits, it will cost them a certain fraction of Token. For each candidate a company has in process on a position, they will also have a portion of available Token entered into an escrow type of holding with the applicant's Token. This Escrow is an activity-based contract. Either party can cancel at any time, returning the token used back to the respective owners. Upon status update of the candidate's application, tokens would be removed out of hold and returned to their respective parties, recording the activities on the blockchain each step of the way. We'll get to candidate privacy and how implementing this is the best strategy for any company's Diversity and Inclusion efforts.

As you can see above, no Tokens are actually spent. That's because our Token is designed with Utility in mind. Tokens aren't made to be cashed out; they're not made to exist in a vacuum of an application we make. Tokens are used here to facilitate the value of the contract between the applicants and the company. This is why we don't look to create a job board, but to allow the job boards to plug in. To allow ATS creators to plug in to help create the accountability model the hiring process needs globally.

Your Token is good for accountability in your application process with companies that engage with our system. Let's start with Average Joe. *We will also look to ways to verify Identity such as Civic* as Joe signs up and gets his Token. Joe has indicated his current and past employers; we ask those companies for voluntary verification of this information. For their verification, they will get fractions of overage tokens to be spent on activities later. Joe now has a verified employment record and a confirmed Token of his own. If Joe is currently employed by a company he DOES NOT own/operate, a 49% portion of Joe's Token goes into his company's Token pool. This is Joe's direct way of contributing to the Human Capital Value of Employment for his company. The company can now use that portion of Joe's Token to attract more Human Capital. Since the portion of Joe's Token the company controls is never "spent" but held, Joe will always be able to get his Token back upon separation.

With Joe's remaining 51%, he can apply for new jobs and maintain accountability in his job search. If he's happy where he's at, he can put his available tokens on the open market for those that need them, including other companies or even his own. The Token ownership, just as life, has time limitations. Since no Tokens are spent but leased and escrowed, token ownership at market value will be leased/rented at a division of 365 (days per year); these will be agreed amounts between users in the system based against the current coins on the market. Once the contract expires, Tokens are returned to the originator.

Average Joe also gets anonymity and information sharing control over the information provided to potential employers. Let's say Joe has a name that might generate an unconscious bias by a possible employer, or reviewer of his information. Joe's Employment information, with verification as available, is included, but his name and location are removed. Reviewers are able to see the important information and accept to continue with the process, inviting Joe to a phone screen, never once having to know who he is, but rather the relevant information for making a hiring review and moving to next steps. This is accomplished by providing a viewer key to the potential employer only allowing them to see the needed info.

Once the status is returned with accepted for interview, the contract is moved to next steps and Joe is notified in his Wallet relating to the pending contract. Token balance remains in Escrow hold until such time that the Applicant/Candidate contract is cancelled by either party or a status of Hired is entered. At which time the remainder of the required 49%, minus the applicant hold, will be moved to the employer's pool. If Joe requires separation from his current employer to satisfy the new employer request for balance, the transfer will be made once Joe's balance allows. Joe will not be able to enter into other applicant contracts during this period. He will not be allowed to move his Tokens available until the Pending Hiring Contract is met. Joe's current Token rentals to others will also be cancelled till he reaches the required 49%. This could also provide triggers to other companies to which Joe has applied, letting them know he's no longer available.

Not Just for Candidates, but Companies Too

For companies that use it, it will help to ensure that applicants meet a certain level of your criteria. As their "Application Hold" cost will be a ratio amount based on how well their confirmed experience and skills match your opening or proposed contract criteria.

That means, if a candidate is a 92% match to your posted requirements, it would only cost them 8% of the Applicant Hold listed to apply. Candidates who apply for roles more closely matching their abilities will be able to apply for less of their available Token. Candidates "taking a gamble" on a not-so-closely matched role will pay more. This will reduce the likelihood of candidates applying to every opening across your company, reducing waste of your time and the time of your resources.

Companies will have access to a pool comprised of 49% of each of their employees' Tokens. This will allow larger companies to hire more as needed, have more candidates for review and smaller companies to loan out their token on the market when they don't need it. Companies release an individual employee's Token, but providing verification of their employment AND required employment references, such as Re-hireable or Not. Once completed, the employee will receive a record update notification triggered by the release of their 49% of Token by the company, (cancellation of contract in Hired status) candidate has opportunity to add a rebuttal to be included in future applications for Not Re-Hireable status.

Since we are removing Geographical information from the resume/CV application it is likely you will review candidates outside of your geographical area. Some may see this as a drawback, but this is just an item to be verified upon contact. People who are willing to apply to your company, spend some of their Token on it are more likely to relocate as required. It's also a way for your company to gauge if they should consider relocating talent or considering remote as needed.

Additional uses of Anonymized Candidate Information

We intend to use the anonymized candidate data to provide general market statistics to companies. This could include the number of registered industry experts for a given geographical area, or available skilled employees in similar fields. We will use the anonymized salary data to give both employees and employers the ability to control their destinies. As employers are no longer allowed to ask what your previous salary was, they will need tools to make sure they are providing a salary commensurate with market rates for the skills and experience. This is not to be confused with the value of a Token, which is based in the Human Right to Gainful Employment in a Civilized and Industrialized World. Which is why Bill Gates gets one Token for completing and so do all of the Janitors at Microsoft. Let coin or money put a value on your specific skills and contributions. We provide a larger general valuation of Human productivity for the world.

Similarly, candidates and employees are constantly told not to discuss salaries by employers. This goes in direct violation of Collective Bargaining Laws here in the US. Our anonymized, encrypted platform will provide a method for candidates to understand their relative value in their geographic market without having to ask and employers to understand the salary value of their potential employees.

This system will also provide real time information as to the actual number of experts in a given field, of potential employees in a given area for given skillsets/exp. Data that in today's information hungry world, will be invaluable to operations, census and future workforce training/planning.

Taking Token off the Market

The only way for a Token to be completely taken off the market is for its current owner to no longer have any pending contracts against their wallet, have no employer of record other than themselves. From here, they would hard storage the token to make sure it's value is not available to digital theft. Though many exchanges have storage, we recommend storing your Token offline to maximize security. You can only take one Token off the market as other Tokens should be sold out right or Escrowed/Leased for use by others. This will help maintain a reasonable fluidity of Tokens on the market and keep any one entity from taking a substantial amount of Tokens offline, artificially inflating the prices. We want everyone to be able to access the Token, but we also want to maintain a healthy and steady value in-line with Human Capital Value in Employment.

MICT Framework Integration

The Boredbrains ICO and Right to Work Token platform will be developed and managed using the MICT framework, ensuring continuous improvement and adaptation. Here's how MICT will be applied:

This cyclical process ensures that the platform remains relevant, effective, and secure over time.

A Call to Action