The Braintrust (BTRST) token is the digital currency that powers Braintrust, the world’s first decentralized, blockchain-based talent network. This innovative platform uses Web 3 technologies and belongs to its users, instead of a single company. Its infrastructure makes it possible for its large talent pool and customer base to help individuals get the financial services they need.
Users developed the model for the benefit of other users. The Braintrust community functions as a substitute for the traditional, monopolistic, and prohibitively expensive financial system.
Let’s learn more about how this talent network functions and how you can use the Braintrust (BTRST) token.
How Braintrust (BTRST) Platform Works
When connecting highly talented technical freelancers with top companies like Porsche, Nestle, Nike, and Goldman Sachs, Braintrust is the only decentralized talent network to do so.
The innovative business strategy behind the Braintrust platform enables talented individuals to keep all their earnings and companies to recruit highly qualified, adaptable personnel at a tiny percentage of the cost of typical recruitment agencies. The Braintrust (BTRST) token makes the new fee-capped and community-owned business model viable.
Braintrust offers full-time and part-time employment opportunities at variable wages for those interested. If you click on a job position, you’ll get the employer’s review request form and additional information about the position.
What’s interesting about Braintrust is that clients and employers are the ones who pay the tab for the platform’s services and not the freelancers and talents looking for a job.
Namely, the users referred to as Talents inside the Braintrust ecosystem can select the projects they want to work on, giving them greater flexibility and expertise.
Potential customers or employers might restructure their workforce to make better use of the Talents on offer. Because the network doesn’t try to maximize profits like centralized networks, nobody loses out. This money doesn’t go to the person running the network. Instead, it goes back to the Talents and Clients who took part in the exchange.
More specifically, there are no service fees assessed to Talents. They are paid the total amount agreed upon in their contract. The 10% Client fee is much lower than that on competing networks and consulting organizations, saving clients thousands of dollars.
As such, Braintrust is not motivated to maximize revenue through ever-increasing service prices but rather to function independently.
What Is Braintrust (BTRST) Used For?
The Braintrust (BTRST) cryptocurrency is the governance token of the Braintrust platform. The BTRST token is used primarily as a social and community token within the Braintrust ecosystem.
Token holders use BTRST for various purposes beyond simple trading on the token exchange, including voting on the token’s future use, staking proposals to promote freelancers or job postings, and reaping benefits for the community’s growth.
The entire distributed Braintrust network relies on this token to govern the processes. Using the BTRST token, the community is incentivized to grow the network by bringing in new customers and employees through word of mouth and helping to vet potential hires.
Please note that although the BTRST token drives the Braintrust platform’s operations, freelancers are paid in USD.
Where to Buy Braintrust (BTRST)?
Binance.US and Coinbase Pro are only two of the best crypto exchanges on which you can buy and sell Braintrust tokens. There is also a wide variety of fiat currencies and stablecoins (such as USDT and USDC) that you can use to buy and sell BRTST.
When you have located an appropriate exchange that lists the BTRST token, purchasing the token will be a fairly straightforward process:
- The first thing you need to do is sign up for a trading account.
- Next, choose the preferred payment method. Tap the payment method window and select one from the menu to link a payment method.
- Next, fund your trading account and initiate the trade by choosing the BTRST token from the menu.
- Enter the number of tokens you wish to purchase. Use the numeric keypad to enter the amount of money you want to spend in your country’s currency. The in-app conversion to a Braintrust balance will occur immediately. Using the up and down arrows to the right of the dollar amount, you can alter your purchase to reflect the corresponding Braintrust purchase.
- When ready, tap the Preview Buy button to see your transaction specifics. Examine your order one last time to ensure its accuracy, and click the Buy Now button to finalize it.
- Once you complete the order procedure, you will be directed to a confirmation page. Finally, your purchase of Braintrust is complete.
To quickly accumulate BTRST tokens, you can also do the following:
- Recruit top-notch talents to join the Braintrust network.
- Encourage businesses to look for new employees through the Braintrust platform.
- Do a peer review.
How Long Has Braintrust (BTRST) Been Around?
On September 1, 2021, the BTRST token was made available to the public for the first time on the Ethereum mainnet.
What’s Controversial About Braintrust (BTRST)?
BTRST tokens have been rapidly decreasing in value despite the fact that users can earn them for free by doing various tasks.
How Many Braintrust (BTRST) Tokens Are There?
Because there is a limit on the total number of BTRST tokens that may ever be created, their circulation is capped at a maximum of 250 million at any given time. Around 137 million BTRST coins are already in circulation, according to CoinMarketCap.
Can BTRST Be Mined?
The Braintrust (BTRST) token was developed on the Ethereum network using the ERC-20 standard as its base. Tokens based on the ERC-20 standard cannot be mined, in contrast to Ethereum and its native currency, Ether (ETH).
To put it another way, when an event such as an initial token offering (ICO) or a security token offering (STO) is scheduled to take place, new tokens will be minted instead of mined.
Market Cap and Price History of Braintrust (BTRST)
This token’s market cap is currently above $143 million, making it the 193rd most valuable cryptocurrency in the world, according to CoinMarketCap. Moreover, the price of Braintrust is currently sitting at $1.05.
Biggest Competitors of Braintrust (BTRST)
Fiverr and Upwork are the two platforms that most closely resemble Braintrust at the moment.
Upwork is one of the largest freelancer platforms in the world, with over five million registered clients, of which 145K are committed clients – companies that invest more than $5,000 each year. In addition, the site has 18 million active independent contractors as members. Upwork’s primary objective is to facilitate remote work by providing a reliable, international platform that brings together employers and freelancers.
Compared to the Braintrust platform, Upwork is more akin to the classic recruitment approach, in which freelancers and businesses create profiles and advertise available positions. The website uses an algorithm-driven recruiting process to connect freelancers’ abilities and competencies with job postings across 70+ work sectors and diverse qualifications.
On the other hand, there’s Fiverr. Micha Kaufman and Shai Wininger started Fiverr in 2010 because they didn’t think working 9 to 5 was an effective way to earn an income. As an alternative to performing a single, large assignment according to another person’s timetable, you can rapidly, effectively, and cheaply market and sell your services online at your own convenience through Fiverr.
In addition, one-off projects are the primary focus of Fiverr’s business model, which you might have figured out already. On Fiverr, freelancers offer various digital services for which customers pay a fee. These services are all of a digital type.
What Does the Braintrust (BTRST) Project Road Map Look Like?
Much like Braintrust was developed thanks to the contributions of its users, those same users will shape and direct its future development. Users are expected to exercise complete control over the network. Their influence will be inversely correlated with the amount of BTRST tokens they have earned via their participation in the network’s development.
When client demand for other job types grows, Braintrust is projected to adapt organically and expand to include additional Talents. Holders of BTRST tokens will have a say in which markets the company enters and when according to the token’s autonomous governance model.
By using a new kind of talent network owned by the individuals who make their living off of it, the BTRST token holders will be able to achieve Braintrust’s aim of reducing global economic inequity by transferring value back to those who perform the work.
Pros and Cons of Braintrust (BTRST)
Pros
- It can be obtained as an incentive for helping the community grow;
- Provides many benefits for the token holders;
- It can be traded on some of the most prominent exchanges.
Cons
- There are currently no known disadvantages associated with the use of this token.