The enterprise
future of work

Servicebit is a decentralized network enabling the Enterprise Future of Work, with sole focus on IT projects and skills. It matches and supports interaction between IT workforce and service-providers and global enterprises and larger SMEs, who engage external IT workforce.

Servicebit Network is a project of Eqip.com, an IT workforce marketplace based in Zurich, Switzerland founded in 2014.

Unlike freelance platforms (Upwork) or gig sites (Fiverr), Servicebit is used by global companies to source external workforce for bigger and longer projects, and only in IT.

Average freelance project is sponsored by an SME that posts 1-5 projects a year, where each project has duration 3-6 months and budget below USD 50’000.

Servicebit provides workforce and IT suppliers access to enterprise-caliber IT projects with duration 6-36 months and USD 0.1-5.0 mln budget. Unlike smaller SMEs, Servicebit enterprise clients sponsor thousands of external IT projects every year.

ENTERPRISE CLIENTS:

• Less expensive and more efficient sourcing of workforce
• Improved trust in profiles and better traceability
• Smart contracts reduce back-office cost by 90%

WORKFORCE:

• Earlier payments with no fees
• Better project fit - no irrelevant requests
• Possibility to monetize own profile
• Better contracting experience through back-office automation

COMMUNITY:

• Token logic to foster positive community interaction
• Increase in volume/revenue partly due to decrease in fees
• Enterprise customers and SMEs increase share of external workforce

When launched, Servicebit services will cost approximately 10 times lower than what has been paid traditionally by enterprises for external IT talent search.

The key feature of Servicebit network is that communication happens directly between workforce/supplier and the client. The direct nature of the network-based marketplace (i.e. disintermediation), as well as further back-office automation will allow to drop commission (payable by the client, not workforce) x10 compared to existing fees cumulatively payable by the client/employer - from existing 15-25% to 2-2.5% of a contract volume.

The following innovation and workflows would not be possible without blockchain:

• Verifiable profiles: trust in reputation and track record - audited by actual clients and community. Confirmed projects history: community verified projects history – audited by project owners
• Transferrable reputation and data: 100% ownership and unrestricted transfer of own reputation and history
• Digital automated paperwork: smart-contracts driven approval of work, reconciliation, invoicing and payments in crypto or fiat. Up to 90% efficiency gain for back office via smart contracts

On high-level Servicebit Network infrastructure is designed to be blockchain-agnostic. Initially it is planned to run on a public blockchain (e.g. Ethereum Plasma), but we also envisage integrations with private blockchains of large corporate clients (enterprise versions of Hyperledger or Quorum).

A token concept is one of instrumental innovations in blockchain-based business models. In Servicebit ecosystem the SRVB token plays dual utility and payment roles:

Utility function: SRVB tokens give access to Servicebit network and all its functions (this applies to both Workforce and Businesses/Clients). The tokens are also used to reward positive community interactions. In addition to that, any token balance generated as part of community incentive programmes can also be used for payments on the Servicebit network.

Payment function: SRVB tokens are used as internal payment currency on Servicebit network for the following transactions:

• pay for information: any community member can earn / spend SRVB in relation to his / her profile, e.g. IT expert may pay ex-client to provide additional feedback on a project in the past, or a Business / Client may pay Workforce community members
• pay for work: our aim is to achieve strong natural demand for SRVB as means of payment for work (i.e. Workforce and IT services). The key reasons why large enterprise Clients will use SRVB (and not BTC, ETH and fiat currencies) are (1) the combination of smart contract-based back office automation, which is a part of Servicebit solution, and (2) compliance and cyber security considerations.

Information about future SRVB token issue, sale and subsequent admission on decentralized exchanges will be published later. The token has not been issued. Please contact us to obtain more information.

SRVB token will be fixed-supply hybrid utility/payment token based on Ethereum ERC-20 smart contract. Considering this and the SRVB supply/demand cycle, as well as fixed supply of tokens, the single most important factor influencing the token price is the turnover on Servicebit network. This is a total money volume that all workforce and IT suppliers receive from clients they found on Servicebit.

We estimate that the project turnover on Servicebit may reach 1 bln USD in 2020, and further multiple in the years to come. As explanation, 1 mln USD turnover represents only 2 (two) midsized global company using Servicebit to source and administer external IT workforce for most of their projects. Such opportunity is supported by existing conversations with some larger customers, which have shown interest in a blockchain-based network and smart contract back-office automation. Importantly they indicate clear interest to use the marketplace network for all of their external IT.