Moonlighting which is an online marketplace for freelance professionals (introduced in 2014) has more than 700,000 user accounts, and now the company is planning to move this user-base to the EOS blockchain platform.
The online platform has conducted a $5 million worth investment round with the help of FinLab EOS VC fund (a JV of FinLab AG and Block.one). This fund would be used by the platform to increase its user base and to incorporate the existing infrastructure of the platform with EOS blockchain.
The CEO of the freelance platform Moonlighting said: “We have been exploring blockchain protocols since the end of 2017 and [have] chosen EOSIO due to its ability to scale transaction processing, maintain low transaction costs and enable ease of user account management.”
Block.one (one of the partners who helped in conducting the fund-raising campaign of Moonlighting) gathered an estimated worth of $4 billion in its 12 months long initial coin offering (ICO) that completed last year. Block.one used the raised funds to develop the EOSIO software which runs the EOS blockchain. The company has also made some investments in investors (individual/company) who would support the applications and in turn helping in running the new blockchain. The most popular application being Mike Novogratz’s Galaxy Digital.
The COO of EOS VC Mr. Grotowski said “We believe that Moonlighting contains the three key traits you look for in a decentralized application: real customers, real traction and a bona fide use case for blockchain technology,” in the press release.
On the other hand, the second partner of the joint venture FinLab AG (Germany) has been investing in fintech since over a decade (2005). The board member of FinLab AG Stefan Schuetze said in a press release its firm believes that it is one of the early winners who is validating blockchain.
He said that the company has decided to enable its users to shift their profile to any platform of their choice without losing simplicity. He told that the freelance economy of very much shattered and fragmented. And the plan is to enable freelancers to use their profile with an aggregated gateway.
However, Moonlighting is not shifting all its database to the blockchain in a plain format. It would be, instead, securing its data with the help of hashes which would still be under the control of the company.