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Braintrust

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Braintrust?

Braintrust is a decentralized talent network that connects highly skilled technical freelancers with reputable brands. It uses blockchain technology to transparently distribute control of its network to community members, who earn and use the BTRST token to govern and grow the network. This token incentivizes users to contribute to the network's success, aligning their interests with the platform's growth.

How is Braintrust used?

Braintrust (BTRST) is used in various ways within the decentralized talent network. It is the token that fuels decentralization on the platform, giving governance to users who transact on the marketplace. Here are some key uses of BTRST:

  • Governance and Voting: BTRST holders can discuss ideas for improvements to the network, propose changes, and vote on change proposals. One token represents one vote on key network decisions.
  • Staking: BTRST can be staked as collateral to make job offers and bids more competitive.
  • Earning and Referrals: The BTRST token is programmatically earned by referring and screening new Talent and clients to the network. Connectors who refer new Talent or clients receive a portion of each future transaction their referrals make on the network in BTRST tokens.
  • Network Growth: BTRST can also be earned by contributing to the growth of the network.

These uses align incentives on the talent network, ensuring that users are incentivized to make decisions that help the network grow, as they reap the rewards of its success in the form of BTRST tokens.

How do I store Braintrust?

To store Braintrust (BTRST) tokens, you have two options:

  1. Braintrust Platform Wallet: Braintrust holds your BTRST tokens for you on a wallet hosted at an insured, qualified custodian. This wallet is accessible through your Braintrust account and dashboard. The platform keeps track of the tokens you earn and stores them securely.

  2. External Wallet: You can withdraw your BTRST tokens to an external wallet of your choice. This is recommended if you want to use your tokens for voting, staking, or exchanging, as external wallets need to be ERC-20 compatible. Be sure to follow best practices for securing your external wallet and be aware that once the tokens leave the Braintrust platform, they are your responsibility.

How to buy Braintrust?

To buy Braintrust (BTRST) tokens, follow these steps:

  1. Create an Account:

    • Download the Coinbase app or visit Coinbase.com.
    • Sign up for an account, providing a valid ID and proof of address if required.
  2. Add a Payment Method:

    • Connect a payment method such as a bank account, debit card, or initiate a wire transfer.
  3. Search and Select Braintrust:

  • On Coinbase.com, select "Buy & Sell" and then choose Braintrust from the list of assets.
  • On the Coinbase mobile app, search for Braintrust and tap it to open the purchase screen.
  1. Enter the Purchase Amount:

    • Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert it to BTRST.
  2. Finalize the Purchase:

    • Tap "Preview buy" and review the purchase details.
    • Confirm your purchase by clicking "Buy now".

Alternatively, you can also use a decentralized exchange (DEX) by following these steps:

  1. Download a Crypto Wallet:

    • Download a wallet like Trust Wallet, which supports the Ethereum network.
  2. Buy ETH as a Base Currency:

    • Buy Ethereum (ETH) on Binance or another exchange.
  3. Send ETH to Your Wallet:

  • Withdraw the ETH to your Trust Wallet.
  1. Choose a DEX:

    • Select a DEX that supports your wallet, such as 1inch.
  2. Connect Your Wallet:

    • Connect your Trust Wallet to the DEX using your wallet address.
  3. Trade ETH for BTRST:

  • Select ETH as the payment and BTRST as the coin you want to acquire.
  1. Apply the Swap:
    • Click the Swap button to complete the transaction.

Please note that cryptocurrency prices are subject to high market risk and price volatility. It is essential to understand the associated risks and consider your investment experience, financial situation, and risk tolerance before making any investment.

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History of Braintrust

Braintrust, a decentralized talent network, was developed by Freelance Labs, a tech firm based in Cincinnati, Ohio. The company was founded in 2018 by Adam Jackson and Gabriel Luna-Ostaseski, initially as an IT consulting firm specializing in software development, system engineering, and decentralized technologies. The protocol was designed to address the flaws in traditional talent marketplaces by creating a decentralized, community-governed network that rewards users and talent with the BTRST token.

Braintrust launched its BTRST token on September 1, 2021, with a fixed supply of 250 million tokens. The token is an Ethereum-based ERC-20 token, which plays a crucial role in the network's governance and incentivization mechanisms. Users can earn BTRST tokens by contributing to the network, referring new talent and clients, and participating in the community. These tokens can be used to propose and vote on network decisions, redeem special perks, and even stake them to make job offers more competitive.

The network has grown rapidly, with over 700,000 members and hundreds of companies, including prominent brands like Nestle. Braintrust has secured significant investor support from firms such as Tiger Global, Coinbase Ventures, and Pantera, among others. The platform aims to create a more equitable distribution of economic opportunity by aligning incentives and giving users control over the network's direction.

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How Braintrust works

Braintrust is a decentralized talent network that connects highly skilled freelancers with reputable brands. It operates on blockchain technology, which allows for transparent and community-driven governance. Here's how it works:

Key Components
  • BTRST Token: The native token of Braintrust, used for governance, incentives, and rewards within the network. It has a fixed supply of 250 million tokens, with a significant portion already in circulation.
  • Decentralized Governance: Users can propose, discuss, and vote on network developments using BTRST tokens, ensuring that the network evolves based on community needs and contributions.
  • Node and Connector Programs: These programs involve vetted nodes hosted by various organizations, which work together to maintain the network and facilitate connections between freelancers and clients.
  • Career Benefits: BTRST tokens can be redeemed for exclusive perks, such as discounted software, products, and career resources, as well as access to the Braintrust Academy, which rewards learners with tokens for enhancing their skills.
  • Bid Staking: Talents can stake BTRST tokens to enhance their job applications, while clients can stake tokens to attract talents. This mechanism ensures fairness and reduces friction in the talent-client matching process.
How It Works
  1. Talent and Client Connections: Freelancers create profiles, showcasing their skills and experience. Clients can then sort through these profiles to find the talent they need. Each profile has a score associated with past performance, which affects the opportunities available.
  2. Earning BTRST: Users earn BTRST tokens by contributing to the network, such as referring new talent or clients, vetting talent, and participating in the Braintrust Academy. These tokens can be used for governance, redeemed for perks, or staked for job applications.
  3. Governance: BTRST tokens are used for voting on network decisions, ensuring that users have a say in the direction of the platform. This community-driven approach aligns the incentives of the network with those of its users.
  4. Charges: Braintrust charges a flat 15% success fee to clients, which goes towards platform maintenance and expanding services.
Benefits
  • Fair Rates: Talent can set their own rates based on skill level and experience, ensuring they earn market value.
  • Referrals: Users are incentivized to refer new talent and clients, driving growth and adoption.
  • Grants: Braintrust offers grant programs for developing new Web3 opportunities, further enhancing the network.

By leveraging blockchain technology and a decentralized governance model, Braintrust aims to revolutionize the talent marketplace by empowering users and aligning incentives more effectively.

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Braintrust's strengths

Braintrust (BTRST) has several strengths that set it apart from other talent networks:

  1. Decentralized Governance: Braintrust operates as a decentralized protocol, allowing users to have a say in the direction of the company through a voting system where each BTRST token represents a single vote. This ensures that the people invested in the company have the most influence over its direction.

  2. Fair Rates: Talent on the platform can secure pure market rates based on their skill level and experience, and they can decide their rates or charge per hour. This flexible approach allows talent to earn what they want.

  3. Referral Program: Braintrust incentivizes growth by paying users for securing new companies and talent. This drives blockchain adoption and provides users with another way to generate wealth.

  1. Grants and Opportunities: The platform offers grant programs, enabling users to contribute to the development of new Web3 opportunities and be part of the first Ethereum-based decentralized talent network.

  2. Low Fees: Braintrust charges the lowest fees in the industry, allowing talent to earn 20-40% more compared to other platforms.

  3. Ownership and Incentives: The BTRST token aligns incentives on the talent network, ensuring that users who contribute the most to the network have the most say over its future. Users can earn BTRST tokens by referring and screening new talent and clients, contributing to the growth of the network, and participating in governance.

  1. Community Perks: Users can redeem BTRST tokens for special perks such as free and discounted software, products, career resources, and community benefits.

  2. Vetted Talent: Braintrust talent are vetted and verified to ensure the highest quality standards, with only 2% of applicants being accepted.

  3. Global Talent Pool: The platform has a large talent community with over 800,000 members, providing access to a diverse range of skills and expertise.

These strengths make Braintrust an attractive option for both talent and companies looking to build efficient and fair teams.

Braintrust's risks

Braintrust (BTRST) carries several risks that investors and users should be aware of:

  1. High Trading Risk: Trading in BTRST involves a high degree of risk, which may result in the loss of capital. The token's price movement can be volatile, leading to significant losses if not managed properly.

  2. Misuse of Wallet: Users are fully responsible for any losses resulting from the misuse of their designated wallet address, including unauthorized access, incorrect wallet designations, or errors in providing a valid wallet address.

  3. Waiver of Warranties: Neither the Braintrust Foundation nor Freelance Labs, Inc. makes any warranties regarding the tokens, including warranties of merchantability, fitness for a particular purpose, title, or against infringement of intellectual property rights.

  1. Assumption of Risks: Users assume all risks and liabilities for the results obtained by using the tokens, and the company does not assume any responsibility or liability for errors or misuses.

  2. Centralization Concerns: Despite being a decentralized network, Braintrust has faced criticism for its centralization, which can lead to high fees and a lack of control for freelancers.

  3. Misleading Fee Structure: While Braintrust claims that freelancers do not pay fees, the client fee is effectively deducted from the freelancer's compensation, making the fee structure misleading.

  1. Power Dynamics: The platform's design can create a power imbalance, where freelancers are presented as commodities and have limited control over the hiring process.

  2. Investment and Growth Risks: The significant investment received by Braintrust may lead to rapid growth, which could compromise the platform's original goals and create an unhealthy environment for freelancers.

  3. Token Utility: The utility of the BTRST token has been questioned, with some seeing it as more of a gimmick than a functional tool for prioritizing new platform features.

  1. Scam Allegations: There have been allegations that the BTRST token is a scam, although these claims are not substantiated.
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Did Braintrust raise funds?

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Braintrust's ecosystem

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Braintrust’s team

Here is the team behind Braintrust (BTRST):

  • Adam Jackson: Co-Founder
  • Anne Muscarella: Chief of Staff
  • Grady Gardner: VP Sales & Expansion
  • Elena Luneva: General Manager
  • Andy Wang: Finance

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