The Working Traveller Token Asset is a self-acknowledged security that doesn’t play any role on the Working Traveller platform outside of profit distribution. As a result, the Working Traveller token sale is barred to U.S. investors.
Working Traveller is a platform on which travelers can find paid jobs, posted by small businesses or NGOs worldwide. Working Traveller’s vision is to enable people to learn, earn or share their skills as they travel the world and acquire job references for their return home.
At the same time, Working Traveller aims at helping small businesses who cannot find the skills they need locally. Working Traveler envisions creating a pragmatic alternative to the classic education system by establishing a trusted network of internship and apprenticeship opportunities for young people looking for work.
Working Traveller will be using Blockchain-technology to establish a reference-based resume system for travelers. The platform already has a centralized system to track each traveler’s references. After the token sale the company plans to transfer the existing reference system from a Msql database to the Blockchain. However, the company has not specified why and how they plan to switch from a centralized database to blockchain technology.
Currently, the network uses an off-chain point system called the Working Traveller Token (WT). The WT token is used on the platform for securing agreements between hosts and travelers. In case of voluntary work, the traveler can use the token as a promise to show up. In case the traveler does not start the job, the token will be given to the host for compensation. Further, for paid jobs tokens are held in escrow and released to the traveler only when the work is completed. Tokens are also planned to be used for renting a room with a host. It is not clear based on the whitepaper how WT tokens will be issued, or if they will eventually be backed by a cryptographic token at all. Converting WT into a cryptographic token would be a non-trivial undertaking. At the time of writing, official materials make no reference to how, or even if, they plan on doing this.
What is the token being sold?
The WRTA (Working Traveller Token Asset) will serve as an equity token. After the token sale, more tokens will be sold on the exchanges in order to raise additional funds. Those tokens are held in six batches in an Ethereum smart contract. 1 million tokens have already been issued to existing investors and founders.
Working Traveller aims to raise 150 000 USD in exchange in this first public offering of the WRTA token. Cumulatively, WTRA tokens represent a 30 percent equity share in the company.
What is the project status?
Working Traveller has had a working website life more than two years. The company claims to have reached critical mass with 45 000 travelers, 4000 hosts and 1700 live work posts. Working Traveller works with a Freemium Income model with different membership levels. As well as an affiliate income model.
The funds raised in the token sale will be used to increase the number of users by 150 000 and recruit 10 000 new hosts. This is pursued via an awareness campaign for graduates about to leave for a gap year. Further, Working Traveller plans to create its own Blockchain for the reference system and build a mobile app of the website.
Who is the team behind the project?
The company is led by Duncan Ridgley, who was the owner of a hotel in Maramures Romania for nearly 8 years between 2008 and 2015. The hotel employs travelers from the Working Travellers website as well. CTO Narcis Pop’s identity is unverifiable, based on the information in the white paper he doesn’t appear to have any blockchain experience.
|Incorporation status||Working Traveller, London, 2016|
|Team openness||Partly unverifiable identities|
|Blockchain Developer||Narcis Pop|
|Technical White Paper||Not avaliable|
|Available Project Code||Not avaliable|
|Prototype||Working product built on centralized infrastructure|
|Role of token||Profit sharing rights|
|Distributed in ICO||300,000|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
|Sale period||August 24, 2017 to September 8th, 2017|
|First price||0.0075 ETH|
|Investment Round||First public offering|
|Token distribution date||September 8th, 2017|
|Min investment goal||0.005 ETH|
|Max investment cap||5,000 ETH|
|How are funds held||Unclear|
|Minimal Viable Product||Already Live|