What Is

Mar 14, 2023
5 min read

This blog post will cover:

  • About (WOOF)
  • Where did (WOOF) come from?
  • What are the advantages of (WOOF)?
  • What are the disadvantages of (WOOF)?
  • How to buy WOOF tokens on SimpleSwap?

About (WOOF)

When you see the adorable dog mascot of Woof Work, you might think that this is yet another meme token that tries to impose competition on DOGE, SHIB, and many other such tokens. However, this is far from the truth: the Woof Work project calls itself “The Upwork Killer”.

Woof Work is a crypto marketplace built for Shibarium, Shiba Inu’s layer-2 solution, that will unite freelancers (designers, writers, IT and marketing specialists, etc.) with clients after the platform is launched in the 3rd quarter of 2023.

There is a native ERC-20 token WOOF that can be used for payments on the platform alongside over 100 other coins, including ETH.

With their Woof Work Platform, the creators of this project aim at solving the problems inherent in the existing sites for freelancers, including Upwork and Fiverr. First of all, the commission that the workers have to pay (around one-fifth of the workers’ income); Woof Work promises 0% commission if the users get payment in WOOF. For other coins, the commission is up to 5%.

Additionally, those who work with traditional freelance platforms, have to go through a complicated KYC procedure, and going forward, the sites can disable users’ profiles without any explanation (if they suspect that the person leads business outside the platform, for instance). Woofers (as Woof Work calls its users) will have an opportunity to work anonymously.

Other issues that the project promises to resolve are tough competition between the freelancers, paid submission of applications for work, and even chaotic design.

In order to prevent potential scams from taking advantage of the anonymity provided by their platform, Woof Work places a strong emphasis on safety. To achieve this, they have partnered with the Unification Foundation to establish an Oracle of Oracles (OoO) which ensures secure price feeds for multiple cryptocurrencies on their platform.

Additionally, Woof Work has implemented BEACON functionality, which involves hashing and storing all transactions made on the platform in a Merkle tree. The resulting root hash is then submitted as a BEACON timestamp. As a result, all agreements made between Woofers and their clients are securely stored on the blockchain in an immutable manner. In the event of a dispute, the information can be easily retrieved and resolved.

Woof Work offers a referral program where users will earn $10 worth of WOOF for each new client they bring, plus a $50 bonus for over 10 clients and an additional $500 bonus for inviting more than 100 clients.

What is more, the platform will allow staking WOOF – this gives the users an opportunity to lower or even eliminate the commission. However, the exact number of tokens that will be needed for staking has not been determined yet.

Where did (WOOF) come from?

WOOF token was launched on February 1, 2023, and the project itself exists since 2021. The team’s real names are not disclosed, but they go by nicknames. For example, the company’s CEO is WoofOSHI, and the lead designer is Yoko Doggo.

In the future, the team plans to develop the community, have an NFT Metaverse partnership, and implement on-chain voting for decentralized governance.

What are the advantages of (WOOF)?

  • As a platform for freelancers, Woof Work has a lot of perks compared to traditional sites. Provided the crypto adoption moves just as quickly, the project will be able to be a strong competitor.
  • Despite not having KYC procedures, Woof Work is likely to be a safe space for both freelancers and their clients thanks to its blockchain-based security system.

What are the disadvantages of (WOOF)?

  • The project is still in its early stages, and some of the parameters of its work are being decided on currently (for example, staking aspects) so it is hard to tell what its end result will look like.

How to buy WOOF tokens on SimpleSwap?

If you wish to become one of the holders of WOOF tokens, we are glad to help you. Please, follow the instructions below:

  • First, select the cryptocurrency you wish to exchange (for example, BTC). Enter the amount you would like to swap.
  • Choose WOOF in the second drop-down list as the crypto you want to get. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. WOOF tokens will be sent there. Please double-check it to make sure that you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to WOOF exchange. Then wait for tokens to reach your wallet.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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