Moonlighting Job Marketplace Moves 700,000 Accounts to EOS Blockchain

Moonlighting, a Charlottesville, Virginia-based online marketplace for “individuals and small businesses, enabling communication between those needing a task done and those capable of fulfilling the need,” has moved over 700,000 user accounts to the EOS platform.

Founded in October 2014, Moonlighting has received $6.3 million in total funding which includes a $5 million investment round led by the FinLab EOS VC fund, an investment firm established by and FinLab AG, a Frankfurt, Germany-based fintech company.

EOS Chosen “Because It’s Scalable”

The additional funding from the latest investment round will reportedly be used to introduce new services and features on the Moonlighting platform, in order to increase its user base. The funds raised will also be used to integrate the virtual marketplace’s infrastructure with the EOS blockchain network.

Commenting on the company’s decision to partner with EOS’s development team, Jeff Tennery, the CEO at Moonlighting, remarked

We have been exploring blockchain protocols since the end of 2017 and [have] chosen EOSIO [because of] its ability to scale transaction processing, maintain low transaction costs and enable ease of user account management.

“Real Customers, Real Traction, Bona Fide Use Case”

Meanwhile, Paul Grotowski, the COO at EOS VC, 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.”

Explaining why his firm chose to partner with EOS, as it begins to upgrade its platform to meet Web 3.0 standards, Jeff Tennery, the founder and CEO at Moonlighting, stated: 

We decided that we want our users to be able to port their profile to any platform and provide them a simple way to use their Moonlighting profile wherever they chose to use it.

Tennery added: “The gig economy is so fragmented, and our plan is to let freelancers control the use of their profile and provide a single sign-on, aggregated gateway.”

Notably, the developers at Moonlighting will not be transferring all the data from their existing platform to the EOS blockchain. Instead, Moonlighting’s platform data will be secured by using cryptographic hashes which can be decrypted by accessing information from the marketplace’s centralized database system.

According to Tennery: “The hashes on the blockchain provides audit-ability and validity to our freelancer profiles maintained off-chain.”

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.