EchoLink, a blockchain-based recruiting and professional networking platform, is announcing the launch of a new digital cryptocurrency. Known as the EchoLinkToken (the EKO token), or EKO, this currency helps the platform obtain key information from databases across the globe.
EchoLink is designed to eliminate the problems inherent in traditional recruiting. By creating an immutable list of records on workers taken from a wide variety of different sources, it helps employers and hiring managers quickly obtain accurate information on all aspects of an applicant. This speeds up the hiring process and minimizes the chance that an employee will be selected without undergoing full vetting.
The EchoLinkToken (EKO) enhances these recruiting services by making it easier for the EchoLink platform to gain access to other databases. It also provides a universal standard for value, allowing the platform to be more easily adopted across borders and economies. Along with giving users an incentive to make the system as accurate and reliable as possible, this coin will vastly improve the popularity and effectiveness of EchoLink for recruiting.
EchoLink's Solution to Recruitment Pitfalls
The modern recruiting process is subject to a range of different flaws, most of which relate to one central problem: lack of access to accurate information. Employers and hiring managers need to know as much as possible about job applicants, including not just their formal credentials and past employers, but also subtler skills and personality traits. Yet employees are often not willing to divulge this information, and even those who would be willing may not know that employers want it. Businesses can get around this problem by hiring professional recruiters, but that adds to the cost of the process while making it take longer. Recruiters also are not perfectly reliable, being subject to countless biases and perverse incentives.
EchoLink eliminates these problems by providing a secure database on all information that employers might need for recruitment. To keep this information abundant and accurate, it takes advantage of:
How EKO Fits into the EchoLink Puzzle
As beneficial as the EchoLink platform is, it only works if it gets large numbers of other databases around the world on board. But given the wildly different cultural, economic, and organizational backgrounds of each blockchain database, this is easier said than done. Typically, a platform like EchoLink could simply pay for access to other databases. But given that it needs information from as many countries as possible, this may not work for those operating in unstable economies or with devalued currencies.
The EchoLinkToken (EKO) offers a convenient solution to this issue. Rather than conducting business in dollars, rupees, or other national currencies, EchoLink will issue its own coins. Using the blockchain, it can set the value of these coins at a certain amount of database information. It will then program smart contracts to automatically pay other databases in EKO every time they provide new information to an employer, hiring manager, or other users.
Not only do EKO payments allow other databases to access a consistent source of remuneration, but they tie those databases' success to that of the EchoLink platform as a whole. The more databases use the platform, the more valuable it will be to employers, driving more businesses to sign up for it and buy coins. As businesses buy more coins, they will bid up those coins' value in other currencies, meaning databases can make more money for the same amount of EKO payments. As a result, databases have a strong incentive to join EchoLink and provide quality information.
Besides enhancing incentives, EKO will give the EchoLink platform a common system of value in which to measure quality of education, skills, and other credentials. Businesses who use the platform can thus more easily understand the value they are getting with each employee, no matter where they're located or what kinds of workers they need.