Whitepaper

Introduction

The freelance market within the Web3 ecosystem has unique challenges, especially with the prevalence of transactions and interactions occurring on decentralized platforms like Telegram. Many business engagements, such as marketing deals, collaborations with Key Opinion Leaders (KOLs), and other business developments, take place within Telegram, often requiring payments in cryptocurrency. Unfortunately, this environment is also ripe for scams, such as impersonators pretending to be influencers or KOL managers and demanding upfront payments for services that never materialize.

Loofta is a Web3 solution built on The Open Network (TON) that addresses these challenges by providing a secure, transparent, and streamlined platform for freelance transactions. Loofta introduces essential features like social media verification via OAuth, an escrow system to safeguard payments, and a Telegram mini-app for seamless deal creation directly from Telegram, ensuring safer and more efficient transactions in the Web3 freelance market.

Market Problem

The Web3 freelance market is distinctively different from traditional freelance ecosystems due to the following issues:

• Trust and Verification: The anonymity of the Web3 space allows scammers to impersonate KOLs or their managers, leading to fraudulent transactions. Freelancers often require upfront payments to mitigate their own risks, but this leaves clients vulnerable to scams if the freelancer does not deliver.
• Decentralized Communication: A significant amount of communication and deal-making happens on platforms like Telegram, which are not designed for secure transaction handling or user verification.
• Cryptocurrency Payments: Payments in Web3 are predominantly made in cryptocurrencies, which are irreversible once completed, increasing the risk for both parties if trust is breached.
• Lack of Escrow Services: The absence of reliable escrow services forces clients and freelancers to rely on trust, which can be easily exploited by malicious actors.

Loofta Solution

Loofta provides a comprehensive solution to the above problems through the following features:

• Social Media Verification via OAuth: To prevent impersonation and build trust, Loofta requires freelancers to verify their identity using OAuth with their social media accounts. This ensures that clients can confirm the identity of the person they are dealing with, reducing the risk of fraud.
• Decentralized Escrow System: Loofta introduces a decentralized escrow service where clients can deposit payments, which are only released to the freelancer upon the successful completion of the agreed-upon task. This protects both parties, ensuring that freelancers get paid for their work and clients receive the service they paid for.
• Loofta Telegram Mini-App: Loofta makes it easier for Web3 freelancers and clients to create and manage deals directly from Telegram using the Loofta bot. This integration streamlines the process, allowing users to set up agreements, manage tasks, and secure payments without leaving the Telegram environment.
• Support via Telegram: To further enhance user confidence, Loofta provides customer support through Telegram, where users can report issues, seek help, and resolve disputes with the assistance of Loofta's support team.

Technology Stack

• Blockchain: The Open Network (TON)
• Smart Contracts: All agreements, payments, and reward distributions are governed by immutable smart contracts, ensuring transparency and security.
• OAuth Integration: Loofta integrates OAuth for social media verification, ensuring that users can securely link their social media accounts to their Loofta profile.

Security

• Smart Contract Audits: Regular audits are conducted to ensure that smart contracts are secure and free from vulnerabilities.
• End-to-End Encryption: All communications and transactions on the Loofta platform are encrypted, ensuring user data remains secure.
• Escrow Safeguards: The escrow system is decentralized and governed by smart contracts, reducing the risk of funds being mishandled or stolen.

Roadmap

Our roadmap outlines key milestones such as the development and launch of the Loofta platform, including the Telegram mini-app, staking features, and the $Loofta token airdrop.

• Q4 2024: Development of Loofta's platform and Telegram mini-app. Initial testing and smart contract deployment.
• Q1 2025: Launch of the Loofta beta version with full social media verification and escrow features.
• Q2 2025: Official launch of Loofta, including Telegram bot integration and $Loofta token airdrop.
• Q3 2025: Expansion of features, including staking, additional social media verification options, and enhanced support services.
• Q4 2025: Scaling of the platform with more partnerships and integrations across the Web3 ecosystem.