ispolink whitepaperispolink.com/ispolink_whitepaper_v1.pdfcost-effectiveness of a company’s hiring...

30
Ispolink Whitepaper A Next Generation Recruitment Platform Powered by Blockchain and AI Technology Whitepaper Version 1.2

Upload: others

Post on 19-Jul-2020

1 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

Ispolink Whitepaper

A Next Generation Recruitment Platform

Powered by Blockchain and AI Technology

Whitepaper Version 1.2

Page 2: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

Table of Contents Table of Contents ....................................................................................................................................... 2

1. Introduction ......................................................................................................................................... 3

2. Why Ispolink? ...................................................................................................................................... 3

3. Recruitment Market Overview .......................................................................................................... 4

3.1 Time-per-hire .................................................................................................................................... 6

3.2 Cost-per-hire ..................................................................................................................................... 7

4. Market Opportunity ......................................................................................................................... 10

4.1 Advertising Costs ............................................................................................................................ 11

4.2 Recruitment Agencies Fees ........................................................................................................... 12

5. Introducing the Ispolink Platform ................................................................................................... 12

5.1 Competitive advantages ................................................................................................................ 13

5.1.1 Sourcing candidates via Machine Learning ......................................................................... 13

5.1.2 Built-in Blockchain Payment System ..................................................................................... 15

5.1.3 Matic Network Scaling Solution ............................................................................................ 15

5.1.4 Blockchain Payment System Flow ......................................................................................... 17

5.1.5 Verifying Education on the Blockchain ................................................................................. 20

5.1.6 Video resume ........................................................................................................................... 20

5.1.7 Instant feedback ...................................................................................................................... 20

5.1.8 Company pages ....................................................................................................................... 21

5.2 Business Model ............................................................................................................................... 21

5.3 Mission ............................................................................................................................................. 21

5.4 Vision ............................................................................................................................................... 21

6. Tokenomics ....................................................................................................................................... 21

7. Roadmap ............................................................................................................................................ 24

8. Team ................................................................................................................................................... 25

References ............................................................................................................................................. 29

Page 3: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

1. Introduction

The past decade has been characterized by an economic growth which has led organizations to

put strong emphasis on finding suitable talent to sustain business growth. Nevertheless, due to

the record-low unemployment rates and skills shortages in many technical areas, recruiting has

become a challenging task leading to fierce war of employment brands, recruitment marketing

campaigns and artificial intelligence driven tools to deliver recruiting excellence. Furthermore,

things do not get any easier when it comes to talent acquisition, especially with regards to the

crucial decision which each business needs to take – what would be most suitable platforms and

channels to utilize in order to attract the right candidates for the vacant roles offered? Certainly,

failing to identify the proper job boards and social media channels to publish and promote open

positions would result in inefficient resources allocation, unsatisfactory results such as lack of

skilled applicants, low retention levels and waste of time and efforts.

2. Why Ispolink?

Even though there are multitude job sites, applicant tracking tools, recruitment software, staffing

and HR agencies on both local and global level, there are still loads of issues and inefficiencies

that have not been resolved in the current job market.

In order to tackle the underpinning problems within the HR industry, Ispolink is offering a

cutting-edge automated matchmaking recruitment platform that utilizes Blockchain and

Artificial Intelligence (AI) technology to address one of the most fundamental challenges

nowadays – sourcing qualified personnel. We believe that the most transformational way to find

skillful talents is to incorporate disruptive technologies in our core product, as this will allow us

to achieve automation and streamlining of processes, to enhance the recruitment workflow.

Ispolink’s blockchain based product facilitates the processes for filling roles by providing a full

cycle recruitment system. The platform will make the entire recruitment process more

transparent, optimized, automated and also to help organizations to enhance their internal

communication which will result in substantial cost and time reductions. As a result, the talent

acquisition expert would be able to focus on sourcing, screening and interviewing suitable

candidates instead of wasting time on tedious and unimportant tasks. As per the job seekers,

the platform is tailored to improve their overall experience by reducing the prolonged job

searching, the endless waiting for feedback, coupled with convenience to receive the best offers

with only a few clicks.

There is a notable business opportunity that we strive to seize by filling the gap in the market.

Undoubtedly, there is strong evidence suggesting that recruitment organizations are furthest

behind as they fail to employ new technologies:

According to a Global Human Capital Trends survey from 2019, carried out by Deloitte,

respondents were asked to rate their recruitment functions.

Page 4: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

The key findings show that only 6% believed they had best-in-class processes and

technology

81% of our survey respondents believed their organizations’ recruitment processes

were standard or below standard.

12% of respondents reported having strong sourcing technology, and only 9% said

they had strong screening technology.

No Technology, No Accepted Offer

Except for the apparent benefits, the recruitment technology can yield a high-tech image of a

company. The absence of adequate tech solutions could have a negative impact on the overall

hiring experience and repel talented job seekers. For instance, if Generation Z candidates find

the company’s recruiting methods to be old-fashioned and unappealing, 54% of potential

candidates will not proceed with the application. Thus, even those are willing to apply, there is

high probability, that they might refuse to accept the job offer due to the obsolete approaches

that had left them unimpressed at the end of the hiring process.

3. Recruitment Market Overview

The following section is going to deep dive into the prevailing problems in the recruitment

sector for both organizations and job seekers and the ways in which Ispolink intends to solve

them.

The hiring process is not only time-consuming and difficult for organizations but it’s also utterly

stressful and challenging for job seekers. Firstly, the job seekers are overwhelmed with a vast

variety of sites offering career opportunities and to find roles that are a good fit for the

particular individual. Many factors had to be taken in account: for instance, determine whether

the position fits your needs, evaluate if the company’s culture and environment would fit the

personal characteristics and values of the applicant, the work-life balance and offered benefits

Page 5: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

and last but not least the perspective for personal and career development. According to the

data collected by Talent Board on the candidate experience, about 30% of the job seekers spend

several hours on researching jobs and it often takes them an hour to complete a job application.

The figures are not surprising, as candidates have to register to different job boards or company

websites which require an extensive amount of time to fill the mandatory fields before

submitting the application. Most corporations are using application tracking systems (ATS)

which are essentially an internal software systems utilized to manage job applications, appoint

interviews and assess candidates. The major issue is that such systems are outdated and with

scoring engines which are quite rudimentary. Hence, the ATS are facing difficulties scoring

adequately resumes of job seekers that apply randomly to positions which are not a good fit for

them.

Another major pain point that candidate experience is the cumbersome and lengthy hiring

processes. Depending on the company, the interview process can be rather long and energy

consuming. After the initial application, candidates could be approached for phone screening,

which could be followed by aptitude and online assessment tests and then one or several stages

of interviewing. The entire recruitment process could last a few months, coupled with complexity

and lots of efforts which at the end of the day might be quite disheartening, as a great deal of

employers do not provide feedback at all.

To sum up, there are a lot of gaps and inefficiencies exist in the job market: on average a

corporate position receives a 250 resume, nearly 50% of the candidates never hear anything

back from the employer while 83% of candidates rate their job search experience poor.

Page 6: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

3.1 Time-per-hire

Time to Hire: Mid-Level Time to Hire: Upper/Executive

As the graphs above depict, the average time to hire increases proportionally with the level of

seniority.

The stats show that 41% of recruiters are able to hire management-level staff in three weeks or

less. For over 55% of recruiters, the process takes even longer, whereas for 1 of 5 companies the

period to fill a role is more than 2 months. It generally takes the most time to recruit for upper

management and C level positions with nearly 20% of companies taking more than three

months to put a get a new employee on board.

Therefore, it can be deduced that there is direct correlation between time-per-hire and cost-per-

hire; the longer it takes for a business to acquire a talent on the team, the greater is the amount

of expenditure accrued. That’s why it’s of paramount importance for organization to adapt and

embrace efficient and streamlined approaches that would diminish the overall time frame for

extending a job offer to the desired candidate.

In order to attain a better review of the specific costs associated with hiring, we are going to put

them in two distinct categories.

Internal recruitment costs refers to the money spent within the organization throughout the

hiring cycle.

Internal Recruiting cost:

Page 7: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

In-house talent acquisition team salaries

Talent acquisition system costs – hardware and recruiting software

Salary costs of time spent by hiring managers

Interview costs (number of hours multiplied by hourly salary of interviewer or hiring

manager)

Learning, benefits and & career development costs for your recruiting team

Other fixed costs such as employee referral bonuses, government compliance, etc.

External recruiting costs refers to the amount of money that has been paid out to third parties.

External recruiting costs are comprised of:

Third-party fees, such as agencies

Advertising costs including job boards and social media

Job fair and campus recruiting costs

Employer branding activities

Travel expenses for recruitment

Technology costs

Aptitude test providers

Assessment centers

Drug testing

Background checks

Applicant Tracking System (ATS) fees

Fixed costs such as physical infrastructure (e.g., office rental)

Signing bonuses

3.2 Cost-per-hire

Why cost per hire is an important metric that needs to be considered? Essentially, cost per hire

can be defined as the economic value placed on the total financial investments an organization

makes to attract and recruit new employees. It is an important metric necessary to evaluate the

cost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire

enables an organization to identify where resources and budget are well spent and indicate

where corrective actions could be undertaken in order to optimize expenses. In the infographic

below we’ll see the actual cost of hiring a developer.

Page 8: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify
Page 9: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

Total number of hires is comprised of all new employees, regardless of their employment type –

part of full time, or whether they are temporary or permanent workers.

It’s crucial to emphasize that the above cost per hire applies to firms which are conducting

internal recruiting and do not use third parties like recruitment agencies. The expenditure highly

depends on the level of seniority of the particular vacancy. As the table suggests, filling an

executive role amounts to $18,000 for 3 out of 4 hires on interviewing, scheduling, and

assessment to decide if someone is right fit for a job, while on average the estimated cost is

$14,936 per hired employee compared to $4,442 for lower level positions. In addition, in certain

industries like the IT sector, the cost is notably higher due to high demand and low supply of

qualified engineers.

On the flip side, although cost per hire is often considered as key metric, it falls short in

producing actionable insights. Being aware of your average cost per hire cannot tell you

whether your company is investing sufficiently into enticing top talent. Moreover, cost per hire

also does not take into account the simple fact that the investment needed to fill various roles

will always vary depending on the scarcity, readiness and seniority of the existing talent pool

.

Page 10: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

4. Market Opportunity

Ispolink’s primary objective is to disrupt the ICT sector which is larger than ever before, it’s

currently valued at $5.2 trillion and it employs 55 million people globally. Further, in Europe

there are more than 6 million professional Software Engineers whereas in the USA the figure is 4

million.

Page 11: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

The recruitment ecosystem is comprised of recruitment agencies, hirers, workers and payroll

companies. The problem currently faced by the industry is one of inefficient hiring practices and

processes, extensive manual work leading to considerable loss of time, duplication and low

productivity outputs.

Regardless of the fact that recruitment is considered to be a highly organized and thriving

industry, yet millions of dollars are being wasted on poor recruitment methods. It’s essential to

point out the UK recruitment sector is heavily influenced by the hiring agencies and as a result

businesses are rather dependent on the services provided by such firms to hire new staff. For

example, it’s almost impossible for a newly found company to onboard new employees without

the assistance of third parties. The number of recruitment agencies operating in the UK is about

40,000. As per Talent International report, in Europe the people placed in agency work are 9.5

million as of 2016 whereas, in direct recruitment the region has placed 1.5 million workers.

According to the Bureau of Labor statics, between 20-24% of the workforce in the USA change

their jobs every year, which means that more than 41 million people are continuously looking

for new opportunities and are being hired every single year.

4.1 Advertising Costs

Businesses are spending billions of dollars on annual basis for job advertising on platforms such

as LinkedIn, Indeed, Glassdoor, CareerBuilder, Monster and many others. Organizations might

often get overwhelmed by the wide choice of platforms to promote their vacancies – publishing

on domestic job boards, the utilization of professional networking platforms such as Linkedin,

advertising on dedicated facebook groups or their own page, Instagram advertisement or

proceeding with specialized remote or startup job platforms. To exemplify the potential costs

associated with paid job postings we are going to examine one of the popular startup platforms.

Without taking into account the subscriptions for sourcing talents and other paid features on

AgelList that can go up to tens of thousands dollars per annum, the expenditure of promoting a

single job ranges from $100 up to $5000. While the amounts may significantly vary, it has been

estimated that on average business spent 500$ per day for each vacancy.

The cost of hiring a Software engineer is $50,000 taking into consideration the hidden cost of

training period. It takes about 6 weeks for the employee to get up to speed with the project.

However, it has been estimated that a good portion of the cost is in the recruitment process

itself, about $22,000. Further, this involves how much time HR personnel, managers and IT

engineers spend discussing the opening; advertising; hours spent screening; interviewing; re-

Page 12: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

interviewing; background checking; and more. HR departments frequently take these steps only

to have to start the process all over again.

4.2 Recruitment Agencies Fees

There are myriads of agencies out there, offering, having a wide variety of fee and warranty

structures. Below we are going to examine the three main types:

Retained

The organizations pay upfront and it usually gives them the exclusive rights to fill the position.

These are rare and are generally for high-level or very difficult to fill spots.

Cost: On average 10% are paid in advance in order to commence the recruiting and another 10-

15% or more after hire.

Contingency

Rather than simply paying a fee upon a successful placement, a retainer fee is staggered

throughout the process and essentially rewards an agency for their time. An agency is usually

paid in three parts: up-front, upon producing a shortlist and when the placement is made.

Cost: Between 15%-25%, reaching 30% for harder to fill roles of the annual salary

Temporary or Temp to Perm

The temporary workers fall under the responsibility of the recruitment agency. This means that it

is the agency that pays the candidate. Their contract can be bought out for a fee, or after a

length of time you can have them for free. There’s typically a sliding scale on the buyout: The

sooner you take them off the agency payroll and onto yours, the higher the cost.

Cost: 20% to 50% of the hourly wage

5. Introducing the Ispolink Platform

In this section we are going to deep dive into Ispolink’s technology and cover our innovative

approaches, distinctive features and value proposition.

Ispolink intends to revolutionize the recruitment industry by offering a solution that is going to

tackle major bottlenecks and inefficiencies. Ispolink is a global automated matchmaking job

platform which aims to solve one of the most pressing challenges which business face when it

comes to talent acquisition. We strive to empower companies operating in the blockchain and IT

domain to fill their positions by providing them a full spectrum of tools to conduct and manage

Page 13: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

in-house the entire recruitment process efficiently - ranging from candidate sourcing, screening,

through the various stages of interviews until the final offer, all of which can be executed within

the platform. All of this could be managed in the company dashboard panel that ensures

smooth transition between the stages, improved visibility for the internal stakeholders,

streamlining of the hiring process and automation. In this way, organizations would be able to

take full control over their hiring processes and greatly improve the attraction, assessment and

selection of prospects without outsourcing this crucial job to third party recruitment agencies.

Not only would this result in significant cost reductions and lower time per hire, but also the

talent pool of prospects will be more relevant to the specific business needs.

In terms of our target market, the highest need for such blockchain based and AI solution is

evident in the IT and blockchain sector, where the demand exceeds the supply for highly skilled

and tech-savvy professional. Moreover, with the advancements and breakthroughs in

technology, there is constantly growing demand for seasoned Blockchain Developers, Cloud

Engineers, Software Developers, Data Scientists, Product Owners, Information Security

Specialists, System Analysts as well as people management and creative jobs such as UI/UX

Designers. Ispolink is fully committed to connect promising tech companies with the exceptional

pool of professionals around the globe as there is strong demand for high value added jobs.

Our ultimate goal is to become the top platform for crypto, blockcain an IT related jobs,

assisting innovative startups, Fintech companies and established enterprises to find the best

experts for both remote or onsite job opportunities.

5.1 Competitive advantages

5.1.1 Sourcing candidates via Machine Learning

One of Ispolink’s key differentiators is the incorporation of AI, more specifically, implementing

Machine Learning to match suitable candidates with unparalleled efficiency so that businesses

can source talents on their own eliminating the need of using intermediaries. Essentially, the

Machine Learning algorithm will analyze the job requirements of a published vacancy and it

would match it against the existing pool of job seekers, suggesting the candidates that best

correspond to the required skills and experience. In other words, we are redefining the

established model – companies will be able to apply directly to candidates. On the other

hand, when a person searches for jobs on the platform, the jobs would be arranged in relevance

to the individual’s competencies – a percentage of match rate would be displayed in order to

aid the jobs seeker to identify suitable roles. This feature would further enhance the quality of

applicants as users are unlikely to apply to positions ranked with a low percentage of match

rate.

Page 14: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

In the core of Ispolink's technology, we are leveraging 3 main AI implications:

1. AI to parse CVs

The AI which parses CVs will be used to extract the information from the CV of the

candidate, and hand it over to the matchmaking algorithm in a suitable form.

2. Matchmaking algorithm which will match candidates based on the job description

We will develop and train a Machine learning model which will help Companies to select the

right Candidates based on the requirements listed in the job descriptions. More specifically

we're going to match candidates based on the following criteria:

Work experience

Tech stack

Job-related skills

Soft skills

We are going to utilize the information from the ML model to more accurately suggest

potential hires for a job posting. When the ML model receives a job posting and a set of

candidates, it's going to calculate the potential match rate for each Candidate in the set,

based on the given job description. This information is going to be displayed in the search

results along with the overall match rate.

Page 15: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

3. AI to predict potential candidates for a position

The 3rd AI usecase will suggest candidates for a position based on similar jobs.

For example Google posts a job for Java developer and hires a candidate through Ispolink.

Based on the characteristics of the hired Java developer, we're going to suggest candidates

with similar characteristics for other Java positions by other companies.

Now when Amazon publishes a Java developer position, we're going to extract the

characteristics of the hired candidate by Google and suggest candidates with similar

experience for Amazon.

5.1.2 Built-in Blockchain Payment System

Ispolink is the first full cycle job board that integrates built-in blockchain payment system into

its core platform to provide robust, immutable and trustless way for users to exchange value and

purchase services. Ispolink firmly believes that delivering a blockchain based and user friendly

product is a crucial competitive advantage that is going to make the difference among the

existing solutions on the market. The blockchain system will be based on the ethereum

distributed computing platform and protocol, powered by a native ERC20 token - Ispolink (ISP).

Alongside with the payment system, Ispolink is proposing a referral based reward system

designed to entice skilled job seekers and share the success with our users by giving them out a

commission for successful referrals that get hired.

Due to the rise in popularity and adoption of blockchain and cryptocurrencies, the traditional

payment methods are considered obsolete, slow and uncompetitive as there are numerous

possibilities to transact and exchange value more efficiently through cryptocurrencies. However,

blockchain protocols have a limit on the block size and it can take a certain amount of time to

generate a block. In order for a transaction to be considered valid and irreversible, users often

have to wait for multiple block confirmation. This can become bothersome especially when users

want their transactions processed instantly. Due to congestions of the blockchain networks

which occur when there is an increased demand and utilization, users are often forced to pay

higher transaction fees.

5.1.3 Matic Network Scaling Solution

In order to tackle the major constraints and scalability issues, Ispolink is implementing Matic

Network scaling technology on top of Ethereum. According to Matic whitepaper, Matic can be

described as a “Layer 2 scaling solution that achieves scale by utilizing side chains for off-chain

computation while ensuring asset security using the Plasma framework and a decentralized

network of Proof-of-Stake (PoS) validators. address the scalability and usability issues while not

compromising on decentralization.” Matic’s major objective is to resolve the issues associated

Page 16: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

with scalability while at the same time not compromising on the level of decentralization. Matic

Network is a side chain scaling solution for existing platforms which provides scalability and

superior user experience to decentralized applications and user functionalities.

Key Features

“Scalability: Fast, low-cost and secure transactions on Matic sidechains with finality

achieved on mainchain and Ethereum as the first compatible Layer 1 basechain

High Throughput: Achieved up to 10,000 TPS on a single sidechain on internal testnet;

Multiple chains to be added for horizontal scaling

User Experience: Smooth UX and developer abstraction from mainchain to Matic chain;

native mobile apps and SDK with WalletConnect support

Security: Matic chain operators are themselves stakers in the PoS system

Public Sidechains: Matic side chains are public in nature (vs. individual DApp chains),

permissionless and capable of supporting multiple protocols”.

The main use cases for Ispolink’s payment system would be the frictionless and instant

payments, ensuring that users will be able transact with 1/100 of the current gas fee on

ethereum blockchain. More importantly, we have chosen to implement Matic’s technology as we

expect our product to become more mature and the demand for the platform to grow. That’s

why we want to ensure to our user high degree of security, transaction throughput and

scalability.

Page 17: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

5.1.4 Blockchain Payment System Flow

1.1 User performs action on system

In the current state, the user decides upon what action to undertake

1.2 Action requires payment

If the action requires payment, the user is prompted with a screen with an option to either pay

with a token or not.

If no payment is made, then resume with 1.1 otherwise go onto 1.3

1.3 / 1.4 Show screen with price in fiat and token

Show screen with price in fiat and token. The system should do the necessary calculations and

discounts based on the price of the token.

Screen also has an option to abort the payment and return to normal flow.

Also show the current token balance

1.5 Payment in tokens

The user deposits tokens into their personal wallet address and the system will credit the

balance

Page 18: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

If the user does not have this, return error and redirect them back to the price screen (1.3).

1.6 Payment in Fiat

Show information on what the user is paying for, ask for their card details or paypal details.

Process here and return back to the

1.7 Check if fiat process failed

In case of unsuccessful action then a payment failure screen is displayed. Otherwise the payment

is being processed, desired action attained and redirected back to normal system flow

1.8 Payment Failure

Inform users that fiat payment has failed. Redirect them back to the payment selection screen

(1.3)

1.9 Enough Balance / Payment accepted

Check if the user has enough balance on their account.

If sufficient money is at disposal, then send a request to take the money out of the wallet, then

go to 2.1

If not enough money is available, the deposit address is shown (unique code), then go to 2.2

2.1 Process desired action

If payment has been received successfully redirect users back to the normal system flow.

2.1 is the success condition of 1.9 or 1.7 when everything has been paid. This step is just to

reconcile with the accounting and then do whatever the user wants to be done.

2.2 Show deposit Address

Show deposit address (unique to the user) and amount inside address. Process for private key

creation in 2.2.1

Proceed to 2.3 after showing deposit address

2.2.1 Private key creation

Private/public key generated using RPC command from full node or API. Associate private key

and public key with the user profile, and show in 2.2

Page 19: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

2.3 Funds deposited

There are two outcomes. If funds were deposited, proceed to 2.4 which is how we will detect for

confirmation. This is achieved by doing a long poll or periodic polling to the backend.

Otherwise go back to 1.3

2.4 Wait for confirmations

Wait for transaction confirmation before crediting the user account. A progress bar would be

available. If a user chooses not to wait, go back to 1.3 / 1.4 (payment selection) where they can

choose to pay at a later date or with another method.

2.5 User profile screen

User profile has the ability to deposit or withdraw tokens also.

Deposit tokens follows a similar flow.

2.5.1 User Profile options

The user has the option to edit the profile but we will focus on tokens. This follows the similar

flow to 1.9

2.5.2 Show deposit status

When funds are deposited or not show deposit status. This should just do a simple RPC or API

query for any TX inputs to the address.

2.5.3 Withdraw funds

Funds are withdrawn from the wallet. A withdrawal fee should be deducted and sent to the

owner wallet, also in this state the owner wallet should send some gas to the user's unique

address behind the scenes.

2.5.3.1 Withdraw status

This action operates in a similar manner as deposit statuses work, except the fact that UTXOs (TX

outputs) are visible from the address.

Type of states for a status:

PENDING - Transaction not broadcasted. At this point the user wallet receives gas from

the main account in order to perform transaction.

PROCESSING - Transaction is created and then broadcasted from the user's wallet, and

transaction ID is noted and shown to the user when queried.

Page 20: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

COMPLETED - Transaction is completed with at least one confirmation

5.1.5 Verifying Education on the Blockchain

Nowadays, another vital problem is the increasing number of individuals that are falsifying their

resumes in order to impress the potential employer and get the job. HireRight’s 2017

Employment Screening Benchmark Report found that 85% of employers caught job candidates

lying on their resumes. For instance, a candidate can be dishonest and exaggerate about their

competencies, change the graduation dates, fill the gaps in their work experience or try to

represent acquired courses as a completed education. In general HRs are rather skeptical about

the provided information on resumes and although there are ways to verify that by running

background checks of education and certificates, it’s quite time consuming process.

Ispolink is offering a perfect solution by verifying the authenticity of degrees on the blockchain.

Essentially, Ispolink is going to collaborate with educational institutions to confirm the issuance

of degrees by putting them on the public blockchain ledger, which is going to serve as an

ultimate proof of truth. By doing so, our platform is going to display the candidates with verified

education which will guarantee and ensure higher trust among the employers and applicants

throughout the hiring process.

5.1.6 Video resume

In particular, this feature will provide job seekers a unique opportunity to stand out and impress

their potential employers. Instead of proceeding with a standard resume, each user could record

a short video and share one’s qualifications, passions and professional goals. In addition, the

video resume enables the job seekers to demonstrate their strengths, communication skills and

personality that would provide a better overview and assessment criteria to the employers.

5.1.7 Instant feedback

Instant feedback to applicants – no more endless waiting, uncertainty and poor user experience!

Perhaps one of the biggest frustrations for the job seekers is the lack of communication and

feedback about their performance and where they stand on the interviewing process. There are

multiple reasons for that – this could obstruct the person to choose among several job offers as

timely feedback is not provided. Not having any feedback at all leaves the job seeker

unappreciated in terms of time and effort spent to research the company, attend interviews and

conduct tests. In order to resolve this major issue, Ispolink is introducing instant feedback

feature that automates the feedback loops. The talent acquisition expert could send a

Page 21: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

predefined email response with a single click regardless when he stands on the dashboard. Even

if this is not the case, once the position has been filled, the platform will send automatic emails

to all candidates that took part in the interviewing process, ensuring 100% feedback and

superior candidate experience.

5.1.8 Company pages

The company page is designed with the intention of enabling businesses to communicate their

core values and provide a glimpse of internal culture as well as further details about the success

stories and key accomplishments of the company. The company page is fully customizable and

it’s an excellent means for employer branding. The potential candidates will be offered sufficient

information in order to get acquainted with the organization.

5.2 Business Model

Ispolink is SaaS solution that has subscription based model for businesses. Organizations would

be able to take advantage of the platform tools based on the package they choose. For instance,

AI sourcing technology along with premium features at affordable price.

5.3 Mission

Our core mission is to connect businesses and great employees with ease, whilst ensuring high

employee satisfaction and alignment with company's value, working environment and career

prospects.

5.4 Vision

We aim to transform the obsolete and cumbersome recruitment processes leveraging disruptive

technologies, combined with a distinctive and innovative approach towards attracting the very

best talents.

6. Tokenomics

The Ispolink token is a native ERC20 standard utility token issued on the Ethereum blockchain. It

plays an integral role in the Ispolink ecosystem, being the native platform token. The Ispolink

token is the soul and heart of the Ispolink platform that is going to be used as primary means of

payment for in-platform purchase of hiring services with 10% discount. Further, our native token

has been designed to accelerate our user acquisition by attracting highly skilled IT and

Blockchain specialists worldwide. Not only users would be able to receive tokens by signing up

Page 22: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

on the platform, but they can also freely tip one another, exchange value, earn commission by

simply referring friends. On the flip side, business that decide to leverage our decentralized

payments system and purchase services with the ISP token would have significant advantage

over the standard payment methods, as they are entitled to receive discounted rate and save

money. At the same time will be taking advantage of the secure, instant and cost efficient way of

buying services. In the below paragraph we are going to summarize the primary implications

and use case of the ISP token.

Token Utilities:

Major means of payment for in-platform purchase of services with 10% discount

Used to cover transaction fee

Granting tokens to users that sign up and upload their CV

Used to repay commissions for successful referrals

Exchanging value and used for tips

Used as incentive to grow the platform

We’ll have annual token burn events as deflationary mechanism to sustain the value of the token.

Ispolink Tokens are not intended to constitute securities in the United State of America or any

relevant jurisdiction, units in a business trust, units in a collective investment scheme or any

other form of regulated investment or investment product in any jurisdiction. This Whitepaper

10%5%

4%

25%

25%

16%

15%

Token Distribution

Public Sale

Private sale

Advisors

Marketing

Foundation

Team

Community pool

Page 23: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

does not constitute a prospectus or offer document of any sort and is not intended to constitute

an offer of securities of any form, units in a business trust, units in a collective investment

scheme or any other form of regulated investment or investment product, or a solicitation for

any form of regulated investment or investment product in any jurisdiction.

IF YOU DECIDE TO PURCHASE ISPOLINK TOKEN, YOU EXPRESSLY ACKNOWLEDGE, ACCEPT AND

ASSUME THE FOLLOWING RISKS

Prospective purchasers of Ispolink tokens should carefully consider and evaluate all risks and

uncertainties associated with Ispolink and its business and operations, the Ispolink Tokens, the

Ispolink platform, and the ITS, and all information set out in this Whitepaper and the T&Cs prior

to any purchase of Ispolink tokens

You agree and acknowledge that this Whitepaper, the undertaking and/or the completion of the

ITS, or future trading of the Ispolink tokens on any cryptocurrency exchange, shall not be

construed, interpreted or deemed by you as an indication of the merits of Ispolink, the Ispolink

Tokens, the ITS and the Ispolink platform;

the Ispolink Tokens are not to be construed, interpreted, classified or treated as:

1. i. any kind of currency other than cryptocurrency;

2. debentures, stocks or shares issued by any person or entity;

3. rights, options or derivatives in respect of such debentures, stocks or shares;

4. rights under a contract for differences or under any other contract the purpose or

pretended purpose of which is to secure a profit or avoid a loss;

5. securities;

6. units in a collective investment scheme;

7. units or derivatives of units in a business trust; or

8. any form of regulated investment or investment product

you are fully aware of and understand that you are not eligible to purchase any

Ispolink Tokens if you are an Excluded Person;

you are legally permitted to participate in the ITS and all actions contemplated or

associated with such purchase, including the holding and use of Ispolink Tokens;

the amounts that you use to purchase Ispolink Tokens were not and are not directly

or indirectly derived from any activities that contravene the laws and regulations of

any jurisdiction, including anti-money laundering laws and regulations;

if you are a natural person, you are of sufficient age and capacity under the

applicable laws of the jurisdiction in which you reside and the jurisdiction of which

you are a citizen to participate in the ITS;

you are not obtaining or using Ispolink Tokens for any illegal purpose;

Page 24: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

7. Roadmap

Page 25: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

8. Team

Emanuil Pavlov

Co-Founder & CEO

Emanuil possess an extensive and diverse background within the blockchain industry as well as

in the corporate world. He managed to obtain in depth knowledge and know-how taking

various roles in leading companies as a blockchain analyst, business development manager and

vendor manager. His major strengths and attributes are the wide range of skill set, ability to

identify and solve complex problems, coupled with entrepreneurial spirit and business acumen.

Graduated in the University of Sheffield, specializing in business management.

Nikolay Pavlov

Co-Founder & CTO

Senior software engineer with 5 years of experience with a keen passion for clean code and

good design. Proficient with programming languages like Python, Java, and TypeScript to name

a few. He has acquired substantial knowledge in the field by building complex solutions from

scratch and has experience advising engineers. He is well versed in infrastructure, back-end,

front-end and automating processes in the Cloud.

Barry Teoh

Blockchain Developer

Barry has 10+ years of IT experience as mobile, Web, DevOps and Full stack engineer. He has

been part of numerous open source and decentralized projects, contributing to the creation of

smart contracts, deployment of core infrastructure and JSON-RPC.

Songxun Zhao

Front End Developer

Zhao has over 6 years of experience working in the IT industry. He took roles as full-stack web

developer in various companies, improving websites and web services. He has been

implementing advanced web technologies, smart graphical design with automated tests for his

clients. He also has DevOps experience which includes deployment, management of web servers

and configuration. Competencies: PHP/Python/Node.js/ASP.NET, HTML5, CSS, JavaScript,

Angular/React/Vue.js, DevOps, Linux Server Administration.

Page 26: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

Jens Gantz

Art Director & UI/UX Designer

Jens has 5+ years of experience as UI/UX Designer and Art Director. He has worked for

renowned blockchain projects such as Elastos, Zeepin and more. Currently he works for an IT-

Consultancy and Software Development Company based in Cologne, Germany. Jens acquired

his Master of Arts in Visual Communication at the School of Art and Design Kassel and his

Diploma in Media Art at the Academy of Media Arts Cologne.

Desislava Miroslavova

Advisor

Desislava Miroslavova is a certified NLP Business Coach from the NLP Community of Dr. Richard

Bandler. Moreover, she holds a Bachelor Degree of International Business and Management

studies from The Hague University of Applied Science in the Netherlands. Desislava has

specialized Human Resource Management in Germany. Her professional experience ranges from

Talent Acquisition expert, HR Manager, start-up IT and Blockchain companies to financial and

insurance corporations

Page 27: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

DISCLAIMER

PLEASE READ THIS DISCLAIMER SECTION CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE

ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER

PROFESSIONAL ADVISOR(S).

This Whitepaper in current form is being circulated by Ispolink Ltd.(“Ispolink”) for general

information and to invite investor feedback only on the platform as presently conceived, and is

subject to review and revision by the directors of Ispolink, the board of advisors and/or legal

advisors of Ispolink. Please do not replicate or distribute any part of this Whitepaper without this

section in accompaniment. The information set forth below may not be exhaustive and no part

of this Whitepaper is intended to create legal relations between a recipient of this Whitepaper or

to be legally binding or enforceable by such recipient against Ispolink. An updated version of

this Whitepaper may be published on a date to be determined and announced by Ispolink in

due course.

REPRESENTATIONS AND WARRANTIES BY YOU

By accessing and/or accepting possession of any information in this Whitepaper or such part

thereof (as the case may be), you represent and warrant to Ispolink as follows:

a. you agree and acknowledge that the Ispolink Tokens do not constitute securities of any

form, units in a business trust, units in a collective investment scheme or any other form

of regulated investment or investment product in any jurisdiction;

b. you are not an Excluded Person, or a citizen or resident of a country the laws of which

prohibit or conflict with the ITS or your participation in the ITS;

you acknowledge and understand that no Ispolink Token should be construed, interpreted,

classified or treated as enabling, or according any opportunity to, Ispolink Tokenholders to

participate in or receive profits, income, or other payments or returns arising from or in

connection with the Ispolink Tokens or the proceeds of the ITS, or to receive sums paid out of

such profits, income, or other payments or returns;

a. you agree and acknowledge that this Whitepaper, the undertaking and/or the

completion of the ITS, or future trading of the Ispolink tokens on any cryptocurrency

exchange, shall not be construed, interpreted or deemed by you as an indication of the

merits of Ispolink, the Ispolink Tokens, the ITS and the Ispolink platform;

CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS

All statements contained in this Whitepaper, statements made in press releases or in any place

accessible by the public and oral statements that may be made by Ispolink or its directors,

executive officers or employees acting on behalf of Ispolink (as the case may be), that are not

statements of historical fact, constitute “forward-looking statements”. Some of these statements

can be identified by forward-looking terms such as “aim”, “target”, “anticipate”, “believe”,

“could”, “estimate”, “expect”, “if”, “intend”, “may”, “plan”, “possible”, “probable”, “project”,

“should”, “would”, “will” or other similar terms. However, these terms are not the exclusive

means of identifying forward-looking statements.

Page 28: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

All statements regarding Ispolink’s financial position, business strategies, plans and prospects

and the future prospects of the industry which Ispolink is in are forward-looking statements.

These forward-looking statements, including but not limited to statements as to Ispolink’s

revenue and profitability, prospects, future plans, other expected industry trends and other

matters discussed in this Whitepaper regarding Ispolink and/or the Distributor are matters that

are not historic facts, but only predictions.

These forward-looking statements involve known and unknown risks, uncertainties and other

factors that may cause the actual future results, performance or achievements of Ispolink to be

materially different from any future results, performance or achievements expected, expressed

or implied by such forward-looking statements. These factors include, amongst others:

a. changes in political, social, economic and stock or cryptocurrency market conditions, and

the regulatory environment in the countries in which Ispolink conducts its business and

operations;

b. the risk that Ispolink may be unable to execute or implement its business strategies and

future plans;

c. changes in interest rates and exchange rates of fiat currencies and cryptocurrencies;

d. changes in the anticipated growth strategies and expected internal growth of Ispolink

and the Ispolink platform;

e. changes in the availability and fees payable to Ispolink in connection with its business

and operations;

f. changes in the availability and salaries of employees who are required by Ispolink to

operate its business and operations;

g. changes in preferences of users of the Ispolink platform;

h. changes in competitive conditions under which Ispolink operates, and the ability of

Ispolink to compete under such conditions;

i. changes in the future capital needs of Ispolink and the availability of financing and

capital to fund such needs;

j. war or acts of international or domestic terrorism;

k. occurrences of catastrophic events and natural disasters that affect the business and/or

operations of Ispolink;

l. other factors beyond the control of Ispolink; and

m. any risk and uncertainties associated with Ispolink and its business and operations, the

Ispolink Tokens, the Ispolink platform, and the ITS.

All forward-looking statements made by or attributable to Ispolink or persons acting on behalf

of Ispolink are expressly qualified in their entirety by such factors. Given that risks and

uncertainties that may cause the actual future results, performance or achievements of Ispolink

to be materially different from that expected, expressed or implied by the forward-looking

statements in this Whitepaper, undue reliance must not be placed on these statements. These

forward-looking statements are applicable only as of the date of this Whitepaper.

Page 29: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

References

2019 Deloitte Global Human Capital Trends https://www2.deloitte.com/content/dam/Deloitte/cz/Documents/human-capital/cz-hc-trends-reinvent-with-human-focus.pdf

SHRM, 2017 Talent Acquistion Benchmarking Reporting https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/2017-Talent-Acquisition-Benchmarking.pdf

Glassdoor, 50 HR and recruiting statistics for 2017 https://resources.glassdoor.com/rs/899-LOT-464/images/50hr-recruiting-and-statistics-2017.pdf

Nikoleta Bika, Cost-per-hire metrics, demystified https://resources.workable.com/stories-and-insights/cost-per-hire

Jaynti Kanani, 2018, What is Matic Network? https://medium.com/matic-network/what-is-matic-network-466a2c493ae1

18 Recruitment Industry Trends for 2018, https://www.digitalmediastream.co.uk/blog/recruitment-industry-trends-2018 -

UK - recruitment Industry Turnover up to £ 35.7 billion, 2018 https://www2.staffingindustry.com/eng/Editorial/Daily-News/UK-Recruitment-industry-turnover-up-11-to-35.7-billion-48399

Forbes, 2017. Google For Jobs: Potential To Disrupt The $200 Billion Recruiting Industry https://www.forbes.com/sites/joshbersin/2017/05/26/google-for-jobs-potential-to-disrupt-the-200-billion-recruiting-industry/#4afd1fa84d1f

Talint International, 2018 https://www.recruitment-international.co.uk/blog/2018/04/global-employment-industry-turnover-up-to-491-euros-billion-in-2016-wec-finds

Page 30: Ispolink Whitepaperispolink.com/Ispolink_Whitepaper_v1.pdfcost-effectiveness of a company’s hiring process and efforts. Calculating the cost per hire enables an organization to identify

How do Recruitment Agencies Get Paid , 2016 https://www.agencycentral.co.uk/articles/2016-10/how-recruitment-agencies-get-paid.htm

What are the general costs of using recruitment agencies?https://www.monster.co.uk/advertise-a-job/hr-resources/hr-strategies/recruitment-costs/what-are-the-general-costs-of-using-recruitment-agencies/

Celerative, Cost to hire a software engineer https://www.celerative.com/cost-to-hire-software-engineer/

https://www.greenhouse.io/blog/why-you-really-should-factor-in-engineering-time-when-calculating-cost-per-hire

Michal, 2019 The real cost of hiring a software engineer https://www.merixstudio.com/blog/real-cost-hiring-software-engineer/

Riia O'Donnell , 2020 Why Use a Recruitment Agency? https://recruiterbox.com/blog/why-use-a-recruitment-agency-benefits-fees

How Many Software Developers Are There in the World?, 2019 https://www.daxx.com/blog/development-trends/number-software-developers-world

True cost of recruiting a developer, 2016 https://devskiller.com/true-cost-of-recruiting-a-developer-infographic/