Bondex Moves Talent Recruitment to the Solana Blockchain: Here are the reasons why!
As the world of work and way of managing human talent has changed dramatically in recent years as a result of technological advances, companies have adapted their human talent processes using new technologies.
The incorporation of new technologies such as Big Data, Social Networks, Artificial Intelligence, Blockchain and Virtual Reality in the recruitment and selection processes of personnel raises the possibilities for companies to visualize a greater number of candidates, evaluate them faster and generally become more efficient in making hiring decisions.
Gone are the complicated selection processes of the 90s when the CV was usually delivered by hand or mail to companies. In The era of paper, CVs were organized into folders with each selection process. With the entry of the Internet, social networks and dynamic Web 2.0, together with smartphones, immediate access to the professional information of any candidate has been made possible over the last decade. Hence we see the emergence of networking platforms such as Linkedin or Behance taking center stage, as well as specific HR software to find matches in personal brands in the professional field in real time.
However, despite all these benefits, there is still a big problem to be solved: Both companies and recruits suffer from the gap in personal data in professional profiles as well as the lack of fair incentives for the use of platforms and networks such as Linkedin.
It is precisely at this point that Bondex enters, a decentralized ecosystem with a next generation Web 3.0 infrastructure that is disrupting the global talent market by rewarding and more efficiently aligning the incentives of all participants.
Bondex: Blockchain for talent hunting
The use of new technological tools to more efficiently recruit and select new staff for companies, as well as match talent to job opportunities , while allowing for the creation of a network with a new model of property ownership to unlock greater value for all participants in the global talent market is a fundamental pillar of the Bondex Ecosystem vision.
Artificial intelligence, updated machine learning techniques and the use of blockchain technology are a fundamental part of the disruptive technological proposal of the Bondex ecosystem.
To deliver the benefits of these advanced recruitment solutions, Bondex needs to rely on a highly scalable network with properties fundamentally inherent to the security and privacy of its data deployed on the network, which allows the efficient performance of the execution of smart contracts on which its smart algorithms work.
In addition, the financial services functions inherent to its ecosystem such as staking, yield agriculture, decentralized loans, governance incentives, etc. — all elements of decentralized finance (DeFi) — need the leverage of a powerful network that delivers adequate execution times for smart contracts; as well as interoperability with the world’s largest dApp ecosystem, which today is Ethereum.
For these reasons and many more, Bondex has chosen to deploy its smart contract infrastructure and build the back-end on top of the Solana blockchain; while all aspects of the Bondex DeFi ecosystem will be built using Serum’s infrastructure.
Not least, Bondex is built on the Moralis Web 3.0 architecture, a technology-agnostic architecture. Thanks to Moralis, Bondex will be able to change the mainnet in the future if necessary, changing a few lines of code switch.
Benefits of the Bondex ecosystem on Solana
To understand in more depth the reasons whythe Bondex team has decided to implement its infrastructure on the Solana Blockchain and not on other similar networks such as the Binance Smart Chain (BSC), for example; we must have some understanding of how the Bondex ecosystem works and its technological properties.
Bondex is a professional Web 3.0-enabled network with crypto capabilities and properties. Simply put, it is a next-generation Web 3.0 talent ecosystem that empowers users through tokenized rewards.
To achieve this, the Bondex ecosystem seeks to democratize access to talent and opportunities, and the monetization of personal and professional data through a professional network with rewards based on the native $BNDEX token; and the integration of fintech tools such as digital wallets and credit and debit cards with support for both traditional currencies and cryptocurrencies.
Therefore, to achieve a highly scalable infrastructure that supports a sustainable economic model for both recruiters and talent within the professional network, a decentralized network of state-of-the-art technological capabilities is required.
Based on the Bondex ecosystem architecture and fintech capabilities to be deployed following are some of the benefits of the construction of its infrastructure on the Solana Blockchain:
1. High smart contract execution speeds to execute the programmable logic enabling the automated exchange of talent through the verification of credentials in a decentralized way through the storage of tokens in the Bondex wallet, which can be used later by third parties for their respective verification.
With the Solana Blockchain, the execution times of smart contracts can reach an average of half a second for each block, for which the propagation of information must reach an equal or greater speed.
Thus, when a user connects to the Bondex ecosystem and requests a verification of a candidate’s credentials, the time it will take to load these credentials on their screen will be almost imperceptible to the human eye.
2. Faster transaction performance:
By using the Solana Blockchain’s stateless architecture the use of less memory is possible, which translates into much faster transaction performance.
The Bondex DeFi ecosystem will be built using the infrastructure of Serum, a decentralized exchange protocol and liquidity provider on Solana.
By executing transactions at up to 65,000 TPS (an average speed similar to that of VISA for example), the Bondex community will be able to interact with DeFi properties at one of the highest speeds available on the market today.
Goodbye to unsuccessful attempts for contracts to generate their own DeFi activities such as staking, yield farming or liquidity provisioning –which ultimately creates a rigid and unattractive front-end for the average user.
3. Decentralization with high security:
One of the key characteristics of Solana is that it has no limits on validators, as does the Binance Smart Chain for example. Currently the network has 1,154 validators, which results in a higher level of decentralization than other competitors.
This high decentralization in turn allows a high degree of security and less likelihood of network failure or being compromised by malicious actors, which is in line with Bondex’s vision of offering a decentralized P2P network where community data is not compromised or used without consent by third parties.
4. Interoperability with Ethereum:
Thanks to the Wormhole bridge, cross-chain activities between Solana and Ethereum, the largest DeFi ecosystem on the market, will be possible.
Ethereum currently represents 82% of the True Value Locked (TVL) of the entire DeFi sector, according to data from DappRadar. And with DeFi protocols becoming increasingly popular, interoperability with Ethereum is virtually a norm today for any blockchain project.
Bondex hopes that with the use of Wormhole (8th in Bridge on Ethereum bridges TVL Rankings), the dApps implemented in its ecosystem will allow it to broaden its horizons towards the vast Ethereum ecosystem and be able to take advantage of its exposure to this gigantic market in terms of TVL, attracting new users and amplifying the effects of the network.
In addition, the use of this L1 bridge will allow it to take advantage of the growing DeFi ecosystem deployed in the Binance Smart Chain, thanks to the recent integration support with this network announced by the Wormhole team.
In this way, the Bondex Ecosystem will gain exposure to 95% of the DeFi ecosystem of the entire Blockchain ecosystem, through a self-custodial cross-chain wallet capable of supporting a wide range of tokens ranging from Solana to BSC.
Furthermore, with the use of Solana and Wormhole, Bondex will support the development of new dApps in its ecosystem and blockchain projects that list their ICO on its LaunchPad, by providing them the ability to scale their exposure to the market as well as the performance of their deployed smart contracts.
5. Low transaction fees:
One of the major problems of first-generation blockchain platforms like Ethereum is their lack of scalability, which translates into high transaction costs for the end user seeking to execute their requirements in the shortest possible time.
At Solana this is not a problem. One of its great virtues is the low transaction fee for the execution of its smart contracts, compared not only with first-generation platforms such as Ethereum, but even with quite cheap blockchain platforms such as BSC.
To put this scenario into context, BSC requires an average of 32 cents for a transfer, while on Solana the fee for a transfer is approximately $0.001215.
These low costs are undoubtedly a dominant factor in eliminating entry barriers and generating a healthy economy around microtransactions that may take place in Bondex through the payment of incentives to network users, and financing of short-term credit with wallets cross-chain that allow transfer and convertibility at low cost.
In addition, Bondex users will be able to take advantage of the low transaction fees the Solana Blockchain offers when using the various DeFi protocols that will be integrated into the Bondex Wallet for staking, cultivating, borrowing and lending without worrying about the costs inherent in the execution of these smart contracts.
The evolution of the recruitment industry is accelerating with the use of state-of-the-art technologies, with the Blockchain becoming a fundamental pillar by providing a decentralized P2P market with a high level of security.
With the support of next-level blockchain technology, the acceptance of the fintech-enabled Bondex ecosystem is guaranteed in a multi-billion dollar annual exchange and talent provider market.
This next-gen infrastructure supports the incentive mechanisms through DeFi tools that give Bondex on the Solana Blockchain a great advantage over immediate competitors. They enable the use of role-playing games (gamification) to detect uncovered skills and digital marketing techniques to attract the best candidates in a highly scalable, decentralized network.
Without a doubt, with the Solana Blockchain as a technological ally, Bondex is well-positioned within this fast-growing market segment known as Recruitment 5.0.