Here’s our 189 AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Trust Recruit 21 January, 2022. This guest star,
- Lila Benhammou — Chief Executive Officer
- Anurag Yadav — Chief Business Development Officer
Introduction
Lila Benhammou Pro :
Sure, I am lila a serial entrepreneur passionated by people and I have the pleasure to get anurag to disrupt the recruitment industry with blockchain
Anurag Yadav :
Hi All, Anurag here.
I’m the CBDO for TrustRecruit. Otherwise, I’m an Entrepreneur, sit on the Advisory Board of several Blockchain companies and have enabled them in going Public. I consult on implementing emerging technologies such as AI, Blockchain, IoT, and am a regular Keynote speaker at Global Technology Conferences.
I’m also the Co-Founder & CEO of PrimaFelicitas, a Bleeding-edge end-to-end Blockchain Technology Solutions Development Company, based in San Francisco, London, and New Delhi.
Overall, have 19 years of experience and have led Global Organizations. Hold an Engineering degree from the Indian Institute of Technology (IIT) and a Master’s in Business from Stanford University.
Looking forward to our session today.
QUESTIONS MODERATOR
What’s TrustRecruit? Can you share with us more in detail?Anurag Yadav :
At a very high level, think of TrustRecruit as the Blockchain version of indeed.com, where job seeker’s resumes are stored on the Blockchain (and thus can’t be tampered with), and where only the best-fit jobs get matched to job seekers in a similar way as people get matched on Tinder or get product recommendations on Amazon.
Everyone’s professional journey is unique. TrustRecruit records this complete Resume comprehensively on the Blockchain in the form of unique NFT that can never be tampered with, thereby providing a true professional representation of a person.
TrustRecruit is the world’s first Verified & Certified Resume NFT platform that turns people’s resumes into unique NFTs, paving the way for storing authentic professional footprints digitally that can be relied upon to recruit candidates without the need for any further verification. These NFTs will eliminate all the false information from resumes and reduce the prohibitive cost of background checks and tests.
The minted NFT can be Fractionalized. These NFTs can then be listed, bought and sold on the Resume NFT Marketplace. Recruiters can buy fractions of the NFT to gain exclusive access to the Resumes of some of the high-quality candidates.
Each viewing of the listed NFT earns Native Token (TRT) rewards for the NFT owner. Companies and Recruiters pay a subscription fee to view the NFT, whereas the NFT owner gets paid for each view. This creates a strong incentive for the NFT owner to continuously update their resume and have it listed for viewing on the NFT Marketplace since each viewing earns them rewards even if they don’t get hired.
TrustRecruit’s proprietary AI Matching Algorithm enables the highest quality matching of the best-fit job seekers to the jobs. Now, instead of getting bombarded with 500 resumes for an open position, the employers get just 8–10 fully matched best-fit candidates. These are the candidates the companies would like to directly schedule the interviews with, instead of spending time assessing and screening them. It’s a win-win solution for both the recruiters and job seekers.
What are some of problems/pain points that TrustRecruit aims to solve? What solutions are offered?Anurag Yadav :
On average, an employer spends 45 days and ~$4200 to fill a job, yet 46% of the new hires are asked to leave within 18 months of onboarding which costs employers ~200% of annual pay. Apart from losing candidates and suffering associated financial losses, employers face a lack of transparency in the applications. According to a leading survey, many jobseekers put up fake data on their resume, ~78% of job seekers exaggerate their skills to varying degrees, and ~38% blatantly lie about their backgrounds. With LinkedIn, this problem is further exacerbated as jobseekers embellish their details without any checks.
Job seekers have their own struggles. They are forced to compete with thousands of other applicants in an attempt to shine in the crowd. ~75% of resumes are rejected before they reach the hiring manager, 45% of job seekers never hear back from potential employers and many are subjected to multiple interview rounds resulting in dropouts in between the recruitment process.
The current recruitment ecosystem is highly unstructured has multiple touchpoints between the recruiter and job seeker, involving third-party service providers, unreliable job seeker’s data and stifling competition, and this is what TrustRecruit is solving by providing a fully verified Blockchain-Certified Resume that can be totally trusted for authenticity. Additionally, the AI Algorithm reduces the huge amount of time and money invested in vetting and screening candidates, instead, directly landing interviews.
How does TrustRecruit work? For individuals or Job Seekers, they only need to create a profile and NFT Resume in the marketplace?Anurag Yadav, :
Job seekers come to the platform, create their profiles, and submit all their professional details. These details are first verified. Once verified and approved the ability to submit this information to the Blockchain and mint an NFT against it is enabled. While minting the NFT people can decide whether they would like to mint just one NFT or have it fractionalized.
Once the process of minting is completed the NFT owner can then decide to list the NFT on the Resume NFT Marketplace where it can be viewed, bought, and sold. Each viewing of the NFT earns the native Token TRT rewards for the NFT owners.
The listed NFTs are matched against the submitted job descriptions using our Proprietary AI Matching Algorithm. Job seekers see relevant matches and can choose to answer a few questions and then get shortlisted for interviews. Likewise, employers too can see matching job seekers and they can directly request them for an interview.
Can you tell us about $TRT tokenomics and tokens distribution?Anurag Yadav :
We’re building a Deflationary Token Economy, which includes buyback and burning to support the overall token growth with time. The Price increase benefits of all such moves will accrue to the Long-term Token holders. One of our main objectives is to limit and reduce the Token Supply long-term. Towards that, we’ve planned to take several steps. Chief among them is to use 10% of our Quarterly Profits to Buy-back and then burn tokens. This process will go on until the Total Circulating Supply comes down from 10 billion to 5 billion Tokens, effectively halving the supply.
Out of the total token supply of 10 billion, we are selling 3.2 billion in this crowdfunding campaign. The Token Sale is happening in 3 rounds Private, Pre-Sale, and Public rounds, with increasing prices in the same order.
The remaining tokens are dedicated to the project with the majority being development, marketing, community building. All unsold Tokens during this Token Sales Campaign would be burned at the end of the campaign.
Please inform TrustRecruit roadmap and also what phase is currently taking place? What is the strategic plan of TrustRecruit in the future?Anurag Yadav :
We began on the journey almost a year ago, and instead of taking the easy route of coming up with only the idea and raising money, we decided to first build a product and then go to the market. I’m happy to state that we have developed a fully functional Platform where all the functionalities of minting NFTs, Fractionalizing NFTs, the NFT Marketplace are all ready. In addition, we also got incorporated in Estonia. Moreover, we are in the process of submitting the application for getting a Crypto License in Estonia. Even though we don’t straight away need a Crypto License to run the business, we still wanted to go ahead and do all the right and compliant things even if they are not mandated now.
The next phase of the developments will commence soon, as we will start the work on the development of the Proprietary AI Algorithm.
The Product MVP Platform will be released next week to the Community, first via a Bug Bounty Campaign where we have earmarked handsome rewards for Bug Bounty Hunters and the Community in general. Even those who simply create their accounts, logins and play with the system will be eligible for the rewards. Once, we are through the Bug Bounty stage is when we will promote the MVP even more widely.
So, now are very early days and this is our very first AMA and I’m sure the community here take advantage of this early information that’s still not out there. We have a significant referral, and bonus plans besides several other things in offer for the community. I’m really excited.
QUESTIONS TWITTER
TrustRecruit is AI, NFT and Blockchain based recruitment and job search platform. So, how does TrustRecruit chooses a right person on a right job? How does your platform knows that someone is really fits for the job? What qualifications will be need to undergo by the applicants?Anurag Yadav :
We will be using the same AI Technology as used by Siri, Alexa, Amazon, etc. This AI Technology provides personalized recommendations. As you might have noticed the recommendations made by Amazon for instance are usually accurate in identifying your tastes and needs. So, does our Platform, we will use the same kinds of algorithms but to match jobs based on the comprehensive job descriptions and with job seekers who fit the matches.
The process will require both employers and job seekers to provide very detailed information. This information will first get verified and then the auto-curated matches will be presented.
One of the problems in recruiting today is the problem of information asymmetry. How does TrusRecruit manage to judge whether the job applicant is being totally honest and not improving himself inaccurately? What tools have you developed to make this possible?Anurag Yadav :
Great question. Thank you for asking. We have partnered with a number of academic institutions through whom we will be able to directly assess the veracity of the submitted academic credentials. Likewise, we are partnering also with a number of Certifying Bodies such as PMP etc.,
Through secure and encrypted data calls to the systems, we will be able to check the authenticity of the information
In addition, we also have our Manual Review process too.
Combining these 2 things we will get an accurate picture. Once, the details are matched only then the ability to store it on the Blockchain, mint the corresponding NFT, and Fractionalize it would be enabled.
I saw TrustRecruit have “Referral program”, how does it work? How can we join and get a referral code? How much profit % do we get for each friend we invite?Anurag Yadav :
We have a good referral program. Anyone investing $1000 or above is eligible for a 5% referral code. The person using the Code also gets 1%.
We will also be sharing the Bonus Structure shortly which will be to the tune of 10%.
So, in essence people can earn up to 16% over their original purchase.
Do the #TRT holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project? AND Do you have any plan to create other features? Maybe yield farm, stake, or NFT project? Can you explain in more detail?Anurag Yadav :
As with most businesses in the inception, it’s crucial to steer it forward and give it a solid direction, before handing over the reins of the same to the other able leaders after things are streamlined and stable.
Similarly, we aim to devolve power and authority with time. The initial stage will be more controlled, with time certain decisions will be devolved to the community but with checks. Eventually, a majority of the decisions would be handed over to the community.
The Governance Council, the Voting process, the voting delegation, and a whole host of other associated things will be crystallized with time.
Staking is also a feature that we are in the process of picking up as that will enable our Token Holder to gain more value from being long-term holders and users.
Tell me how your project different from others?Is your project a local project and a global project ?
Can anyone uses your services from anywhere in the world?Anurag Yadav :
The project is one of its kind and the first in the world, so that’s how it is different. There is no one at the moment who is bringing Blockchain, NFT, and AI together for the Recruitment Industry the way we are trying to do.
In fact there is a clear use case where LinkedIn would like to partner with us to get verified Profiles on their Platform. Similar to the Blue Tick on Twitter. LinkedIn fake and falsified data is a very big problem.
In terms of services we will be Global from Day 1.
QUESTIONS TELEGRAM
Sir,on which network can I get your token?1) Smart Chain 🍌
2) Tron 🍌
3) Etheriam 🍓
4) Polygon 🍅Or any other network?
Please tell me which one of these…..
Anurag Yadav :
Ethereum
want to know about your tokens?👇👇👇Where can I buy your tokens now, what are your current contracts address and how can I buy them and what are the benefits?
Anurag Yadav :
Please visit our website and follow the Token Sale Start Date. It is 1st Feb’22 at 9:30am UTC. At that point the platform will have the Token Sale Button and section unhidden.
How can users stay up to date with this project? There are channels with local communities where users can get the latest updates. What kind of updates do you have in mind?Anurag Yadav
Please follow all the latest updates at the following channels
Telegram Community Group: https://t.me/TrustRecruit
Telegram Announcement Channel: https://t.me/TrustRecruitAnn
Website: https://www.trustrecruit.io
Twitter: https://twitter.com/trust_recruit
Facebook: https://www.facebook.com/TrustRecruit-109869988206407
Whitepaper: https://trustrecruit.io/assets/images/pdf/TrustRecruit.pdf
Medium: https://medium.com/@trustrecruit2022
Email: info@trustrecruit.io
Reddit: https://www.reddit.com/user/TrustRecruit
I am interested to invest in your project. When and where can I buy your tokens? Is it already listed exchanges?Anurag Yadav :
The Token Sale will be Live on our platform
from the 1st Feb’22 9:30am UTC
Do you have tutorial videos? so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us???Anurag Yadav :
Please watch out all the updates an Explainer video is in the production and will be shared soon
Telegram Chat | Telegram Channel | Twitter | Website | Linkedin
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Trust Recruit.
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