Everything you need to know about workchain.io
Hi Steemians, I found a great project with huge potential to enter the world of workforce using the blockchain technology. This article will discuss all about workchain.io including their technology, solution, team strategic partnership as well as the details of their token.
In the world of work economy, the main problem lies on the payroll system. Employees work 8 hours without getting paid at end of the day and usually takes about a week for some company but most likely every 15 days of a month. Aside from it, there are also delays in the payroll system that creates more problem in the work economy.
By using the blockchain technology, workchain.io replaces the slow traditional payroll system with real-time cryptocurrency payroll. It creates the building block of a simple and efficient process of work to payout and employees will have intant access to their salaries based on the amount of working hours they have completed. It's like working 8 hours a day with instant payout. And for the employers, workchain.io will have a big impact on the efficiency of the payroll system because it lessens the process time with cost-effective and will no longer relies on the bank's process.
Traditional Payroll System vs. Workchain
Workchain.io address the following issues in the work economy and translate it to their application:
1. Identity ---> workID
2. Payroll ---> workPAY
3. Lending ---> workPAY Advance
How It Works
* An employee’s hours, shift or attendance is verified through the WorkChain.io app.
* Each time they clock out, the earned funds become available for instant withdrawal.
* WorkChain.io pays workers what they’ve earned in cryptocurrency.
Technology
Workchain has two components in their platform:
Work Records
Work entities and individuals share and verify records on WorkChain.io to create complete, trustworthy work histories for users, which can then be called upon instantly for streamlined, accurate recruitment.
Payment Records
WorkChain.io builds a financial profile of individuals based on the payment settlements of the verified work records stored on the platform. These payment records form an accurate, evolving financial position based on past and future earnings that can be used for accessing capital.
How WorkChain.io Protocol Uses Blockchain Technology
To automate payroll and make it instant and in real-time, we need certain things:
(Note. The bracketed text is what this step traditionally involves.)
1. Work records linked to individual employees (An employee clocking in/out, or submitting a time/attendance sheet)
2. A way to validate work records to create “proof of work” (A manager manually verifying an employee has worked)
3. The ability to trigger payments based on this proof of work (HR or Payroll processing time and attendance weekly, bi-weekly or monthly)
4. A decentralized, frictionless mode of payment (Banks processing payments)
Token details
WorkChain.io App Tokens (WATT).
The main role of the WATT token is to empower the transactions of workID and workPAY. This needs a service provider (AKA bonding) Worchain creates a token model wherein a service provider stakes (AKA bonding or more like Masternode for some blockchain applications. ) WATT tokens to earn the right to perform work for the network.
Token Information:
Supply: 1,000,000,000
Symbol: WATT
Decimals: 18
Type: ERC20
Address: 0x3878Ea79de09d7e461080C5CcD4bD86CB16c2183
Staking Tokensas
indicated in their website
WATT Is used as a Staking token as:
1. Membership for employees - they need to own one to have access to platform.
2. Replacement for subscription for employers - employers are currently paying subscription to use payroll software. We are changing this model to staking.
3. Acces to work for validators - Workforce managemnt softwares like Humanity.com and WorkPuls.com will need to stake WATT proportional to number of Proof of Work records they want to provide.
4. First in line for lenders - if there is more funds available on the network than there is demand, funds from lenders that are staking more tokens are going to be used first.
Core Team Members
Ryan FyfeCo-Founder & CEO
Ryan Fyfe is the Founder and Former CEO of Humanity.com, a global leader in employee scheduling software and brings close to 10 years of experience in the workforce management sector. Ryan successfully bootstrapped Humanity.com to initial revenues and has since raised more than $13M to scale Humanity to over 150 staff globally.
Ivan PetrovicCo-Founder & COO
Ivan Petrovic is a serial entrepreneur with a proven track record of turning product visions into market realities. Ivan previously founded WorkPuls, a company that focuses on driving productivity and tracking time on various work-related tasks for digital companies with a distributed workforce.
Roadmap
Q3 2017
WorkChain.io Project Starts
Q4 2017
Application Development Begins
Q1 2018
WorkChain.io Closed Alpha Version Release
Public Release of WorkChain.io Vision
Q2 2018
White Paper Released
WorkChain.io Public Beta on Blockchain
Product Launch #1: World’s First Immutable CV Created with workID
Q3 2018
First integration with Proof of Work applications
First workPAY Test Transactions
Q4 2018
Additional Integration with Proof of Work Applications
SDK for Proof of Stake Records
Product Launch #2: First Salaries Paid Through workPAY
Q1 2019
Onboarding Employers
workPAY ADVANCE Beta Release
Q2 2019
Product Launch #3: workPAY ADVANCE Lending Application Launch
Q3 2019
Switch to Fully Decentralized Model
Airdrop/Bounty Program
How to join
Visit the WorkChain website
* Sign up and verify your mail.
* Click on “Bounty Program”.
* Complete different social tasks by clicking on social section.
* Submit your details to the bounty page.
* You will receive free points.
* Also earn 100 points for each referral.
More details about the airdrop here >> https://medium.com/workchain-io/workchain-io-bounty-airdrop-earn-your-share-of-10-000-000-tokens-b576f1b0ca0c
Resources
Author : kerupukkulit
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