How to Improve Labor Contracts with Blockchain?

Learn about the advantages that Grain provides to both employers and employees
14 February 2018   373

GRAIN processes labor contracts on the blockchain and provides an instant payment mechanism for compensating workers.

GRAIN reinvents the way we work, and lets workers share in the success of the platform.

The GRAIN blockchain simplifies labor contracts by processing the work agreement through a smart contract. At the same time, the ecosystem introduces a compliant, prompt and fair payment mechanism, all while maintaining full security. The third and final part is the introduction of a digital savings account for workers who are being contracted through the system, which can also be used to pay into pension or for shorter-term needs.

To provide a viable solution for work agreements around the world, GRAIN will be flexible enough to comply with any regulations related to labor. To protect both sides of the transaction, GRAIN’s protocol also contains a special mechanism for handling the potential volatility of cryptocurrency.

Using the GRAIN blockchain opens up possibilities for staffing agencies, payrollers, HR system developers, accounting software and many others. It allows organizations to utilize objectively measurable and transparent labor contracts while substantially lowering overhead costs of work agreements.

In short, GRAIN provides the 100-billion-euro payroll industry (as determined by the annual reports for the top twenty companies) with a transparent, secure and democratic ecosystem for labor by upgrading the existing system to one based on the sharing principle.

Workers receive a direct bonus with every transaction. And as the value of Grain grows over time, the liquidity insurance mechanism collects a profit that gets distributed to everyone.
 

Roberto de Freitas

Actuary and risk management professional - Board of Advisors Grain.io

How Grain works?

  1. Agreement details are logged on a smart contract.
    1. Details about the parties involved, the work to be done and the compensation.
  2. Work is delivered and consensus is reached.
    1. After the job is done, both parties sign off and the contract is settled.
  3. Instant payment from company to worker.
    1. Funds instantly get transferred to the worker.

Grain
Grain

These are the core elements that fuel better work agreements:

Grain Ecosystem
Grain Ecosystem

  1. Labor contract
  2. Payment
  3. Harvest
  4. Liquidity insurance
  5. Governance

Grain features

Let's figure out, what are the advantages of Grain platform.

  • Slash the cost of labor
    • By cutting out intermediary services and minimizing administrative costs, employers can push down the cost of their workforce.
  • Pay contractors across currencies without the high fees
    • No more unfavorable exchange rates or transaction fees that can end up costing 5% of the transaction.
  • Get rewarded for processing work agreements
    • With every transaction, transaction partners receive 50% of the fee that is charged to the users.
  • A seamless back office solution for processing work agreements
    • The Grain protocol does the heavy lifting of registering, storing and settling agreements automatically.
  • Send expensive payment processing solutions to the sidelines
    • The Grain protocol instantly transfers funds to the worker. So third party payment processing solutions are no longer needed.
  • Share in the success of a growing Grain economy
    • Workers receive a direct bonus with every transaction. And as the value of Grain grows over time, the liquidity insurance mechanism collects a profit that gets distributed to everyone.
  • Stop cash flow issues due to late payments
    • By triggering an instant payment after the work has been delivered, contractors can sleep peacefully knowing they’ll get their money when it’s due.
  • Eliminating the risk of not getting paid
    • Worse than late payments is not getting paid at all. Luckily, with prepayment options, this can be avoided easily. And the transparent nature of the blockchain can help weed out rotten apples in the system.

Grain Tokensale Information

At the moment of press, the Pre-ICO, which started on 1st of February is ongoing. Public token Sale will start on 1st of March, with 4k ETH soft cap and 40k ETH hard cap. 

Grain Token Distribution
Grain Token Distribution

During this public offering, 30% of the generated GRAIN tokens will be made available for purchase. The tokens that aren’t released after the token sale and first bounty release are kept by the GRAIN Foundation to ensure a sustainable ecosystem.

Learn more at:

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Centra Tech Inc. Co-Founder accused With Fraud by SEC

The US Securities and Exchange Commission (SEC) has charged Centra Tech Inc. co-founder, Raymond Trapani with ICO fraud  
25 April 2018   77

The charge came as the result of the SEC’s investigations into Centra’s controversial $32 million USD initial coin offering (ICO). Mr. Trapani is the third and final Centra co-founder to be accused for taking part in the ICO.

Raymond Trapani, a co-founder of Centra Tech Inc., has been charged by the SEC for his participation in “a fraudulent scheme connected with Centra’s 2017 ICO.” In 2017 Centra made headlines after enlisting celebrity approval from Floyd Mayweather and DJ Khaled. Two other firm`s co-founders, Sohrab “Sam” Sharma and Robert Farkas, were charged by officials earlier this month for their engagement  in the distribution of “CTR Tokens” to investors.

A changed variant of the SEC’s complaint demands that Trapani was the “mastermind of Centra’s fraudulent ICO,” with an SEC press release alleging that “Centra [was] marketed with claims about nonexistent business relationships with major credit card companies, fictional executive bios, and misrepresentations about the viability of the company’s core financial services products.” The SEC accuses Mr. Trapani and Mr. Sharma of “manipulat[ing] trading in the CTR Tokens to generate interest in the company and prop up the price of the tokens.”

We allege that the Centra co-founders went to great lengths to create the false impression that they had developed a viable, cutting-edge technology. 
Robert Cohen, Chief, SEC Enforcement Division’s Cyber Unit

 

The SEC has disclosed a text mail sent to Mr. Farkas and Mr. Trapani from Mr Sharma in what Mr. Sharma said to his colleagues “[w]e gotta get that s[***] removed everywhere and blame freelancers lol.” Mr. Trapani also demanded that Mr. Sharma “cook [him] up” a fraudulent document whilst the company was seeking to get CTR tokens listed on exchanges under misleading pretexts. Mr. Sharma replied to the request with “Don’t text me that s[***] lol. Delete.”

At the same time, the U.S. Attorney’s Office for the Southern District of New York has also looked for criminal accusations against Trapani. The SEC has revealed that text messages  jointly used between Centra’s co-founders discovered the scam purposes of the defendants.