How to Improve Labor Contracts with Blockchain?

Learn about the advantages that Grain provides to both employers and employees
14 February 2018   718

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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Eidoo to Release Gold Backed Stablecoin

New stablecoin is called Ekon and it will be possible to it for one gram of gold of 999 test
20 September 2018   252

The Swiss blockchain start-up Eidoo has joined the ranks of projects launching own stablecoins, announcing the creation of a stable coin tied to the price of gold.

Eidoo's stablecoin is called Ekon and is a token compatible with the ERC-20 standard, which will be available in a multi-currency purse and on a hybrid decentralized project exchange. It will be possible to exchange 1 Ekon for one gram of gold of 999 test, which is in a special storehouse. Reserves of gold will be audited every 90 days, moreover, to increase confidence in the token, the company promises to be able to watch gold vault via a video camera.

The profit from the purchase and sale of Ekon within the Eidoo ecosystem will be converted into a native EDO project token.

Despite the uniqueness of the offer of the Swiss start-up, not all experts agree with its usefulness, since the price of precious metal is not so stable. So, for the last six months it has fallen by almost $ 150, however it has grown by $ 25 since the end of August.

In October 2017, Eidoo raised $ 27.9 million in a token, and in April of this year received a license from the Swiss Financial Services Standards Supervision Authority (VQF) under the national financial regulator (FINMA).