WorkChain.io puts your earnings in your pocket the moment you clock out, not weeks later. Automated, instant payroll on the blockchain. Why wait to get paid?
How the World Gets Paid Today
Before we get into the nitty gritty of the protocol, a quick recap of how traditional payroll works. This’ll help with context.
Here’s how most of the working population gets paid…
You go to work, complete your shift (or hours). Your work is checked off by your manager, provided to HR who eventually process it and instruct the bank to deposit your earnings. By now, this is usually somewhere between two to four weeks later.
Broadly, that’s four individual steps involved in paying or getting paid. Keep these in mind, because we’ll come back to them in a moment.
Now, what WorkChain.io does is bring this whole weeks-long process into real-time. And this comes with major benefits. One, workers get instant access to earnings. Two, employers can automate payroll.
All sounds great, right? But how does WorkChain.io make this possible? The answer: the WorkChain.io Protocol. Let’s take a look at it now.
Using Blockchain to Process Payroll in Real-time
We’ve imagined a better way to process payroll for years. But it’s only recently that technology has caught up with our ideas. Now, finally, with blockchain technology we’re able to automate payroll and make instant payments.
Blockchain has multiple technological traits that the WorkChain.io protocol relies on to make this possible:
- A Distributed Public Ledger — A ledger is similar to a database, but in the case of blockchain it’s public and users can add, share and verify data on it. And transactions can be recorded and viewed.
- The Consensus Model — Via the blockchain consensus model, the network has to agree on data added to the ledger before it’s recorded. This ensures truth in data because once its agreed to its time-stamped and recorded, making it immutable. This removes the need for a central authority — in other words, network decentralization.
- Self-Executing Smart Contracts — Blockchain’s distributed ledgers enable the creation of “smart contracts” that execute when specified conditions are met.
- Decentralized Payments — Cryptocurrencies allow instantaneous payments to be made on a blockchain network without a reliance on third-parties like banks. This is possible because of the peer-to-peer trust blockchain creates.
Ok, so those are the fundamentals of blockchain technology. A good primer for understanding the WorkChain.io protocol, which we’ll get into now.
What is the WorkChain.io Protocol?
The WorkChain.io Protocol creates a seamless system for automating payroll and allowing it to work in real-time. To achieve this, WorkChain.io connects all the steps of payroll into one flow from work validation to payout, creating a new ecosystem along the way.
What is a WATT Token?
WATT Tokens are the native utility tokens for the WorkChain.io platform which acts primarily as membership tokens for WorkChain.io.
Basically , transactions made through the WorkChain.io ecosystem and the interoperability of its applications will be powered by WATT Tokens, so they also serve as product-use credits for services on WorkChain.io.
Conclusively, due to the great objectives and motive of the project it is good to acknowledge that the mission is to provide the blockchain solution for the future of work, creating better ways for workers to find employment, get payments and access capital. The workID blockchain provides solution at eliminating credentials falsification and confirms peoples work information on the blockchain.
Bounty
Procedures involved in other for individuals to participate in the ongoing bounty program just visit the WorkChain website.
Sign up and verify your mail.
Click on “Bounty Program”.
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WorkChain.io Bounty Available on https://workchain.io/registration?code=Phong:ljekwc8JZi
For more information kindly access the links below
Website:
https://workchain.io
Whitepaper:
https://workchain.io/whitepaper
Telegram:
https://t.me/workchainio
Medium:
https://medium.com/workchain-io
LinkedIn: https://www.linkedin.com/company/workchain-io/