February 1st, 2018 at 6:24 am UTC · 3 min read
GRAIN is unique in that it is the one of the first cryptocurrencies to be designed to meet the needs of employers and those that work for them. The difference with GRAIN is that it operates as a back office solution enabling work agreements to be placed on the Blockchain as Smart Contracts. These agreements contain all the details regarding the work, compensation, people involved and details concerning regulatory compliance.
Blockchain strategist for GRAIN, Erik Koster, explained the reasons behind GRAIN:
Grain has created an engine that allows labour contracts to be stored on the Blockchain meaning remuneration for that work can be made much more securely, fairly and transparently than is currently possible. Given the dynamic nature of today’s workforces, GRAIN believes that they have the potential to revolutionise the way people are paid in the future.’
Employers stand to benefit hugely. As a back office solution, GRAIN removes a lot of costs when it comes to running a business, especially those to third parties, such as payroll service providers.
As the details regarding employees and their work status can be stored on the Blockchain, it also makes it much easier for businesses to demonstrate regulatory compliance with state bodies or tax authorities. There is the added advantage that GRAIN can facilitate cross-border payments without processing fees or FX charges.
Once the job is complete, the worker is paid in GRAIN in a fair, timely manner. This can then be automatically exchanged to the currency of worker’s choice. Users of the ecosystem also benefit from Harvest, a type of savings account that stores the profit generated by the Blockchain. Workers can choose to keep some of their earnings in the Harvest fund, for instance, to act as a pension fund.
To mitigate risk, GRAIN comes with a liquidity insurance mechanism to guarantee that the employer isn’t affected by fluctuations due to volatility in the cryptocurrency markets.
The team behind GRAIN are working hard to make sure that the engine is readily adopted by other teams when it comes to developing new tools and applications, so that GRAIN can be easily implemented by as many partners as possible. In fact, right now, the team at Flexentral are beta testing the GRAIN infrastructure for their own applications.
There are 1,080,000,000 tokens in the GRAIN ICO, valued at €0.027 each, payable in ETH or BTC. The ETH/BTC price will be determined the day before the ICO begins. The minimum investment is 0.1 ETH. Prospective investors can register their interest at the Grain website.
GRAIN is founded by its President and CEO Onno Hektor; a former senior executive for Microsoft, and board member André Bonvanie; a serial entrepreneur. They have recruited a highly experienced team of cryptocurrency professionals and advisors to ensure the success of the platform.
Disclaimer: Grain is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.