Blockchain Payroll Platform GRAIN Announces Crowdfunding Event
| Updatedby Eugenia Kovaliova · 3 min read
Grain’s blockchain solution is to revolutionize the working process by facilitating instant payments and reducing overhead costs.
Switzerland-based employment solutions provider GRAIN has announced a four-week crowdfunding event, which is set to be launched in March.
The initial goal of the event is to raise the funds required for the development of the company’s blockchain-based work agreements platform. The far-reaching implication of this modern solution has already resulted in a flurry of interest from the participants, with 6,100 individuals registered at Grain.io in the past fortnight.
Designed to streamline the process of working, the GRAIN blockchain platform will utilize the smart contract infrastructure of Ethereum, providing a sleek system for the distribution and management of payroll.
“What differentiates GRAIN from others with similar approaches is its main functionality as a back office solution that allows users to place agreements upon the blockchain via smart contracts. Thus, all the details and agreements related to the work is predetermined and stored in smart contracts: job tasks, completion requirements, compensation, parties involved and regulatory compliance details.”
According to GRAIN blockchain strategist Erik Koster, the company has been looking for an alternative – more secure, equitable and transparent, which has nothing in common with the currently used centralized, undisclosed alternatives lacking in security.
Blockchain technology provides the path to exactly this, allowing users to securely store labor contracts for a transparent recording and settling of paid work. Due to an increasingly dynamic workforce of mobile workers and global citizens, GRAIN has managed to point the way of how people can get paid in the modern workforce economy.
GRAIN is developing its platform to prepare its engine for mass adoption and for other developers to create new tools and apps upon it, for ease of implementation. Its concept is already generating huge interest, with the likes of Flexentral currently beta testing GRAIN’s infrastructure.
By cutting out intermediary services and minimizing administrative costs, the platform enables employers to push down the cost of their workforce. Coupled with the zero-fee processing of cross-border payments through its platform, GRAIN is the cost-effective payroll management system for modern enterprise.
Furthermore, with regulatory compliance beginning to emerge as a critical factor in business viability, a transparent and immutable database on the blockchain, storing employee details and work statuses, can facilitate obligations to government authorities or tax entities.
For employees, GRAIN is a way to access a more fair system of remuneration, with payments executed automatically via smart contracts as soon as jobs are verified as completed. Workers can then choose to exchange the remuneration to any currency, or to store their revenues into a savings account called Harvest, which they can use to grow their Harvest fund for longer term savings or even as a virtual pension fund.
As GRAIN users are protected by liquidity insurance, all employers on the ecosystem are free from the effects of the high volatility commonly associated with cryptocurrency markets.
The GRAIN pre-token sale is now live, with minimum participation set at 5 ETH and a maximum of 100 ETH per individual.
The main token sale has been announced to start on March 1st and to last until March 28th, 2018, with a total soft cap target of 3,273 ETH. GRAIN tokens will be sold at a base price of 1 ETH = 33,000 GRAIN. There will be a total of 1,080,000,000 GRAIN available for sale.
