LUGANO, Switzerland, Feb. 3, 2018 /PRNewswire/ — Innovative Blockchain solution for work agreements, GRAIN, which uses Ethereum smart contracts to reinvent the way we work, manage and distribute payroll, is gearing up for a public token sale that will run from the 1st to the 28th of March. The ICO is already attracting much interest with 6,100 registering their interest at grain.io in the past two weeks alone.
GRAIN is unique in that it is 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 labour contracts are 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