Workchain: The Answer To Instant Paychecks
WorkChain.io is a decentralized protocol servicing the work economy. It allows workers to receive instant payments in cryptocurrency as soon as they complete their work. It combines ERC2- and Ethereum to its Crypto Wallet so that users would not have to wait for weeks to receive their earnings. For employers, it provides an advanced, automated payroll solution that is efficient, cost-effective and ends the reliance on third-party processors and banks.
To make real-time paychecks possible, the WorkChain.io Protocol builds verified work records on the blockchain network through integrations with “Work Validators” which are existing HR and workforce management systems. Work Validators provide validated worker data such as time-clocks and attendance against which real-time payments are made. In turn, Work Validators are rewarded with a share of the fees captured by the protocol.
WorkChain.io was founded in 2017 by second-time HR technology founders and former CEOs, Ryan Fyfe (Humanity.com) and Ivan Petrovic (WorkPuls.com).
The two have spent a combined 15 years building workplace scheduling and time tracking software that’s used by more than one million employees globally. And it’s this first-hand experience that led them to create their newest venture.
“We saw the pain points of slow, weeks-long pay periods first hand,” Fyfe said.
“For five years we’ve been wanting to create a solution. In blockchain technology we finally have it. Now workers will be able to get their pay instantly as soon as they finish work — paychecks for our on-demand world.”
For the way the world of work is leaning toward on-demand, independent and gig economy, and the ever increasing number of people who work hourly (often remotely). Workchain.io will provide the much needed solution of quick, efficient and real-time payment system.
Recently, Workchain.io partnered with STATIS in order to enable euro-backed crypto (EURS stablecoin) pay checks for European Union (EU) users.
This is just the beginning. I believe this will be a game changer.
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