Harvesting the power of EOS! How staking smart contracts will help to automate payroll.

HorusPay is exploring new ways to automate payroll by using EOS staking smart contracts. In our platform, employers will be able to stake HORUS and assign an account that will automatically be able to claim the funds (in ECASH) on a weekly basis. EOSIO software allows for the creation of complex smart contracts, and delegating rewards to a third party. In addition to this, it allows developers to update these smart contracts (in seconds) without hard-forking the network. Delegating staked rewards as a compensation method becomes very handy to those employers who have a subcontractor’s workforce that is based on a 1099 tax exemption. In these circumstances, employees/subcontractors are responsible for reporting and paying the IRS for their earnings. EOS’s Ricardian contracts provide an additional layer of legal protection to the contracting party by allowing them to include a legal disclaimer that states that the subcontractor is responsible for reporting/paying taxes to the appropriate authorities. The subcontractor/employee will then electronically sign this contract at the time they claim the rewards. Thereby protecting the employer from any local legislation liability. This approach of subcontracting employees within the US (and overseas) is becoming more popular than it ever has in the past. As employers would rather pay a higher salary, then have the responsibility of withholding taxes, and providing benefits to their workforce.

HorusPay is at the bleeding edge of exploring these new technologies, and has found a real world use case for them. HorusPay’s expertise, experience, and dedication will ensure the payroll industry is best fit to benefit from Blockchain technology.

Legal Disclaimer: In order to facilitate the eosCASH (ECASH), HorusPay writes a smart contract code that backs ECASH to an EOS Reserve. We cannot guarantee that the EOS reserve will actually be deployed, work as intended, or that ECASH will ever have any financial value. The intent is for eosCASH (ECASH) to be pegged to the price of $1 USD and to help our users interact with the HorusPay platform without the concern of price fluctuations. They are not intended for speculative investment. This technology, while potentially revolutionary, is still in an early developmental stage and we want to make sure our community members understand the risks associated with their participation.