Airdrop Assessment Tool — HorusPay
Introduction
In the linked article I guided you through the process of utilizing the Airdrop Assessment tool to analyze projects and develop your personal plan for using, selling or holding airdropped tokens. If you have not already read it, please take a few minutes to do so. In this series I walk you through my thought process while using the tool and provide my own personal opinions of various projects. As always, it is of utmost importance that you do your own research and form your own opinions about these projects. I will provide you with the links so that you can easily find the necessary information. If you are uncertain about which airdrops you may have received and should anticipate in the future feel free to use this spreadsheet. It is also a useful tool to track your personal thoughts on each project to avoid repeating due diligence and coming down with a case of “airdrop fatigue”. I will continue to update the spreadsheet with the latest information as it is released.
HorusPay — Overview
Currently Global Payroll Providers or aggregators have a strangle hold on the payroll market. The Providers/aggregators find local in-country vendors to process the payroll, usually the cheapest offered, then mark up the invoices dramatically. HorusPay (HP) has identified four problems with the currently offered global payroll solutions. HP strives to eliminate the middleman and replace the need for multiple low-quality vendors, with a one stop solution that provides clear communications and fast, secure international transactions. Using blockchain technology and cryptocurrency, HP hopes to revolutionize global payroll. Employers will need to acquire and stake Horus tokens equivalent to the number of employees for which they wish host payroll data on the platform. Those that stake their Horus tokens will receive a monthly dividend of Horus Dollars at .1% per month based on the number of tokens staked. Payroll vendors and in country processors can then use the HP Global Payroll portal for free if they will accept Horus dollars as payment in exchange for services. Alternatively, local vendors can create a Payroll node by acquiring 1000 Horus dollars. Employers can choose these local vendors to process their local payroll, but just have to upload their payroll information to the Secure Horus Pay portal once. Employees can choose to receive all, a portion or none of their pay in a cryptocurrency, all while being in compliance with local rules and regulations.
Horus Pay — Chance of Success
What is the project’s goal and is there a reason the project should be developed on the EOS blockchain?
Per the whitepaper:
“HorusPay is a decentralized Global Payroll Portal that allows global entities to exchange private, encrypted, secured data with international payroll vendors using blockchain technology.”
Essentially HorusPay is removing the middleman from the equation, allowing for employers to choose the local payroll processors. The project has disclosed some interesting uses for Horus Tokens and Horus Dollars. The token economics and ability to accept pay in crypto is intriguing, but not fully formed in the whitepaper.
Is the project team clearly identified or anonymous? Have they led or been involved in any other blockchain/tech projects? Does the team have expertise in the field which they are launching their project?
The project team has been clearly identified by HorusPay, you can see the team here. The team has experience with multinational payroll, blockchain development and software applications. The project team has taken extra steps such as hiring legal counsel and obtaining a very good advisory panel.
Did the project receive funding from a third party or EOS related Venture Capital Group for development?
No, the project appears to be self-funded through the airdrop. This is not a strike against the team, just a point of reference.
Does the project have a sensible white paper and is their website functional and user-friendly?
Both the website and the whitepaper are easily navigable and straight forward. I do wish that the token economics were explained a little more clearly in the whitepaper, perhaps with a model showing various token uses. I had to do further research to determine how it all ties together. It appears that the project lead has some very interesting ideas regarding the tokens and I found this interview enlightening. The whitepaper leaves out other key data, such as who is the Horus Foundation? What role do they play in the platform? What can they do with the 300 million tokens they receive?
What will success mean for the project and token holders.
For this brief analysis I’m assuming that the average EOS owner and HP airdrop recipient are not utilizing the tokens as an employer who would derive direct value from the platform. A non-user could stake their tokens to earn a .1% per month payment in Horus Dollars. Now this is where the whitepaper fails and I’m relying more on the interview linked above. Horus Dollars are meant to be a stable coin so that employees will wish to receive it as compensation and will eventually be stabilized, backed by EOS from fees collected from the platform. You can exchange the Horus Dollars for the EOS via a smart contract if you wish. In addition, if you listen to the article above, token holders may be able to rent their HP to companies that wish to utilize the platform.
What is the total token supply as compared to the total amount airdropped to the community and how many are retained by the developers. How long does it take for the retained tokens to vest?
The token allocation follows that set by EOSDAC, 1.2 billion supply, with 900 million dropped to token holder 1:1 (excluding Block.one’s 10%) and 300 million retained by the Horus Foundation. This is a good ratio, however, we don’t know who is in the Horus Foundation, what they can use the tokens for and when do those tokens vest. We want the developers to have a long-term stake in the game and this project will need good advertising and sales force to get off the ground. More information is needed.
HorusPay — Level of Excitement
Is this a project that you will actively use?
I don’t think many token holders will find that they will actively use the HP platform.
Do you want to join this project’s community?
Only from the extent that I want to fully understand the ability for my HP tokens and Horus Dollars to either appreciate or generate a passive income.
Would you recommend that a friend or family member participate in the project or buy its tokens?
Unless I became absolutely certain that the token economic model was so strong that I’d be comfortable recommending it to others as an investment, it is unlikely that I will tell others to invest in the project.
HorusPay — Conclusion
After diving down into the details, where do we stand at the end of the day? The HorusPay project appears to fulfill a need in the marketplace. I’m not convinced at this time that the project has much to gain by being fully integrated in blockchain, but I will continue to watch the implementation. I hope that the team provides additional details regarding the token economics and once I fully grasp how their token model will work, I will adjust my strategy accordingly. Until that time, I’m in the Wait and Watch square of the Airdrop Assessment Grid, I won’t be selling any tokens at this time, but I won’t be acquiring more until I learn more.
Airdrop Assessment Grid
Writer: Chaney Moore
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