A Look Inside the WorkChain.io Protocol

Ivan Petrovic
Jul 13, 2018 · 9 min read
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Bring out the blackboard and lets take a look at what’s behind the WorkChain.io Protocol

How the World Gets Paid Today

Before we get into the nitty gritty of the protocol, a quick recap of how traditional payroll works. This’ll help with context.

Using Blockchain to Process Payroll in Real-time

We’ve imagined a better way to process payroll for years. But it’s only recently that technology has caught up with our ideas. Now, finally, with blockchain technology we’re able to automate payroll and make instant payments.

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What is the WorkChain.io Protocol?

The WorkChain.io Protocol creates a seamless system for automating payroll and allowing it to work in real-time. To achieve this, WorkChain.io connects all the steps of payroll into one flow from work validation to payout, creating a new ecosystem along the way.

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How Does the WorkChain.io Protocol Work in Real-World Terms?

Essentially, the WorkChain.io Protocol condenses and automates the four-step payroll process we know today.

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Protocol Participants

There are three participant categories in the WorkChain.io Protocol that create the seamless end-to-end payroll process that happens in real-time:

  1. Validators
  2. Funds Providers — Employers and Lenders

The Role of WorkChain.io App Tokens

The basic token model that the WorkChain.io ecosystem uses is the work token model, in our case using native WorkChain.io App Tokens (WATT). Through this model, a service provider stakes (AKA bonding) WATT tokens to earn the right to perform work for the network.

Why Staking Tokens is Necessary

The probability that a given service provider is awarded the next job is proportional to the number of tokens staked as a fraction of total tokens staked by all service providers.

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More Work on the Network = More Rewards

What’s extra special about the WorkChain.io protocol is that Lenders and Validators earn rewards for the work they perform on the network. The more work they perform, the more rewards they get.

It Isn’t Just a Concept, It’s Already A Platform…

Ready to see WorkChain.io in action?


WorkChain.io

The Blockchain Solution for the Future of Payroll

Ivan Petrovic

Written by

From the moment I was first introduced to technology, it became my passion | COO @ WorkChain.io, The Blockchain Solution for the Future of Payroll 👔🔗🚀

WorkChain.io

The Blockchain Solution for the Future of Payroll

Ivan Petrovic

Written by

From the moment I was first introduced to technology, it became my passion | COO @ WorkChain.io, The Blockchain Solution for the Future of Payroll 👔🔗🚀

WorkChain.io

The Blockchain Solution for the Future of Payroll

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