WorkChain.io App Token (‘WATT’) FAQs — Everything You Need to Know
Regularly updated answers to our most frequently asked questions about WATT Tokens.
WorkChain.io App Tokens (WATT, WATT Tokens) are the tokens that power our ecosystem at WorkChain.io. In this post, we’ll cover the most common questions we get about WATT Tokens.
We update this post regularly, so keep checking back for any updates!
(Last Update: March 6, 2019)
Alright, ready? Let’s dive right in and start fielding some questions.
General Token Questions
What is a WATT Token?
WATT Tokens are the native utility tokens for the WorkChain.io platform.
WATT Tokens act primarily as membership tokens for WorkChain.io. You can think of them like a software license key that is good for life!
In addition, transactions made through the WorkChain.io ecosystem and the interoperability of its applications will be powered by WATT Tokens, so they also serve as product-use credits for services on WorkChain.io.
How many WATT Tokens will I need?
Initially, you’ll always need at least 1 token to access WorkChain.io.
How does membership work using WATT Tokens?
Currently we’ve announced one membership tier — the Employee Member, which requires 1 token, and allows access to the platform.
In the near future we’ll announce additional Premium Membership for employees that will unlock access to future products, as well as new member tiers for Businesses and Partners.
What else will WATT Tokens be used for?
In the future, WorkChain.io will charge fees for payroll transactions made on the platform. WATT Tokens will be used to these pay fees.
How does the WATT Token work with WorkChain.io?
When you attempt to access member-only sections of WorkChain.io we will first check the balance of WATT Tokens in your wallet. If you have sufficient tokens in your possession, you can proceed with the asset transfer. If not, you’ll need to purchase a token before you can continue.
Were any WATT Tokens sold in an ICO?
No. WorkChain.io didn’t conduct an ICO.
Do WATT Tokens expire?
No. WATT Tokens are digital assets that never expire and only you can access and control them with your wallet.
Can I earn WATT Tokens?
It will be possible to earn WATT Tokens by providing services on the WorkChain.io platform, such as data validation or through referrals. Announcements on how you can earn WATT Tokens are coming soon, so stay tuned.
How many WATT Tokens will there be?
WATT Token supply is fixed at 1 billion.
What are the technical specifications of the WATT Token?
WATT Tokens are Ethereum-based ERC20 tokens.
What is the contract address of the WATT Token?
You can view the contract on Etherscan: https://etherscan.io/token/0x829a4ca1303383f1082b6b1fb937116e4b3b5605#readContract
How do I add the WATT Token to Metamask?
- Click “Tokens”
- Click “Add Token”
- Paste 0x829a4ca1303383f1082b6b1fb937116e4b3b5605 for the contract address, and “Token Symbol” should auto-populate with WORK. Decimal precision should be 18 by default.
- Click “Add” and you’re done.
How do I use my WATT Tokens with WorkChain.io?
When you register on the platform your tokens will appear in your WorkChain.io Wallet linked to your account. You can then use the token balance in your wallet to access the platform and payroll services. You can also earn more tokens by providing services to the WorkChain.io network.
Will WATT Tokens be used for payments on the WorkChain.io platform?
No, all salaries, loans and repayments will be paid using a Stable Coin such as Tether or Basis Coin.
Got a question that we didn’t cover here?
If you didn’t see your question in this post, please also take a look at our Knowledge Base on our website.
Find yourself still in need of answers?
Join our WorkChain.io official Telegram group and we’ll point you in the right direction.
Well, that officially wraps up this Q&A session. Thanks for playing along, and we’ll catch you again next time!