Grain.io aims to be the backbone of modern work agreements. Find out how it works today in our review.
What Is The Grain Blockchain?
Grain, found online at Grain.io, is a blockchain infrastructure solution that allows companies to process work agreements – like employee contracts – on the blockchain. Grain uses an instant payment mechanism to ensure transactions are completed as quickly as possible.
The overall goal of Grain is to reduce the cost of labor: companies that organize work agreements through Grain can save billions in payroll services and other middlemen platforms.
At the same time, Grain wants employees to share in the success of the platform. Grain partners earn 50% of the transaction fees collected by the platform. The team wants to “reinvent the way we work” while also letting workers share in the success of the platform.
The Grain project was announced in January 2018.
How Does It Work?
Grain processes labor contracts on the blockchain and uses an instant payment mechanism to compensate workers.
As you may have guessed, Grain processes work agreements through smart contracts. The payment mechanism, meanwhile, is designed to be compliant, fast, fair, and secure.
The third and final part of the Grain platform – after the contract and payment platform – is a digital savings account for workers who are being contracted through the system. This digital savings account can also be used to pay into pension funds or funds for short-term needs.
The entire Grain ecosystem will be flexible enough to comply with any labor-related regulations around the world.
Furthermore, Grain will use a special mechanism to handle volatile cryptocurrency prices.
The end result is a payment platform that can be used by staffing agencies, payrollers, HR system developers, accounting software, and other organizations. Organizations can benefit from transparent labor contracts and significantly reduced overhead expenses.
“Transaction partners” also play a crucial role in the Grain platform. Grain has already announced its founding partner, FleXentral. More transaction partners will be added in the future. Transaction partners are companies that use Grain to process work agreements on the blockchain.
Grain’s core features include all of the following:
- A Labor Contract: Grain places a labor contract on the blockchain, making it easy to register the agreement of when, where, and how the work will be performed.
- A Payment Mechanism: Grain facilitates the transfer of compensation from employers to workers.
- Liquidity Insurance: Grain protects participants from cryptocurrency fluctuations.
- Harvest: Workers can benefit from the success of Grain by enjoying a portion of fees collected by the platform.
- Governance: Grain’s governance solutions aim to provide proper coverage for all regulatory and compliance requirements around the world, including various employee laws and labor standards.
Who’s Behind Grain?
Grain is led by Onno Hektor (CEO and President of the Board), a former Senior Director for Microsoft who introduced several products to the EMEA market during an 18 year tenure, including Windows and Microsoft Office.
Other members of the founding team include Andre Bonvanie (Board Member), Erik Koster (Blockchain Strategy / Board Member), Arjo van Ramshorst (Founding Member), Jeroen van Megchelen (Blockchain Expert), Artem Gorev (Smart Contract Expert), Steven Deurloo (Law and Finance), Maurits Elzinga (Founding Member), Lucas Huizinga (Marketing & Community), and Philippe Vanderhoydonck (Marketing & PR).
The company is based in the Netherlands.
What Problems Does Grain Seek To Solve?
Grain’s whitepaper identifies three main problems in today’s payroll and invoicing market:
Inflation Of Work:
Grain aims to reduce the “inflation of work”, which refers to the inflating costs of maintaining traditional employee relationships, including high costs of contracts and invoicing middlemen.
Expensive Cross-Currency Payments:
The right talent for projects isn’t always located near a company’s office. Companies are routinely forced to hire workers from abroad. This can mean high transaction fees – including both transactions and forex fees. Grain, meanwhile, reduces the fee to just 0.25% of the total contract price – 10 times lower than many other payment platforms.
Late Payments For Flexible Workers:
Flexible workers, including contractors, often struggle with cashflow problems. Companies don’t always have timely cashflows to their flexible workers. Delayed payments can be crippling. A delayed payment could mean the contractor can’t pay his or her employees or other expenses.
The Grain Blockchain ICO Token Sale
The Grain token sale is taking place throughout February and March 2018, with the pre-sale in February and the main ICO in March.
30% of the total supply of tokens is being sold to the public through the token sale. The remaining tokens are being distributed to the Grain foundation (24%), an escrow fund (25%), advisors and partnerships (15%), the founding team (5%), and bounties (1%).
Grain Blockchain ICO Conclusion
The first beta for Grain is scheduled to be launched before the end of 2018. To learn more about how the platform plans to revolutionize the invoicing and employee payment space, visit online today at Grain.io. The token sale is taking place throughout February and March 2018.