Misthos Bitcoin Wallet App Launched on Blockstack’s dApp Platform
Are You An Employee That Wants To Earn In Crypto? Blockstack's Business App Wants To Help You Do Just That.
To suggest that cryptocurrencies are at work destabilizing the world of business is an understatement. Cryptocurrency is destabilizing and transforming whatever is gets involved with. And when it comes to employees and their work, cryptocurrency is working to disrupt that too.
On the 30th of July, Misthos unveiled its multi-signature wallet, which was based on Blockstack's decentralized application platform, it officially made history on that platform by being one of the first enterprise products launched on Blockstack.
Where Misthos makes its mark is in the fact that it's designed for project teams, investment partnerships and other venture organizations, allowing them to divide up the money between their respective members.
Unlike conventional companies, these venture operations come into being in order to fulfill a single purpose when, once fulfilled, leads to the breakdown of that venture. As a result, the head of Misthos, Justin Carter, stated that these ventures “want to have transparency into where their cash is going and want to be able to distribute their income in a fair way.”
In order to achieve this transparency, proposed payouts from a venture require the authorization of its governing partners. Misthos aims to improve this system of consensus and, as a result, “move away from an employee-employer relationship to a group consensus about who contributed value.”
This means that, for employees, instead of being paid in accordance with a pre-recognised salary agreement, they are pain according to a social consensus among the venture team. Misthos is then able to make a profit by taking a 1.49% cut out of the payouts.
Using the same system, the inclusion of new members to a venture team must be subject to the agreement among all of the existing members, with the same dynamic being in effect should the organization wish to remove one of its members.
This system of consensus has already gained some noticeable traction, with a number of partnerships already putting Misthos' system into action in distributing Bitcoin among its members, this includes the four-person venture team of Coin Trainer, the Munich-based Bitcoin publication.
Marcel Kasper, one of the Co-founders of Coin Trainer, explained why their organization decided to implement Misthos:
“It Helps Us Create A Transparent Environment Where Contributions Are Rewarded Fairly And Democratically.”
Carter believes that, pending the success of the application in the Venture marketplace, this concept would be well-suited to managing fiat-currency income for various projects. But for the initial steps, Bitcoin was a necessary currency to use.
“We are starting to build out the product on bitcoin is because of the reduced friction, as we have no institutional dependencies,” Carter stated, adding:
“Crypto-first is about first developing a financial service for the new platform (cryptocurrencies). And once the overall experience is well-defined, adapting it to the old platforms, integrating with legacy financial institutions operating in fiat.”