Qiwi Blockchain Technologies (QBT) To Reward Its Team With Crypto Tokens

A new plan to incentivize the staff has been created by Qiwi Blockchain Technologies, a part of the Russian e-payment company Qiwi: giving tokens to the employees.

According to the Russian media, Qiwi Blockchain Technologies was created in March 2018 as a branch of the company to develop in-house blockchain solutions that could be used in other sectors. One of the main objectives of the company is to work on token issuance.

Because of this, the company also had the idea of using these new tokens to motivate the personnel that works there. A partner of the firm, Konstantine Kolstov, has told the media that up to 50 percent of the profits will be used on a reward program and that tokens will be given to the employees.

Each token would be worth 0.001 percent of the net profit and the CEO of Qiwi Blockchain Technologies, Sergey Solonin, has already highlighted the initiative. The program is expected to be live sometime during the second half of 2018.

How Will The Reward Program Work?

The process to issue the tokens is actually very complex. To decide how the rewards will be distributed, a second token will be created to assign voting rights. The chief of each department will get a different amount of tokens according to the weight of the sector in the company. Then, they will be able to decide who gets the bonuses.

This system will get more refined in the future as employees will also receive the second token and they will be able to rate the management on decisions like hiring and firing and evaluate their co-workers for their performance with tokens.

The tokens will be ERC-721 based, built on the Masterchain platform. The platform has been mainly chosen because of the convenience for Russian companies which already are familiar with how the platform works. Masterchain was created by a group of banks and payment firms including Qiwi under the governance of the Central Bank of Russia last year.

A Good Performance Indicator

According to Kolstov, this method will be highly efficient as a way to evaluate the performance, even more than the normal key performance indicators that many companies use. While the number of employees in the company is still low, the number will grow by more than 100 in 2019.

The only problem with the method is that cryptos cannot be changed by Russian’s national fiat currency, so the tokens are not cashable at the moment. However, the company will make the employees holding the tokens eligible for quarterly bonuses that will be proportional to the tokens that they own.

According to the reports, the company has plans to patent the system and sell it as a product for corporate management.

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