The first evolution in payroll since the Industrial
Smart contract blockchain
Euros Evans - CEO
Tomasz Mloduchowski - CTO
Joshua Richardson - Engineering
Denis Lukianov - Engineering
Ben Whyte - Community
It's worth noting that Etch differs significantly from the project that it was during the announcement and early ICO phases. That shows that based on the user suggestions and market research they are able to adopt or redesign the project. They want to make the wage payments automatic, which means you will get paid exactly for how many hours you have worked and instantly even during your work as the time passes. There are some concerns that this idea may be easily exploited, as all it takes is leaving a mobile phone on the working site to make you eligible for hourly payments, however in the classic way, there is also no assurance that the worker is doing his work on the site, yet the employer still has to pay him. Etch ensures that one can get paid when you want, and the price of tokens are secured, because they are kept stable by the funds your employer assigns. Etch plastic card enables the workes to spent their earned money without the need to exchange it to fiat or other cryptocurrencies. The overall design looks very good and it may in fact really improve and make cheaper for the employer to issue payments for his workers.
User ReviewWrite review 14 reviews
These guys are pathetic. They only send out canned responses and never answer any questions that are submitted. I hope no one gets taken like so many of us obviously already have. They have never issued the tokens we have already paid for. They only issue excuses. Anyone in London want to check to see if their office really exists? 40 Islington High St, London N1 8XB, United Kingdom.
Let's let the world know to say away from this POS company. Please use their twitter account to let the world know what is really going on with Etch.
Main: twitter /etch_work
Ben Whyte (support guy): twitter /benw1911
Eurose Evans ( CEO ): twitter /euros
Is KPMG really working with Etch?
Promising project with real progress already made, the sources online look good. Looks as if these guys are actually solving an issue that society can benefit from. Not many projects out there already have running versions of the product before fundraising takes place. I also like how the fundraising tarket isn't so astronomically high as is often found in todays market.
Etch is undergoing their first pilot at a construction site in Oxford right now and, has emerged out of the Construction Blockchain Consortium https://constructionblockchain.org, which includes a number of heavyweights from different industries.
The primary use case, to account for workers payroll is a fantastic use case for blockchain technology, which is ultimately based on triple entry accounting and connecting databases, so performing payroll is about as straight forward as blockchain projects can possibly go.
If it helps governments collect tax it's a win for them.
It improves business efficiency and reduces costs so is a win for them.
Employees also get paid much more quickly as well as having the opportunity for low-cost remittance and other financial services so is a win for them.
So who loses?
Etch is to FinTech what Apple is to personal computers.
They're improving the experience and unifying the services of getting paid, spending money, budgeting and sending it abroad, providing greater value than any non-blockchain based provider could possibly offer.
Choosing to build the business through payroll is sheer genius because it means that each new customer acquisition gives them multiple revenue streams and they acquire both B2B and B2C customers by only actually having to appeal to the B2B route. Etch cut out the need for pretty much any standalone service because it will be how everyone actually gets paid, which means using any other service is an unnecessary extra step.
Etch has done what few other projects have done and secured approval for the token sale by a top law firm to minimise risks.
We have built a product and gained opportunities to pilot it with prior to raising money in a token sale.
The technical talent on the team Tomasz, Joshua and Denis are all first class technical talents to have on a team when real blockchain pedigree is in such short supply.
Please see our website for further details and don't hesitate to contact us if you have any questions :-)
This is a great idea, too many people end up not having any money at the end of the month these days - having a constant stream of money coming in would be very useful!
Even if people with bad intentions tried to abuse the system I don't see how that is any different from the current job market - if you slack off and don't do your job at work, or do it sloppily, you are going to get fired. Just because they pay you in tokens doesn't make that any different. Its not like your employer is going to go to the bank and demand the wages they paid you back because you didn't do your job properly!
A token that is pegged at 1:1 with fiat is the best of both worlds - super fast, traceable transactions as well as stability!
I'd just like to address some of the issues raised here so far. I think with regard to the whole "it would be easy to exploit" point, there are three things to keep in mind.
-Firstly, the current model of employment allows workers to clock in & clock out and relies on trust for them to do so - in fact almost everyone is paid based on trust alone in the current climate. Etch is simply proposing to perform this payment in realtime.
-Secondly, as Etch is targeted at the construction industry, the Etfch application will have the option to make use of accelerometer and other sensor data in order to determine whether a worker really is at work, or whether the phone is not moving whatsoever. This data can then be used by supervisors in order to ascertain whether a certain individual worker is pulling their weight or not. In situations where accelerometer data is not relevant (e.g. office workers), the onus is still on the employer to make sure that workers are working as normal.
-Thirdly, if you read the Etch whitepaper, the section 'Performance Based Payments' gives details on how the Etch platform will be able to pay based on performance as well time spent at a location.
With regard to the idea that workers might not want to be paid in this token - it is again detailed in the whitepaper that workers would be paid in a company token which is pegged 1:1 with fiat - so this isn't a concern. To a worker, blockchain integration would be completely transparent - for all intents and purposes workers can think of themselves as being paid in fiat.
I would also like to address the notion that our management team is not traceable. Our CTO - Tomasz Mloduchowski is a well known figure and has been involved in blockchain technologies since 2009. The rest of our team is comprised of well known entrepreneurs & professionals - we're very much traceable. Try LinkedIn!
good website navigation, whitepaper present
social pages, especially facebook page is always active and information are communicated promptly
white paper is present
token sales is too lenthy (4 weeks) and starting date is not yet anounced even though the website have been running for a while now
management team background are not traceable
will support erc 20 wallet only
I don't think that such technology is really needed or is this version properly designed. It's basically an app that will automatically pay you money if you are at the place of work based on your hour rate. It's allegedly as they say a ''next revolution since the Industrial Revolution'' and I really doubt it and can't see what is so great about this. You can easily leave your phone at the work place and get free money and no one will check if you are actually working.
The design is okay, the app and the technology behind it also seems good, I just personally don't buy into the idea.
ETCH will solve some problems that employees now have to get paid.With the program on there smartphone payments will be faster,more transparent,more secured,easy to use as the token can be transferred in to fiat currency whenever needed.How can they be sure that the worker is realy still at work,maybe his phone is present and the worker is gone for 20 minutes and then came back .
ETCH is a welcomed innovation in the crypto currency world because it is one of the few projects that have a specific purpose and a target niche [construction industry], which makes it unique amongst several other ICO's. However, i cannot personally say the project is perfect and in that light i would be highlighting its several pros and cons based on my personal view of the project.
1. ETCH is the first app to be launched as part of the construction blockchain consortium.
2. Since it is based on the Ethereum blockchain that facilitates smart contracts, it is easy to audit.
3. It facilitates guaranteed payments to employees.
4. Minai Cimpoesu and Tomasz Mloduchowski who are team members are considered a big plus based on their experience and working knowledge of the crypto world since the former won an Ethereum hackathon against the core ethereum team and the latter was the technical lead for the construction blockchain consortium.
1. Emphasis on the criteria for payments using the ETCH app is based on time spent on a work rather than the quality of the work done.
2. It is not attractive to investors as it is not one of those crypto currencies whose prices are not expected to skyrocket in a short period of time because its popularity is relatively low and level of acceptance cannot really be determined at this stage of the project because i personally do not see an active community endorsing this project.
I don't think I would like to get paid in their token. The token market is too volitile. SO you work for 10 hours, get paid for it, forget to cash out right away and tomorow your paycheck is 1/10th of yesterday. HMM. Also if you are on site and leave your phone lying there and walk off. You still get paid???
This needs al lot of tinkering for the right use.
You need to login to create review.