Payroll for harmony network users

Funding Proposals Grants
1

Bryt payroll system

The Problem to be solved.

Using cryptocurrency to make payments in the real world has been very problematic due to market volatility. It’s highly likely that even crypto companies pay their employees with real money in the bank. In order to encourage cryptocurrency adoption, we need to improve basic business processes like salary payments.

Harmony.One is building a blockchain network for 10 billion users, with such a huge number of users proper coordination of business processes is crucial for future employers and employees. Paying a salary is one of the crucial and important things an employer should do every month. We intend to build a payroll system to be used by employers to make payments and pay employees easily and fast.

This is how employers normally handle their payroll, the employer using payroll software that costs about $6 per employer fills the payment forms, sends the payroll to the bank who process it at $1.50 per employee

Below is a diagram showing the total costs an employer would incur for 10 employees.

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The solution

By using blockchain we can easily reduce the fees the employer incurs up to 9X, here is how.

Companies can send the total amount of salary they will use, they send it to our bank account, we convert it into tokens which the employer can send to the employees. The employees can convert the token easily into money and deposit it into their bank accounts. A normal RTGS fee costs 5 dollars and the cost of sending the transaction is low. Customers withdrawals are usually charged around $0.3 per transaction, this will cost the business $8 dollars

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Ask

Our ask is $10000 to build a prototype, we intend to create the software and all the minimum viable features. $5000 will be used as the base capital of our token accounts, $3000 will be used to pay three people. Two core developers and one UI designer for 2 months. $1000 will be used for emergencies and petty expenses. $1000 will be used for transport and marketing.

Budget

Event $price
Reserve currency $5000
Devs and designers $3000
Transport and marketing $1000
Cushion $1000
Total $10000

Milestones

Create a fully working MVP
Get two organizations to use the prototype.

3 Likes
2

Greetings @Antony_Kimani and thanks for the proposal. Unfortunately this doesn’t fit into our grants program without an MVP for us to review. If you can develop a prototype then we would be more than happy to review it as a potential launch grant.

As an example, here’s one payroll project we approved under our launches program.

Unfortunately, your proposal is not ready for a Launch grant based on the guidelines at Apply for Grants or DAO due to the following reasons:

Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each:

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

We hope you continue to build on this concept and circle back when it is ready to be discussed further. Thank you for choosing Harmony.

Thank you again and hope to see you come back with a prototype for us to help launch!

3

hello , okay we will launch on the testnet in two weeks, thanks for considering our application

4

Sounds great @Antony_Kimani and good luck with building the prototype!