You ‘punch in’ using the app to let your employer know you’re working, and from that point money is paid into your account in a continuous stream.
Euros Evans is an entrepreneur, architect and blockchain specialist who realises that the way we traditionally get paid is problematic. For workers who get paid monthly, it can be difficult to ensure that money lasts, and for building contractors it can be hard to ensure payment.
Euros founded Etch, a new platform that will change the way employers and employees engage with payroll, supported by a London-based team. By enabling those who work in facilities management to pay workers and subcontractors by the second into an account that can be checked instantly by app and accessed with a card very similar to a debit card, Euros and the team know they can modernise payroll and make it work better for everyone. Etch is raising £5million to fund the new platform through a token sale.
Euros explains why payroll needs to be improved: “Billions of people across the world live paycheque to paycheque, a situation that can lead to mounting debt, stress and poor health. The Etch solution enables employers to pay their employees in real time. If, for example, they don’t have any money at the beginning of the day, their morning’s work will mean they have enough money for lunch.
“We hope by people being paid as soon as they’ve earned it, we can reduce the need for payday loans and other such instruments to plug spending gaps, as well as improving peace of mind.
“We will use blockchain technology to unify payroll and remittance services to create a platform that not only benefits employees in their lives, but reduces business inefficiencies, saving them time and cost in payroll.”
But how will workers benefit from the card? Euros explains, “The system makes things very easy for workers. Imagine that you start your shift at 8.00AM. You ‘punch in’ using the app to let your employer know you’re working, and from that point money is paid into your account in a continuous stream.
“At 12.00 noon, you check the app again, which shows you your account balance. If it had been empty at the beginning of the day, you’d now have four hours’ pay in the account. Your employer would have already issued you with an Etch card, which you can use in any shop to buy your lunch.”
But why London? Euros says, “London’s tech scene – especially in relation to fintech – is thriving and there’s nowhere in the world that we’d rather be based. It’s the best place to find talented professionals, be first in line with new opportunities and keep on top of industry news and changes.”
The Etch platform allows employers to pay workers and contractors second by second, their balance being visible through a smartphone app and accessible via a card which is similar in appearance to a credit or debit card.
It is the first approved ‘dapp’ (decentralised application) in the Construction Blockchain Consortium, a group of leading UK champions of disruptive technologies who are transforming the build environment.
Euros Evans, who was born in Wales, is supported by a group of highly talented London-based entrepreneurs who share his vision that payroll is in need of reform. Tomasz Mldouchowski, aged 30 from Poland is a former MIT graduate who is a near veteran in the subject of programmable currency, having worked in the sector for 8 years.
Joshua Richardson aged 22, who is from London, is a blockchain engineer and programmer who deployed his first commercial software at the age of 13. Ben Whyte, 24, a blockchain consultant and business developer, heads up the community engagement.
For further information, please see https://etch.work
Etch Whitepaper: https://etch.work/static/files/Etch_White_Paper.pdf
Etch Demo Video: https://etch.work/media
Etch Token Sale: https://app.etch.work/tokensale
High resolution images available on request. Euros Evans is available for interview.
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About Euros Evans:
Euros Evans spent over 25 years in the construction industry. First, he worked as an apprentice builder with his father before studying to become an architect.
Always having an interest in innovation, in 1993 he co-founded the UK’s first student accommodation website. Realising the potential of blockchain he set up N.O.M.A.N. in 2015 and built a community of 900-plus, forging strong relationships with the people who have now become key members of the Etch team.
Etch is an Ethereum blockchain designed to automate payroll and use smart contracts for real-time wages and remittance. By creating the world’s first automated payroll system which allows workers to be paid in real-time, and which allows their families to benefit from real-time remittance at a fraction of the cost, Etch aims to revolutionise payroll. It will remove layers of business inefficiency and the time and cost of payroll, while improving financial security in the lives of their employees.
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