Euros Evans, a 43-year-old construction and technology specialist from London (Tottenham) and father of three young children, has started a quiet revolution in the area of payroll.
He is leading a start-up called Etch, which is raising £5million to fund a new platform which will allow employees to be paid second by second.
What’s more, the platform works perfectly for those who don’t have bank accounts, as they can be paid via a debit card that is universally accepted like a typical a bank card. All the employee needs in order to be paid is their mobile phone.
If employees want to send a portion of their earnings home to another country - typically the case with foreign born-workers - this can be done without the need of the foreign exchange system.
All this is now possible thanks to frictionless payments via the blockchain - a secure ledger which is the basis for Bitcoin, Ethereum and other cryptocurrencies.
Euros Evans, CEO of Etch said, “While cryptocurrency technology drives this revolution, all payroll payments will be in regular fiat currency because this is what people want.” While cryptocurrency represents just a fraction of the world’s currency, the technology behind it is changing businesses rapidly, just as the internet did in the 1990s.
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.
Blockchain technology simply allows for micropayments to be transferred from employer to employee without the involvement of banks and their hefty handling fees. The transactions are effectively locked in and unhackable, providing extreme security. The benefit to employees is that the temptation for payday loans with their extortionate interest rates is reduced. The benefit for employers is that they can make sure their employees are paid for the work they do as they log in via their mobile.
The technology also allows users to budget for their bills in micropayments, meaning that set amounts will be accumulated by the time a bill needs to be paid.
Euros Evans continued, “Etch can apply to any industry and sector but it is of huge significance to the building and construction industry. Late payment is a major issue to contractors and often the payment situation is complicated. Etch makes payments simple and quick. This is currently being piloted successfully at a building site in Oxford and we are in discussion with several large employers who are keen to improve their payment systems.”
The Etch start-up is born out of a London meet-up group called NOMAN, running for three years out of the venue Nineteen-Twenty in Clerkenwell.
“Programmable money means; each second by second micropayment can include rules for calculating tax or deciding what percentage of payment could be sent into savings, expense or remittance accounts.”
The £5million is being raised via crowdfunding. Please visit https://etch.work/ for further details.
Links:
Etch Website: https://etch.work/
Etch Twitter: https://twitter.com/etch_work
Etch Facebook: https://www.facebook.com/etchwork1/
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
ENDS
Euros Evans is available for interview. Media information provided by Famous Publicity. For further information please contact Adam Betteridge at adam@famouspublicity.com, George Murdoch at George@famouspublicity.com or Tina Fotherby at tina@famouspublicity.com or call the office on 0333 344 2341. Alternatively, please contact Ben Whyte directly at ben@etch.work.
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 NOMAN in 2015 and built a community of 800-plus, forging strong relationships with the people who have now become key members of the Etch team.
About Etch:
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.
