Etch, a new blockchain-based payroll system which allows employers to pay workers second by second, has announced it is raising £5million to develop the platform through a token sale which started on Monday 18 September 2017 at 6:00 PM UK time (BST), and will last for one month.
Etch is the first approved decentralised app (dapp) in the London-based Construction Blockchain Consortium, a group of leading UK champions of disruptive technology who are transforming the building environment.
People using Etch will be paid in the currency of their choice and it even allows for part payment to a family member home or abroad. It will use an innovative payroll card that will be accepted at millions of locations worldwide. Additionally, the system allows those who do not have bank accounts to be paid securely.
The Etch system will use its own token, called the Etch Token (symbol: ETCH). London-based Euros Evans, a blockchain technology expert, is the CEO and driving force behind the Etch Foundation. Euros Evans said, “Billions of the world’s population live paycheque to paycheque, a situation that can lead to mounting debt, stress and poor health. Etch’s 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 and other purchases.