PEA is the utility token that powers PeaCounts’ revolutionary payroll system. PEA Tokens are protocol tokens that allow other developers to build on the network and use our payroll system as well. The issue price of a PEA Token is $0.10 USD. Price will then be driven by demand. Tokens will be required to stake in order to have the liquidity for each employee. As such, the early purchasers of PEA Tokens will receive a much lower price of adding employees to their payroll system than later adopters. To put this in perspective, 1,000,000 employees will require roughly one third of our token value, and reaching this level will substantially increase the initial deposit cost of setting up on our network, but will not substantially affect the monthly payroll cost, still providing a large savings for companies establishing payroll systems based on PEA.
At the pre-sale stage, we are only accepting private sale funds under Reg. D, which means only accredited investors in the US with at $10,000 minimum investment. We will be running a public pre-sale in July with a $1,000 minimum, but still only for American accredited investors. We will also launch a crowdsale in September 2018, when non-accredited investors may purchase tokens.
At this time, we are not accepting equity investments. Although if we do an equity round in the future, you can be advised of this by joining our whitelist and receiving emails regularly. For clients and tax professionals, there are signups on our website at PeaCounts.com. We are also always interested in exploring partnership opportunities.
With the PEA Token being a protocol utility token, our focus is building an efficient ecosystem that will drive value for the early token holders while providing a useful service. The token is utilized as a placeholder to mark the currency amount for payroll transactions while a smart contract for the employee providing services is being fulfilled. The payroll system allows for many different types of work relationships where the focus is on the work completed, not the hours spent working, although it also can be used for a standard employment salary or hourly wage system with the automation features, nearly instantaneous speed of payment, and substantially lower monthly cost. Productivity is rewarded in an equitable manner. We also allow developers to incorporate our payroll system into other systems, such as for enterprise use, by freezing a number of tokens in a wallet to "stake" the right of use of the payroll system. As both PeaCounts and third-party usage grows, demand for the token will increase. We will also submit the token for trade on exchanges, so that there is liquidity of PEA Tokens for purchase or sale. This drives growth, rewarding the early token holders for using PeaCounts Payroll before it becomes more expensive to license.
PEA Tokens power financial transactions across the PeaCounts network for payroll and accounts receivable. PEA Tokens can be used to license our payroll system and to provide liquidity for employee/employer smart contracts tracking work relationships. By utilizing PEA Tokens, you can lower the time and cost of transactions that businesses commonly make on a daily basis, as well as adding new methods of employment relationships.
We are tokenizing payroll by using a PEA Token that allows employees to be added in minutes, and then get paid with direct deposit as soon as work is completed. The funds are held in an electronic escrow account by a smart contract, to protect both employer and employee, until work agreed upon is completed. Payment is automatically released using blockchain and our proprietary AI technology. Workers can be treated as true employees with all tax and state payroll forms filed to protect both parties through workers compensation, unemployment insurance, and other contractual improvements. This allows for a more equitable employment relationship where both parties know exactly what is expected for the employment and how that will be monitored using technological advances.
Blockchain is an accounting protocol. It eliminates the inefficiency of dual entry bookkeeping by using consensus protocol to chain one proof to the next, where essentially the proof is the chain. As long as there are more computing resources supporting the network, the proof is more verifiable from an audit trail and less prone to error than dual entry.
Individual holders in the payroll system will not have individual keys; this will be maintained for them by PeaCounts. For individual token holders that are staking tokens as developers or enterprise users, it is recommended that you print your keycode to keep in your wallet and then store it in another safe place offline, like in a bank safety deposit box or other secure place.
Since PeaCounts is a financial services company, security is our highest priority. We employ some of the same measures that big banks and trading systems use to make sure both your money and your information are safe including 256-bit encryption and decentralized hashing of ledgers.