The PEA blockchain powers PeaCounts’ revolutionary blockchain payroll system. Based on Bitcoin technology to maximize security, PeaCounts uses smart contracts and AI to verify business activity, then releases funds automatically to the employee upon completion of the contract. This removes the trust-based aspects of the employment relationship, and ensures fair payment for the actual work performed. PeaCounts is releasing its code base open source to encourage developers to build blockchain business solutions based on the PeaCounts protocol.Why PEA Tokens?
PeaCounts Payroll takes trust-based timekeeping and payment out of the relationship. Employees know they will get paid as soon as work is completed. Employers pay just for the actual work performed. A smart contract tracks employees’ location and time spent on tasks, and holds tokens for release when work is done. Employees get paid efficiently and fairly, and the employer knows work was completed.
Blockchain is an accounting concept that describes a block of records that are linked and secured using cryptography. For PeaCounts, we use blockchain to secure our clients’ data, preventing any kind of security breach, and using a decentralized transaction ledger while syncing and backing up financial data.
By creating our own blockchain as a fork off Bitcoin we can create a more secure and private blockchain for payroll transactions than anything available today through implementation of zk-Snarks and a multi-access wallet. Additionally, with implementing the Lightning Network we will have nearly instant transaction times and reduced cost of transactions.
Employee personal data, like social security numbers, are protected and only visible by the AI - not even by the employer has access to this information. Both sides can feel secure, eliminating the liability for data breach for employees and employer.
In addition to this, we utilize an “Identity Blockchain” concept so that only registered users will have access to their data. This will ensure that anyone requesting information in this system OR chain of systems will need to verify their identity before being granted access to that data.
Errors and fraud in payroll withholding such as Social Security, Federal and State tax are eliminated! Employees can feel confident that their contributions are made, and employers are no longer dealing with the paperwork. No employee wants to be held liable for their employers’ mistakes.
Advanced AI tools such as facial recognition will be used to verify users and prevent fraudulent access. Blockchain also is inherently valuable for preventing double-spend transactions, especially when using a proof-of-work consensus model.
We’re so excited about this new method of “fair pay for fair work” that PeaCounts will allow developers to build on our protocol with mostly open-source API and SDK tools. We will provide support to developers through educational events, partnerships with developer bootcamps, and providing resources and entrepreneur grants.
The PEA token is the heart of PeaCounts Payroll. By utilizing a cryptocurrency token, we can create a new way of paying workers.
PEA tokens and attached smart contracts are used to track employment engagement and verify work was performed.
Business owners save time with employee self-onboarding and blockchain-hashed records protect from audits.
Employees receive pay automatically and can rest assured they were paid fairly for the work performed.
Through our network we will introduce developers and business owners to build enterprise and industry specific applications.
Our community and educational programs will make our API and SDK tools available for developers.
Developers will be provided with resources and seed funding to create specialized applications for wider adoption.