Hi everyone
,
I'd like to describe a project I'm working on, which is aimed at
decentralizing employment contracts (specifically those with
vesting locked tokens).
The contract will manage the terms of token grand release according to a predefined vesting period between the company and an employee.
Protocol name: DEC - decentralized employment contract
Project name: Vester
Chain/token base protocol: Ethereum ERC20
pros of using the protocol:
- Immutable
- Predetermined and locked token grant
- Automatic release of tokens after vesting
- Verification of employment period
- Possibility for automatic liquidation in case of value above certain threshold
- Possibility for automatic amount calibration in case of value drop below certain threshold
- Will work for every Ethereum token based companies
I have a way to also verify that an employee actually worked there each day:
Upon contact creation we generate a list of hashes each one being the hash of the previous one for each of the days of the vesting period.
Each day the employee will receive the hash that is the source of the hash for the day before.
So he can't generate it by itself and only the company knows it.
The employee can decide to deploy one hash each day or the latest one to receive all previous vested days at once, it doesn't matter.
Once hashes are received by the contract the token Grant is released to the address of the employee according to the received hashes.
(this of course can be done via a qr code scanned to a designated mobile app or an nfc kind of check-in device)
as mentioned before this also serve as a verification of period of employment.
of course there's much more to say about this...
let me know what you think or if you're interested in participating in this project.
thanks!
