So the objective is to have a daily payout instead of monthly or bi-monthly? There is also an advantage of having less paydays as it forces the receiver to manage the financials properly. If people tend to spend their money fast it might even be harder for them to save daily payouts if a big payment needs to be done for anything important.
So the objective is to have a daily payout instead of monthly or bi-monthly?Yes.
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There is also an advantage of having less paydays as it forces the receiver to manage the financials properly. If people tend to spend their money fast it might even be harder for them to save daily payouts if a big payment needs to be done for anything important.If you take the position that consumer spending habits wouldn't change then you're right that it could have negative impacts.
Our team takes the position that it's not the job of the State / Employer to 'force people to save' and lock them into payroll cycles which if we're honest were never setup to help the employee. They were setup to allow businesses time to better manage their cash-flow and have time to process the payroll itself. We wrote about that recently here:
https://medium.com/workchain-io/blockchain-payroll-it-makes-zero-sense-that-youre-still-living-paycheck-to-paycheck-and-you-ac9dfdc4a0ef--
We believe that an individual should be compensated the moment the job is done and can be verified. How they choose to spend or save their money is their business. Not ours.
While our initial goal is to liberate individuals from payroll cycles, we also want to help them put their money to work faster so they (not the business or bank) can earn from their savings before they need it for life's expenses:
https://workchain.io/whitepaper/workpay%20advance--
Here is how we see the future and what we're building at WorkChain.io:
An individual's savings are available and they alone choose how much they want to have available for withdrawal on a daily basis. They also choose how much they want to automatically put to work earning interest every single day they work! When they need to pay a rent, or a bill for example they can have those funds pre-programmed so be available on those specific dates.
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The world is a pretty depressing place if we don't believe in people to evolve alongside technology / or that they need the state to manage their lives/finances for them. That's not the world our team chooses to believe in. At it's core, isn't this what Bitcoin is all about, and how it all started?
