by Nuno Menezes
Development on the Ethereum blockchain is growing, and so is the demand for Ether (ETH), the “fuel” that is needed to participate in these developments.
Bitwage, an International company offering digital currency payroll service, and uphold, an international storage giant in the digital currency space, are joining forces to deliver a new and exclusive service which allows workers to receive Ether through their paychecks. According to a statement issued by Bitwage, “While people have been asking for wages to be paid in Ether over various social media channels, such as Reddit, there are currently no organizations that offer this.”
Ethereum has the potential to bring about decentralized autonomous organizations and take down the traditional corporate models of organization. By using smart contracts it is possible for organizations to be run by machines instead of humans and thereby eliminating the outdated corporate hierarchical model of organization.
“Ethereum has a lot of potential as a smart contract platform,” Bitwage Founder and CEO, Jonathan Chester told BTCMANAGER. “Since Ethereum is the most versatile smart contract platform on a public Blockchain, and ether is required to power smart contracts, the value of ether is bound to increase if real tangible use cases for smart contracts take off. So if you really believe in smart contract technology, being able to reap some of the future rewards of this technology without directly working for a smart contract company will be to hold ether.”
Why get a percentage of your wage get paid in ether? Because it is one of the easiest ways to accumulate ether.
Employees, freelancers and contractors can be living domestically or abroad and receive any percentage of their wages in ETH without requiring their employers to sign up. With users in over 90 countries, Bitwage already helps employees, freelancers and contractors receive their wages from some of the best-known companies in the world.
“The way it works is that you sign up, we provide you with a bank account that is local in the US or in the Eurozone and you provide that to your employer,” Chester explained. “You can split at the employer level or directly on our platform. This means that the workers can sign up without convincing large enterprises to sign up, and as a result we have workers getting paid from organizations such as Facebook, Google, GE, the US Navy and the UN FAO.”
There is currently no company enabling people to receive wages in Ether. That’s why both companies saw this has an opportunity to join forces and make this possible. With the advent of decentralized autonomous organizations, Ethereum now has the opportunity to completely disrupt the corporate traditional model of organisation and receiving ether is the best way to start taking part of this decentralized revolution.
“Ethereum is an exciting new technology with the potential to completely disrupt the way companies and enterprises are run,” said Chester. “While bitcoin is still the leader from a reserve currency and payment rail perspective as the most valuable, liquid and secure blockchain, Ethereum is poised to be the leading blockchain in the smart contracts realm. By receiving a wage in ether, Bitwage and Uphold are enabling users to have one of the easiest ways to become a part of the smart contract revolution.”