Moneycontrol
Last Updated : Jul 18, 2018 06:01 PM IST | Source: Moneycontrol.com

Russian firm to give crypto tokens as reward to employees

The tokens are based on ethereum's ERC-721 standard and are built on the Materchain platform.

Moneycontrol News @moneycontrolcom

Russian e-payment firm Qiwi Blockchain Technologies (QBT) will be rewarding its employees with custom tokens tied to the company's profit, reports suggest.

A report by Russian news agency Interfax on Monday stated that QBT,  which launched in March this year, specialises in in-house blockchain solutions and consultation services for token issuance.

According to a  report by Coindesk, the Russian e-payment firm will distribute about  50 per cent of the total profits for reward programmes, with each token valued at around 0.001 percent of the net profit. The program is expected to go live from the third or fourth quarter of this year.

A second token will be used for voting rights to decide the distribution of the tokens amongst the employees. Different department heads will have varying amounts of voting tokens, as per their status and position in the company. They will then use these tokens to decide the exact allocation of bonus among the other staff.

As per the report, the company plans to expand the programme in future and has decided to give a voting coupon to the employees as well. The employees will get to vote on the management decisions, which they can use to vote for hiring and firing. They will also get to vote on the performance of their co-workers, with better performers getting rewarded with more tokens.

The tokens are based on ethereum's ERC-721 standard and are built on the Materchain platform. The platform will be suitable for incentivising the employees as many Russian companies are already familiar with it.

"Many other public networks in this field are less predictable as they have their decision makers defining the rules of the game," a partner at the firm Konstantine Koltsov told Coindesk.
First Published on Jul 18, 2018 05:56 pm
Loading...
Sections
Follow us on
Available On