Modernizing employee compensation using WRK smart contracts

US employees in our first addressable vertical
165 million+
2 million+
Users committed through b2b partnerships
Employees in our initial user base
150,000+
View historical data on CoinMarketCap
WRK now available for trading on DigiFinex

A real problem

Companies still rely on old-fashioned management tools and compensation models that are ineffective with remote workers, even though smart contracts can automatically reward daily goal achievement which has been proven to increase productivity.

A blockchain solution

Bonuses, raises and other infrequent incentives are replaced with small, immediate rewards paid in WRK for achieving daily goals that accumulate to make a substantial difference to the company and provide immediate positive feedback to employees.
Studies have shown giving employees frequent positive feedback and rewards for achieving clear daily goals improves employee retention, engagement and productivity.

blockWRK uses WRK-powered smart contracts to allow employers to automatically reward workers in real-time as soon as daily goals have been achieved.

The blockWRK thesis

How the blockWRK ecosystem works

WRK drives a decentralized compensation model where employees are incentivized to achieve daily goals rather than paid to simply show up and sit in a chair
Employees
Employers
WRK Compensation System
WRK Rewards
Employees receive daily or weekly rewards for RDAs (Revenue-Driving Activities) - goals managed by smart contract.
Employees work toward daily goals tracked on their devices. Data is passed into blockWRK.
Goal Status & Validation
WRK Redeemed
Employees save WRK or can cash out to fiat at current exchange rate. Payments processed immediately with blockWRK's layer 2 technology.
HR sets company-wide goals (like fitness and safety) and individual goals for specific departments or job roles.
Set Goals
Monthly purchase of WRK based on employee headcount – distributed and split each month among employees who have achieved goals.
Fund Reward Pool
Managers can analyze results, adjust goals and optimize their smart contract workforce management system for better results.
Get data about goals
Converts user data to WRK rewards, manages wallets and exchange on layer 2 and processes fiat payments to users
Manages RDA smart contracts, WRK rewards & payment
Employers who use blockWRK agree to purchase and hold a certain quantity of WRK tokens each month to be distributed as rewards to participating employees.

Employers

Employees

WRK rewards are paid to employees who reach daily and weekly goals.
Employees are encouraged to hold and save their WRK but can instantly cash out for $USD anytime.

Enthusiasts

WRK finally provides what we’ve all been waiting for: businesses buying, holding, and actually accepting crypto as payment, not just as a marketing gimmick that they immediately liquidate to fiat.

A distribution protocol with business-side demand built in

blockWRK’s compensation platform creates a natural supply and demand for WRK: employers buy WRK each month to be automatically distributed to employees via smart contract.
An increasingly decentralized system
Releases 165MM WRK each month
Exchange
WRK bought and sold on exchange determines in-app price and market value
All business contracts include $10/employee WRK purchase each month to pay rewards
Businesses purchase additional WRK to increase employee rewards
As more businesses join, the monthly distribution pool dissipates
Once the monthly distribution pool is exhausted, businesses must buy WRK on the exchange
Businesses that need WRK in excess of monthly distribution purchase WRK on exchange
WRK cashed out by employees is sold on exchange
As more businesses join the blockWRK platform, WRK becomes increasingly decentralized as businesses compete on open exchanges to fund their rewards systems.

With increased demand and a finite supply, businesses are incentivized to buy and hold WRK for future use to insulate themselves against market price increases.

Proof of Concept

Reduce employer costs by incentivizing employees to be safer and healthier
$62 billion
US businesses spend over $62 billion each year on worker's compensation claims from preventable on-the job injuries, the majority of which are were the result of violating existing company safety policies.
$1,685
$575 Billion
per employee
per year
Productivity losses linked to absenteeism cost employers $225.8 billion annually in the United States, or $1,685 per employee.
U.S. employers lose $575 billion a year in healthcare costs and lost productivity due to worker absence from preventable chronic health conditions.
per year
sick days
$151 billion
$42 billion
short-term disability
$29 billion
long-term disability
$26 billion
family and medical leave
$116 billion
workers compensation
$211 billion
impaired perfomance

The cost of preventable health and safety claims

Employer costs of untreated employee mental health issues
every year
$193 billion
Employer costs to treat preventable conditions like diabetes and heart attacks
every year
$36.4 billion
Employer costs of workers comp and on-the-job injury claims, care and litigation
every year
$171 billion

What is blockWRK for Employees?

Additional income for staying healthy and safe - and for many - their first intro to crypto

Employees download the blockWRK app because it contains valuable free services provided by their employer as part of their benefits package. The app contains free mental health counseling and orthopedic injury telehealth services, as well as cash advances on their next paychecks with 0% APR (just a single low flat fee), helping employees avoid abusive overdraft fees and paycheck loans to cover unexpected expenses.

Once they’ve got the app, they can opt in to earn WRK for completing daily fitness goals set by their employer and doing in-app daily safety checks to help avoid safety violations on site. They can keep their balance in WRK as savings or they can convert it to US dollars.
hip fractures
by up to 68%
depression
by up to 30%
breast cancer
by 20%
colon cancer
by 30%
type 2 diabetes
by up to 40%
cardiovascular
disease by up to 35%
all-cause
mortality by 30%
dementia
by up to 30%
Regular physical activity reduces your risk of

Free mental health counseling and orthopedic injury telemedicine built in

The blockWRK employee app brings together valuable health and wellness services available 24/7 at no cost to employees.
Mental Wellness
blockWRK provides on-demand mental counseling services so that employees get the help they need when they need it.
Injury Checker
blockWRK provides employees 24/7 access to an AI-powered diagnostic tool to help understand an injury and access to a licensed orthopedic specialist in minutes for a telemedicine assessment. From here, employees can get free rehabilitation exercises to do at home, follow-up appointments with doctors or direct referral to orthopedic surgeons or other specialists.

0% APR payroll advances powered by WRK instead of payday loans or NSF fees

Last year Americans paid $12 billion in payday loan fees. Rates for these predatory loans vary by state, but reach over 600% APR in some states like Texas and Nevada and average 391% nationwide. During 2020, when many consumers had lost their incomes due to Covid-19, mainstream banks like Citi, Wells Fargo and Bank of America made $34.6 billion in overdraft fees from their customers.

“We are concerned that too many borrowers slide into the debt traps that payday loans can become.”
Former CFPB Director Richard Cordray
With WRKpay employees can request a portion of their earned wages in advance at 0% APR, paying only a flat $5 fee. The BlockWRK app issues payment in WRK which can be converted in-app to a spendable $USD Visa debit card and used immediately to pay bills, saving over $15,000 annually for those employees who regularly use payday loan services.
0% APR
Wage advance up to $200 is available for every user with just a $5 flat fee - at 0% APR

What is blockWRK for Employers?

Health, wellness & safety - all in one app

blockWRK brings the best health and wellness capabilities along with effective daily safety check-ins and a unique health incentivization system into a single app. With a single partner, employers can offer new benefits to their employees that were previously only available to large multinational corporations. blockWRK helps employers take care of their employees while reducing costs — and shows employees that they are valued.

A modern tool to manage decentralized workforces and reward employees immediately by smart contract when Revenue Driving Activities are performed

When most workers used to be on an assembly line, management was much easier. Punctuality, time on the clock and number of pieces were the only KPIs that mattered – and they could be tracked easily.

Today’s workforces are increasingly dispersed (accelerated by Covid-19) and much of the value that employees bring are more difficult to quantify, but employers still use industrial-era tools to manage modern workers, leading to low engagement and retention.
As blockWRK grows, employers will be able to customize rewards for a wide variety of small daily behaviors that turn ineffective yearly incentives into highly effective daily goals with real monetary rewards. Employees will always know what activities make the biggest impact on the business because they’ll be rewarded immediately for the things that matter most – for each different job role - on a daily basis.
With aggregated business analytics, managers will be able to understand – perhaps for the first time ever – what specific behaviors drive their business. blockWRK helps employers create new incentive programs that reward employees for work that matters, rather than time spent sitting in a chair.

WRK Token Supply

The native currency of the blockWRK platform is WRK - an ERC-20 token that is one of the world's first federally approved cryptocurrencies - issued under our 2019 license from the Bermuda Minister of Finance

WRK is backed by real business use

Each month, contracted companies are required to purchase a certain amount of WRK based on the total number of employees they have using the blockWRK app. blockWRK will only distribute 165MM tokens each month from the distribution pool in order to manage the growth of the network and ensure a 5-year distribution timeline. Once all tokens have been released from the blockWRK supply, employers will only be able to acquire WRK by accepting it as payment or by purchasing in the open market, creating a self-perpetuating fully decentralized system.

WRK is backed by real money and real users

Employers that use blockWRK fund their WRK incentives pool monthly, spending less than they would typically spend for the same ancillary health & wellness benefits (and without the smart contract goal management capabilities). Each month this pool is distributed to employees who can choose to hold their WRK as savings (earning HODL bonuses) or spend it using their blockWRK Visa debit card. Employees can also set a portion of their paycheck to be paid in WRK each pay period. As blockWRK expands, more employee activities can be incentivized by managers using daily WRK goals, converting a larger percentage of total compensation into WRK.

A fully decentralized system

When all tokens have been released, employers will need to independently acquire WRK each month in order to perpetuate their use of the blockWRK platform, making it fully decentralized. As businesses compete to purchase WRK, they are incentivized to buy and hold WRK on their balance sheets, and to accept WRK as payment for whatever goods and services they provide.

Learn more about the WRK system

9,887,996,950 tokens WRK
will be distributed to end users
were allocated to the blockWRK operational reserve pool (promotion and operation)
2,000,000,000 tokens WRK
(for 5 year distribution period)
165 MM WRK per month
A limited amount of WRK: 11,923,616,243.7293 WRK tokens

Meet the Team

George Mylonakis
Founder, Rabble-rouser
CEO
Reuven Fein
MIT-educated systems architect
CTO
Stephen Reardon
Wall Street Veteran
COO
Frank Pezzullo
Sales and productivity guru
Chief Sales Officer
Dave Matli
Fortune 50 Marketer
CMO
Dr. Lisa Zaval
Columbia University Behavioral Psychology PhD in Judgment & Decision Making
Chief Scientist
Dr. Josie Ryan
Resident math genius
LinkedIn
Evan Cooper
Financial analyst and accounting wizard
Jefferson Davis
Blockchain Architect, AI/IoT specialist
Alfredo Caraveo
Compliance and asset protection
(aka “the muscle”)
Scott Hanson
HR Solutions Expert
Senior Advisor

Stay tuned