HorusPay aims to become a decentralized global payroll portal that allows companies to exchange private encrypted secured data with international payroll vendors, built on the EOS blockchain. The HorusPay team hopes to onboard clients for their payroll portal by having a cheaper solution available compared to centralized services who operate as a middleman.
The HORUS tokens were airdropped to registered EOS ERC-20 token holders at a 1:1 ratio. The date of the airdrop was June 30th, 2018. When using the HorusPay portal, each employee of a client is represented by a HORUS utility token. HORUS is a utility token and has three major functions: It allows access to the portal, allocates a certain amount of data storage for that account and enables the staking of the token.
HorusPay tokens can be staked and the holder will receive staking rewards for doing so. A minimum of 10.0000 HORUS must be staked to participate in staking rewards and the tokens must be staked for more than 7 days. After 7 days, pay-outs can be claimed in the form of ECASH. ECASH is meant to act as a currency, not a speculative investment and functions as a stable coin. Initially without an active EOS reserve, ECASH will be backed by “payroll storage” (a resource on the HorusPay platform) which will be valued at a $1 USD price.
The ECASH token (formerly referred to as the Horus Dollar) will be backed by an EOS reserve and requires 10 days to get converted to EOS. Once the built-up EOS reserve is high enough, each ECASH token will be pegged to 1 USD. The mechanism to keep ECASH as close as possible to the value of 1 USD is the same as used when pegging Steem Dollars to the US dollar. Users will be able to redeem ECASH for payroll storage on the HorusPay platform, and then trade that payroll storage (via a smart token) by using the Bancor protocol.
2018 seems to be the year of the stable coin, as many alternatives to Tether have popped up during this year. A handful of stable coins have raised significant funding in 2018, giving the impression that the stable coin problem is close to being solved. The HorusPay project proposes ECASH as their solution to have a cryptocurrency with a stable price, focusing on offering decentralized payroll solutions.
