Disbursing Payments Reliably
So you’ve succeeded in collecting payments on various blockchains, perhaps by using Intercoin solutions such as recurring subscriptions, auctions, token sales or some combination of those. Congratulations! Now it’s time to pay people out. How can you disburse the money in an orderly way, that can be audited, giving your backers the confidence that the money is being used as intended?
When people invest in a project, or donate to a community, they often want to have some assurances that the money is going to be used as promised. With bank accounts and credit cards, this is often hard to do, since things are not transparent. Often, this is where corruption creeps in.
This is where the IncomeContract comes in. It helps the admins register every address that’s going to be paid out, set the payment rate (e.g. weekly or monthly salary), and assign a manager to approve the work before authorizing the payment.
If combined with the Qbix Platform, every staff member and admin has their own profile, and people can clearly see their reviews, ratings, and history of being paid out on the blockchain.
The Bigger Picture
Intercoin’s blockchain solutions are designed increase the trustworthiness for projects and communities. At the same time, this helps the people running these operations to reduce their own liability and increase the amounts of money they can raise with confidence.
IncomeContract is for when admins of a community know who they’re going to pay, and want to increase the confidence of the community’s members in its finances. For times when the admins don’t know in advance who will be paid, Intercoin offers the ContestContract.
UBI and VBI: Voluntary Basic Income
IncomeContract also has a version that works with CommunityContract that powers communities and DAOs. Imagine paying out a universal basic income, such a stipend to students, or a coin like Rohingya Coin from a from a refugee fund, and knowing that the money is going to the people on the ground.
These kinds of applications become possible thanks to Intercoin’s suite of smart contracts for communities:
