Thursday, July 18, 2019

Ethereum Foundation Developers Now Receiving Payments in DAI Cryptocurrency

Based on a media outlet’s report on January 24, an Ethereum developer, Alex van de Sande has just received his wages in DAI. Asides from Sande, plans have also been made to pay team members in Ethereum Foundation with this cryptocurrency. The latter is a stable coin that is reportedly backed by the dollar.

Ethereum Developer Confirms Payment in DAI on Twitter

Alex van de Sande on January 22 made a Tweet stating that he is now the first Ethereum developer to be paid in DAI. According to the UX designer, his earnings were fully paid in Bitcoin when he began working at Ethereum. However, it was switched to Ether tokens around 2015/2016.

The developer further answered users queries on the matter. Notable among them is the question of if Sande had decided to switch to DAI because of the falling Ethereum rates. The user also pointed out that the virtual currency’s drop in price from over $1000 to around $120 could pose some risks.

As a response, Alex van de Sande said:

It’s because I believe it’s important to use the tools we are building in a daily basis.

More Workers to be Paid in DAI Cryptocurrency

In addition, Sande revealed that he plans on spending part of the DAI on bills and store the other part on Compound. The developer also said he has made plans to incorporate the payment of his team members in the system. These are workers who according to him, prefer their payments on the same day or every two weeks.

Therefore, the programmer has pointed out that the new automated payment system which will be built, will ensure that they are paid on time. He further stated that the potential system will take advantage of a contract that stores money on Compound. Based on an algorithm, the amount that is to be paid per second will be calculated. This will allow people to request their pay whenever they want.

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Current Method of Payment is Similar to Proposed System

Sande also pointed out that the current method used by Ethereum foundation is similar to the proposed system. Here, a contract pays workers in advance using Ether tokens and then Ethereum refunds the contract. The differences are, the new system will be automated, connected to Compound, and also pay in DAI, he adds.

In an earlier report by BTCNN on January 19, it was revealed that companies in the U.S. can now fund their employee payrolls using Bitcoin or Ethereum. According to Bitwage, the cryptocurrency payroll service provider behind the new system, this will help to close the Bitcoin loop in its economic cycle.

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

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