DAI is perhaps the most exciting digital asset to arrive since Ether burst onto the scene on the 30th of July, 2015. Marketed as “the world’s first unbiased currency”, DAI introduces a host of innovative features - many of which make it an excellent currency in which to pay your team.
But before we dive into the nitty gritty, let’s take a step back to understand what we’re dealing with. DAI is stablecoin built on the Ethereum blockchain and pegged to the US Dollar. As such, one DAI should always remain valued at $1, making it ideal for salary, bonus and bounty payments.
Unlike other stablecoins DAI is completely decentralized and backed by collateral, making it powerful enough to help realise the full potential of blockchain technology. Without a centralized authority, how does the price remain stable?
In short, DAI relies on a smart platform called Maker which manages to stabilize its value through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors. You can find an in-depth explanation here.
Why you should pay your team in DAI
DAI is an excellent currency in which to pay salaries. Its impressive stability ensures that your employees are protected from the price volatility which beleagures most other cryptocurrencies. Whereas Bitcoin or Ether might drastically reduce in value before your employee can convert them to fiat, DAI holds its value and can therefore be exchanged at any time with little risk.
Stablecoins are an excellent salary option for remote teams, offering low risk and almost instant settlement. No more waiting for payments to clear and the archaic banking system to process payments.
Additionally, DAI is powered by the ethereum blockchain, which is - after Bitcoin - the most robust and active blockchain in the world. It’s good to know that your team’s salary, bonus payments and bounties are in safe hands.
Unlike many other stablecoins, DAI is decentralized and does not rely on a central business or organization to function. This is in stark contrast to USDT for example which is heavily reliant on the Bitfinex digital asset exchange and lacks transparency with regards to the leveraged collateral.
With this in mind it’s easy to see why DAI is an excellent option for remote teams looking for a fast and secure way to pay team members located all over the world. Now let’s find out how you can get started.
Here’s how to easily pay salaries in DAI using Remroll
Paying your team in DAI has never been easier. Here’s how to get started:
Import a CSV of your employee emails in the Payees tab
All your employees will now be invited to register as Payees
Once registered they can easily submit an invoice
Review the invoices yourself or invite another team member to review them
Bulk approve and pay the invoices using MetaMask
Estimated time: 10 minutes.
Let’s look at each step in more detail.
Step 1 - Adding a Payee
In Remroll your employees are known as Payees. This is simply the term given to the individual receiving the funds.
Your Payees are your employees, bounty hunters, contractors, freelancers or partners.
You can either fill in the information yourself...
or, even better, simply invite your Payees to enter the information for you:
Your Payees will receive an email like this...
Use the CSV upload feature to invite your entire team in just a few seconds.
You’ll then see your employees, and all their relevant information, in the Payee tab.
Step 2 - Creating DAI invoices
Now that your team members have been successfully added as Payees, the next step is to have them submit their invoices. These document and record your transaction history and provide an easy way of checking payments before they are completed.
Inviting your employees to submit invoices couldn’t be easier. Simply send them this link:
Then your team members navigate to the Invoices tab and click on “Create Invoice”.
Of course you can manually create invoices as well by clicking on the green “Add invoice” button.
Once they’ve been created, you’ll find them in the Invoices tab in your Remroll dashboard.
Step 3 - Paying your team in DAI
Paying your team in DAI couldn’t be easier.
Navigate to your “Invoices” tab, select all employees you’d like to pay and then click on “Pay selected”. You’ll then see a payment summary like this:
Now simply connect MetaMask and confirm the payment. Congratulations, you successfully paid your entire team in DAI in just a few minutes using Remroll. 😍
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Thanks for reading.