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MONEY STREAMING ON MEAN DAO
Even with the changes and development occuring in crypto, local banks, to make lives of users better, the one area that never seemed to have improved upon is our payment mechanics or that paycheck cycle. For example, let’s say Ben who works as an elementary school teacher is contracted to be paid $200 on a monthly basis. He has been working diligently for three weeks and suddenly his grandma falls Ill, the hospital bill is $100 and he has no money on him or elsewhere. Since it’s not payday, Ben cannot collect his salary or money’s-worth because he has been bound for a monthly collection even though he has worked a sum of $150 already. This forces Ben to use an overdraft or his credit card so as to take care of his grandma. This puts Ben on the negative end of his finance as he now has extra debt on his hands. This scenario paints a vivid picture of an average man in most economies as most people around the globe are tied to a 2-4weeks pay cycle who cannot get access to funds they’ve worked for and therefore might not be able to make any form of expenses be it personal, household or emergency. A fair system need to be in place where employees can have access to money they’ve earned irrespective of how little the time is; this is the basis for MEANFI. The Money Streaming Protocol of the MEAN DAO brings a transparent and fair payment system to all parties involved; investors can now have a relaxed mind after investing with developers rest assured that their money is not going to be taken and run, taxes gotten by the government can now be properly streamed for the good use of the public and so many other use cases.
HOW DOES IT WORKS AND AUTOMATED
The Money streaming protocol is run by the MEAN DAO and permits the creation of a treasury account where the beneficiary who let’s say is the employee, receives his money after a set of agreed terms is reached with his contributor let’s say, his employer. Once the money stream starts, the Protocol honours the contract agreed by both parties involved and an amount of money calculated and expressed as a rate over time is sent to the account and allows the employee access to his earned money based on its current solvency. The money available for withdrawal is displayed in the treasury account. The withdrawable money is updated in real time as the employee works. This process occurs permissionless. An update in the previously agreed terms may occur, but signatures of the parties involved will be needed. Closures of accounts can also be carried out by either of the parties without any consensus ; in which case, the protocol is deployed to do right to both parties by distributing funds worked for to employee and the unvested funds back to the employer.
With the growth of DeFi, MeanFi tends to do right by all it’s users especially for employees who see their wages flow into their wallets as they are earned giving them the ability to take charge of their finances. MeanFi empowers users to spend or invest in what they want, when they want. Who wouldn’t advocate for a disruption of the paycheck cycle? MeanFi is here to stay. MeanFi is the future of Banking.
