Without doubts, a wallet is the most important component of any business – whether it is the common wallet that you slip into your pocket/handbag, your business account savings with a bank, or a blockchain wallet where your store your assets – as determined by the nature and size of your business. Every business just needs a good means of handling/storing its finances securely until the time need arises to expend the funds. xDAC is not an exception to this regard So as potential users on the platform, I think it would do good we take a brief look at the types of wallets available for users and companies on xDAC so to have a foreknowledge somehow of what would be required of us on launch of the platform.
So here we go...
From available documents, every team member and every company on the xDAC platform would be entitled to two hot wallets each: a primary/secondary wallet, and an operational/liability funds wallet respectively. These are explained briefly below:
TEAM MEMBER WALLET:
Every team member on the xDAC platform would be entitled to two wallets: a primary wallet and a secondary wallet.
Primary wallet: This would be team members' regular wallet. It is with this wallet team members would receive their payments/wages for services they have rendered.
Secondary wallet: This wallet would be used to save up retirement benefits for team members. This is another very awesome aspect of the xDAC platform. The idea behind the retirement funds is to and motivate team members on the platform. Team members’ retirement funds would be gotten from little percentages of their wages and transferred directly to their secondary accounts before the actual wages are delivered to them. Added to these would be some bit more percentages of funds from profits from the xDAC platform itself. These profits would be distributed between company owners and team members’ retirements funds based on team members’ rating.
Team members' retirement funds would be locked up in their secondary wallets until the time they quit the platform. That is to say, members would lose all these fringe benefits once they cease their contracts and close their accounts. Their retirement funds would then be transferable to them just as is the case with any ideal firm.
The ultimate goal in all these is to motivate team members to stay on the platform for a long period of time
XDAC (COMPANY) WALLET:
As with team members, every company on the xDAC platform would be entitled to two major wallets each: an operational wallet, and a liability funds wallet. These are the two major wallets every company on the platform would have although in some cases, companies might have need for more wallets to store their own self-issued tokens and also for receiving payments from sales of their goods/services. In such case, the nature of their accounts would make it possible for them to create more wallets to meet such needs.
Now to the two major wallets and their uses:
- Operational Transactions wallet: This wallet would be accessible only to company owners as well as other authorized team members. As the name suggests, the operational wallet will enable company owners to carry out special/managerial operations on platform such as arrangement of payroll for team members, payment of wages, etc. It also makes it possible for companies to keep track of all transactions in their companies.
- Liability Funds Wallet: As the name again indicates, this wallet would hold liability funds of each company on the platform.
What are liability funds?
These are simply funds reserved by a company in the event of debt. Liability funds on xDAC platform would be gotten in bits from payments received by the companies for their goods and services. So they are actually percentages of received payments by the companies. xDAC company liability wallet is similar to team members’ secondary wallet in the sense that the funds therein would be inaccessible to company owners in their years of operation on the platform. The owners would only have the funds if they decide to cease operation on the platform. But quite unlike team members’ retirement funds, liability funds have practical use cases. They are used to back dispute resolution on the platform. That is to say, they serve as guarantee in the event of disputes between companies and their customers/clients. Thus, they are a means of checking fraudulent activities on the part of companies.
However, in the event of transfer of ownership of a company, the liability funds of the company would get transferred to the new owner as well.
Generally, xDAC company wallets would consist of features like billing options and ‘buy now’ button, etc which would enable companies to issue invoices and therefore an easy purchase of their goods/services by prospective customers/clients.
For more information on the xDAC project, visit their website at: https://www.xdac.co/
And read their whitepaper here: https://www.xdac.co/docs/xDAC-Whitepaper.pdf
You might also want to join their telegram chat group to stay up to date with developments. Go here: https://t.me/xdacgroup
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