Market Mad House

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche


How valuable is Your Time at HorusPay?

HorusPay (HORUS) is one of several cryptocurrencies that ask how valuable is your time? To explain, HORUS is an EOS (EOS) based cryptocurrency they intend only for payroll.

Essentially, HorusPay is building a blockchain time clock and payment portal that will allow you to report your work. If its plans succeed, HorusPay will pay you in the HORUS cryptoruccency.

The big idea at HorusPay is to handle payroll services for multinational companies and organizations. In particular, HorusPay hopes to offer secure payment to workers in an area outside normal banking or financial systems.

How You could use HorusPay

For example, an oilfield engineer working in a country with a worthless fiat currency. or a region with no banks.

Theoretically, HorusPay could pay people serving in areas with no banks or access to a sound currency. For instance, aid workers or journalists in the Middle East.

To explain, employees could access HorusPay via satellite phone, internet, or mobile phones. Furthermore, HorusPay could send cryptocurrency; or stablecoins, as peer-to-peer (P2P) payments to employees via encrypted messenger apps like Telegram and WhatsApp.

Presently, they are sending cryptocurrencies like Ripple (XRP) and DASH (DASH) through P2P apps. In addition, financial institutions like Banco Santandar (NYSE: SAN) are testing apps that can send Ripple to automatic teller machines (ATMs).

Importantly, the App can supposedly convert the XRP into fiat currency, which recipients can withdraw in paper cash. Paper cash is still the most popular payment option in the world. The Federal Reserve Bank of San Francisco estimates Americans used cash for 30% of their transactions in 2018, for example. In particular, 55% of U.S. transactions under $10 were cash.

Notably, over 20% of the people in developing countries like Burkina Faso, Côte d’Ivoire, Gabon, Kenya, Senegal, Tanzania, Uganda, and Zimbabwe use only mobile bank accounts, The World Bank estimates. Plus, 57% of China’s population uses the internet to make payments.

HorusPay could serve a Huge Market

Given these numbers HorusPay could have a huge potential market because Statista estimates WhatsApp had 1.6 billion users in July 2019. In addition, Business Insider estimates over 20% of the world’s unbanked; people with no bank accounts, receive wages or government benefits in cash in 2017.

Therefore, HorusPay could have a potential market of 340 million people. To clarify, the World Bank estimates there were 1.7 billion unbanked people in 2018. I calculate, 20% of 1.7 billion is 340 million.

Moreover, nearly 90% of Latin America’s 30 million unbanked adults owned mobile phones in 2018, the World Bank calculates. Consequently, HorusPay could serve tens of millions of workers in many parts of the world. Plus, 55% of all adults in Latin America owned mobile phones in 2018.

An obvious use for HorusPay is to pay freelance, gig-economy, or contract workers in other countries. This market could be huge because the McKinsey Global Institute estimated there were 162 “million independent” workers in Europe and the United States in 2016. In fact, McKinsey, claims 20% to 30% of the population in Europe and the United States engages in what it calls “independent” (freelance or gig-economy) work.

Is HorusPay Scalable?

HorusPay hopes to tap these markets by reducing international payroll processing costs while offering a higher level of security through the EOS (EOS) blockchain.

To explain, EOS an Ethereum (ETH) that is growing in popularity. Interestingly, the popular cryptocurrency valuation website CoinMarketCap now lists EOS MarketCapss, CoinPrices and 24-Hour Market volumes of some altcoins.

EOS’s theoretical advantage over Ethereum, the world’s most popular blockchain, is that it is scalable. To clarify, scalable means they can expand EOS to move large volumes of payments quickly.

For instance, the EOS Network Monitor estimates the EOS blockchain has moved up to 3,996 transactions per second (TPS). Under these circumstances, EOS and HorusPay could theoretically handle hundreds of payroll transactions at once.

In contrast, Brave New Coin claims the Ethereum blockchain can only handle 15 TPS. Thus, an Ethereum payroll solution could crash if 20 or 30 employees try to withdraw their salaries at once.

How HorusPay’s Ecosystem could work

HorusPay hopes to attract customers by offering the ability to work with a wide variety of payroll apps and vendors. Moreover, Horus claims it could reduce payroll processing and handling costs by up to 40%.

In addition, HorusPay claims it could reduce accounting costs by offering standard global reporting of payroll costs and automatic input of data from human capital management (HCM) software. Plus, HorusPay will offer smart contracts, built-in digital robots that can enforce compliance with service-level agreements (SLA). The smart contract could instantly stop payment to any vendor who refuses to comply with the SLA, for instance.

Theoretically, HorusPay allow one or two payroll analysts to oversee payroll for hundreds or thousands of workers around the world. Thus, HorusPay could reduce human resource costs by simplifying payroll operations.

Future ambitions at HorusPay include cryptocurrency salary payments and a global blockchain payroll ecosystem. For full details on HorusPay’s plans see the HorusPay white paper available on the HorusPay website as a PDF.

How valuable is HorusPay?

Currently, HorusPay has very little value. CoinMarketCap; for instance, gave HorusPay a Coin Price of 0.002₵ and a Market Capitalization of $171,882 on 20 August 2019. Tellingly, HORUS had a 24-Hour Market Volume of $1 on the same day.

CoinMarketCap based those numbers on a Total Supply of 1.2 billion HORUS, and a Circulating Supply of 872.861 million HORUS. I suspect the huge supply gives HORUS its low value by creating inflation.

However, I think Mr. Market is accurately pricing HorusPay because it does not appear to have a working solution. Thus, I advise speculators to stay far away from HorusPay until it sends pay to large numbers of workers.

What is Horus Anyway?

I think the probable source of the name Horus is a sky god in the ancient Egyptian religion. Interestingly, the Ancient History Encyclopedia notes there were two gods named Horus.

Horus the Elder; or Horus the Great was one of the five original gods while Horus the Younger; or Horus the Child, was the son of Isis and Osiris. Strangely, Horus the Great is not the time god but scholars consider Horus a sun god and associate him with the moon. Thus, we can call Horus the god of days.

Modern observers sometimes confuse Horus the Child with Harpocrates; the Greek God of confidentiality and silence, who was the keeper of secrets, notes. Therefore, HorusPay’s creators could use Horus as a shortened form of Harpocrates. To explain, one of HorusPay’s theoretical selling points is the extra layer of confidentiality blockchain could offer.

Interestingly, HorusPay is not the only crytpocurrency they named for a God. They named the Raiden Network Token (RDN) scalability solution for Raiden the Japanese thunder god. Classic video game fans know Raiden from his starring role in Mortal Combat. The hope of the Raiden Network is to make Ethereum payments as fast as lightning.

Finally, HorusPay’s potential shows why speculators need to watch EOS and its creator BlockOne closely. Like the Libra Project, EOS could enable the widespread of cryptocurrency and completely disrupt the financial system.