The goal of ChronoBank project is to make temporary employment as affordable and profitable as long-term, allowing employees to have a flexible schedu
The goal of ChronoBank project is to make temporary employment as affordable and profitable as long-term, allowing employees to have a flexible schedule while at the same time ensuring a fair payment for their time, skills and reputation.
ChronoBank uses a time-tested model of a bank in which employees exchange work hours for goods and services. But if time banks equalize all types of labor, regardless of industry and quality of work, ChronoBank uses blocking technologies to create a truly free market. This approach meets the needs of the world economy of the 21st century and offers an attractive alternative to the traditional financial system.
ChronoBank is not only a time bank placed in a blockchain but a worldwide alternative financial system that will allow workers and businesses to interact without banks or other classical financial institutions.
ChronoBank Basic Info
The ChronoBank project consists of two elements: Labor Hours (LH) and LaborX. The project will be implemented in several stages in order to obtain the infrastructure that will produce the same effect in the sphere of hiring as Uber in the taxi market.
The first stage of the project is the creation of national tokens of working time (Labor-Hour tokens). National LH-tokens are tied to average wages in Australia, the US, the UK and the EU. This binding makes tokens much less volatile than other cryptocurrencies. Also, it provides protection from inflation, as the average wages in developed countries have steadily increased over the decades.
LH is the cryptocurrency provided by real working time, which will trade freely on the open markets. It is stable and protected from inflation. The labor hour tokens will be the most stable coins. The cost of LH tokens will be tied to average wages in a country that issues them.
The second stage of the project implies the creation of a decentralized work market LaborX, where people can freely sell their working time to anyone. In this market, LH tokens will be used for payments in lieu of fiat currencies. The project team also spent a lot of time developing the system design, which will ensure efficient exchange of LH tokens for working hours and vice versa.
LaborX is a decentralized market where labor hours will be converted according to market value. A decentralized reputation system will provide feedback on each employee, which will allow people to hire the most competent professionals from online and offline areas, focusing on the available budget. Employers will have to pay a fair salary, based on the education, skills, and experience of the employee.
The project will be implemented in several stages in order to obtain the infrastructure that will produce the same effect in the sphere of hiring as Uber in the taxi market.
To finance development and marketing of the project, ChronoBank conducts crowd sale of the time tokens. They allow receiving revenue from the emission of LH-tokens, as well as from transactions with these tokens on LaborX.
One of the founders of ChronoBank, Edway Group Ltd., is one of the leading Australian companies in the field of industrial training and labor supply. About 400 thousand customers use the company’s services. The strategic partner of ChronoBank is Australian company Sigma Prime, which specializes in providing services in the field of blockchain technology and information security.