What is ChronoBank.io?
ChronoBank.io is an ambitious and wide-ranging blockchain project, aimed at disrupting the HR/recruitment/finance industries in a similar way to how Uber disrupted the taxi business and how Upwork represented an evolution in freelancing.
At ChronoBank.io, we are challenging the status quo and bringing an alternative to traditional financial systems.
This alternative is a new generation of time-based currencies utilising the latest developments in blockchain technology.
Despite soaring interest in distributed ledger technology, there are currently very few blockchain apps poised for mainstream market adoption.
ChronoBank.io has been designed by a consortium of professionals with over 100 years of combined recruitment experience, in consultation with experts who can create the software to leverage blockchain technology to solve real-world business problems.
Specifically, we want to create a revolution in short-term recruitment within key professions.
Our goal is to make a difference to the way people find work and are rewarded for their labour – doing so within a decentralised framework and without the involvement of traditional financial institutions.
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Our primary target professions are:
ChronoBank.io: Stage 1
Labour-Hour Stable Coins
The first stage of our project is to create the financial backbone of ChronoBank.io: national Labour-Hour (LH) tokens.
LH are linked to average hourly wages in the host country and are backed by a real labour force from big recruitment and labour-hire companies.
Labour is abundant enough for everyone to have access to it, yet scarce enough to be valuable. It is the most tradeable resource in the real economy.
LH tokens will tokenise this resource. Because they are backed by real labour, they are absolutely inflation-proof and have next to zero volatility – in comparison to bitcoin and other cryptocurrencies.
This solution is far more sustainable than any of the fiat-pegged or backed coins that currently exist in the crypto market. LH tokens will be hyper-liquid and accessible 24/7 via the LH debit card.
Labour-Hour Features
Alternative financial system
As a blockchain-based form of private, time-based money, banks are made redundant, and transactions happen directly between people and businesses.
Multiple blockchains supported
LH tokens and Chronobank.io dapps will be created on Ethereum, Waves and NEM blockchains.
Protection from inflation
LH tokens will be linked to national average hourly wages, which have significant and stable growth with very low volatility.
AUD/USD/EUR/GBP transactions
LH have stable prices in fiat currencies. They, therefore, allow users to transact while maintaining AUD/USD/EUR/GBP-measured values.
Stable tokens
ChronoBank.io will issue Labour-Hour coins with stable value, protecting users from cryptocurrency's infamous volatility.
Simple to use
Designed with users in mind and with best UI/UX practices. One click to buy/sell/send transactions with fiat or cryptocurrencies.
Transparency
A decentralised ledger backbone and multiple security levels guarantee transparency and openness at all stages of Labour-Hour life cycle.
LH Debit Card
LH tokens will be hyper-liquid and accessible 24/7 via the LH debit card.
ChronoBank.io: Stage 2
LaborX Decentralised Marketplace
The second stage is to create LaborX, a decentralised marketplace where people in real-world professions will be able to sell labour-hours to anyone.
LH tokens will act as a substitute for payments in fiat currencies and will enable people to be rewarded for their work – without cryptocurrency’s signature volatility risk.
We have taken great care to design the system for ease of use, to make sure that actual labour time and the LH token can be exchanged efficiently for each other. While timebanking in its simplest form uses a standard exchange rate for time, each ChronoBank.io participant will have reputation assigned to them, to enable them to access remuneration appropriate to their skill level.
The better the individual’s reputation based on previous work, the higher the price they will be able to command for an hour’s work. Initial reputation will be set based on the individual’s experience within the partner company from stage one of the project.
For those who have not participated in the system in any previous capacity, a nominal average reputation will be assigned.
Every care is taken to incentivise the user to increase their reputation and maintain it at the highest level.
Roadmap
Project by Edway
One of the founders of ChronoBank.io is Edway Group Ltd., one of the leading Australian companies in industrial training and labour supply with more than 400,000 satisfied customers and a team with more than 100 years of combined relevant experience.
TIME token crowdsale
We are holding a crowdsale of TIME tokens to fund developing and marketing for the ChronoBank.io project. Those who buy TIME tokens will benefit from the issuance of LH tokens as the platform gains adoption and popularity.
There is an opportunity for everyone to get involved in this revolutionary project early on!
Rewards for TIME token holders
TIME token holders will be rewarded with issuance fee every time a new LH (Labour-Hour) token is issued on any blockchain.
In addition to issuance fees, on Ethereum and blockchains that support smart contracts, TIME token holders will be rewarded with 0.15% transaction fee from any LH “send” or “redeem” transaction, including LH payments on LaborX. Therefore, the greater the volume on LaborX, the higher investors' rewards.
These fees may be distributed to TIME holders in one of two ways:
LH rewards
LH fees will be distributed proportionally to TIME owners. We will cooperate with exchanges to enable support for rewards distributions and will make LH rewards payments only if there is zero chance of rewards being lost.
Author : arwani1985, 377465
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