ChronoBank plans to revolutionize the recruitment industry using the power of blockchain. Find out everything you need to know about ChronoBank today in our review.
What is ChronoBank?
Blockchain technology has changed the worlds of payment processing and online gambling, among hundreds of other industries. Now, ChronoBank plans to use blockchain technology to disrupt the HR, recruitment, and finance industries.
ChronoBank, found online at ChronoBank.io, wants to change the way people find work and are rewarded for their labor. It wants to do this without the involvement of traditional financial institutions. Through this process, ChronoBank plans to revolutionize short-term recruitment in key professions.
Some of the primary target professions for ChronoBank include e-commerce, cleaning, warehousing, industrial, and building. It plans to particularly appeal to freelancers – people who already sell their time (i.e. labor hours) in exchange for fiat currencies.
The ChronoBank ecosystem is based on Labor-Hour (LH) tokens. LH are linked to average hourly wages in a host country. The tokens are backed by a real labor force from big recruitment and labor-hire companies. There’s a US Labour-Hour token, for example (LHUS) and an Australian Labour-Hour token (LHAU), among others, both scheduled for launch throughout 2017.
Meanwhile, ChronoBank launched its TIME token earlier this year through its ICO. TIME is being actively traded on a number of cryptocurrency exchanges.
Why do we need a platform like ChronoBank? The company claims that “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.”
Stage 1 of the ChronoBank project is to introduce Labour-Hour tokens. These tokens will have stable value and will be hyper-liquid, making them easy to transfer into fiat currencies worldwide. ChronoBank will also introduce an LH debit card to give users access to their funds 24/7.
In the future, stage 2 involves introducing the LaborX decentralized marketplace.
With that in mind, let’s take a look at how ChronoBank will work.
ChronoBank Labour-Hour Features
The first stage of the ChronoBank project is to introduce Labour-Hour tokens. Here are some of the key features of Labour-Hour tokens.
Alternative Financial System: ChronoBank is a blockchain-based form of private, time-based money that makes banks redundant. 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, as opposed to other crypto-tokens which typically only use one blockchain.
Protected from Inflation: LH tokens will be linked to national average hourly wages. These wages have significant and stable growth and low volatility.
Stable Prices in Fiat Currencies: Users can make transactions while still accessing fiat currencies. Transactions will be facilitated in AUD, USD, EUR, and GBP. LH was built with the goal of offering stable prices in fiat currencies.
Stable Tokens: Labour-Hour coins have stable value in order to protect users from the infamous volatility of the cryptocurrency world. Users can enjoy the benefits of a cryptocurrency without the downsides.
Simple to Use: ChronoBank’s platform is designed “with users in mind and with best UI/UX practices”. With one click, you can buy, sell, and send transactions using fiat or cryptocurrencies.
Transparency: ChronoBank uses a decentralized ledger backbone with multiple security levels to guarantee transparency and openness at all stages of the Labour-Hour life cycle.
LH Debit Card: ChronoBank plans to issue a debit card that allows you to spend LH tokens like ordinary cash. LH tokens “will by hyper-liquid and accessible 24/7 via the LH debit card”, explains the official ChronoBank website.
The LaborX Decentralized Marketplace
Stage 2 of the ChronoBank project will be to introduce the LaborX decentralized marketplace. That decentralized marketplace will allow people in real-world professions to sell their labor-hours to anyone. In this marketplace, LH tokens will act as a substitute for fiat currency payments. That means people can be rewarded for their work without the volatility risk of cryptocurrencies.
In the marketplace, each user will have a reputation assigned to them, letting them access compensation appropriate to their skill level in a particular profession. As an individual’s reputation increases, they’ll be able to command a higher price for their work.
What about an individual’s initial reputation? How do you distinguish a plumber with 20 years of experience from one who just completed his apprenticeship yesterday? Here’s how ChronoBank.io explains it:
“Initial reputation will be set based on the individual’s experience within the partner company from stage one of the project.”
For those who did not participate in the system in any previous compacity, “a nominal average reputation will be assigned.”
Users will be incentivized to increase their reputation and maintain it at the highest level. The better your reputation, the more you’ll be paid.
Who Created ChronoBank?
ChronoBank is led by co-founder Edway Group, also known as Edway Group Ptd. Ltd. This is a consolidated group of Australian companies and an industry leader in vocational training and labor supply. The company has subsidiaries in the fields of HR, recruitment, training, technology, and more.
Other key members of the team include Sergei Sergienko (CEO), and Paul Glover (Ideologist). Paul Glover is best-known for creating Ithaca HOURS, the world’s first modern time-based currency.
By January 2017, ChronoBank had attracted $3 million in funding. The company plans to launch its LH tokens later this year in different stages. LHAU (Australia) is scheduled for a Q2 launch, for example, while LHUS (US) is scheduled for Q3, and LHEU (Europe) and LHUK (United Kingdom) are scheduled for Q4.
Ultimately, ChronoBank is targeted towards freelancers who want a different way to quantify their effort and reputation. Today, freelancers sell their time in exchange for fiat currencies. With ChronoBank, freelancers can sell their time in exchange for labor hour tokens (LH) based on the price of labor in their country of origin. Overall, ChronoBank plans to disrupt the HR, recruitment, and finance industries in a similar way to how Uber disrupted the taxi business.
Stay tuned for more information as the ambitious project continues to roll out over the coming months. The company’s ICO for its TIME token has already taken place, and that token is being actively traded. LHUS, LHUK, LHEU, and LHAU tokens will launch throughout 2017.