ChronoBank.io, a blockchain project seeking to create an choice labor economic scheme based on time-based cryptocurrency has launched a novel website, chronobank.io, together with announced a Dec crowdfunding campaign. ChronoBank hopes to revolutionize the short-term recruitment manufacture the means Uber changed the taxi industry, according to a press release. It seeks to create blockchain-based labor lx minutes tokens together with a decentralized marketplace where people volition sell labor time. With sense inward both the recruitment manufacture together with cryptocurrency, ChronoBank believes the time-based currency concept tin alter the means professionals await for work.
A New Role For Time Banking
Time banking has proven successful inward express settings – most notably Ithaca, New York, which has a thriving time-based economic scheme built on the “Ithaca Hour” fourth dimension currency. However, ChronoBank does non believe it is suited to a broader application inward the 21st-century global workplace.
“We know nosotros tin alter that amongst blockchain technology,” said Alexander Rugaev, ChronoBank CEO. “We desire to brand short-term recruitments equally profitable together with prestigious equally long-term recruitments. One of our founders is Edway Group Ltd., 1 of the largest labor-hire companies inward Australia, together with thus nosotros know just what the marketplace position needs together with how to attain it.”
Time-based cryptocurrency is the key component of ChronoBank’s idea. Time-based money has a dissimilar taxation condition compared to regular fiat money, together with it tin endure exchanged for goods together with services, or sold for other currencies.
How It Works
Labor hours link to average hourly reward inward the host province together with are backed past times a existent labor strength from recruitment together with labor-hire companies, according to the ChronoBank website. Because labor-hour tokens are backed past times existent labor, they are inflation-proof together with accept side past times side to cipher volatility inward comparing to bitcoin together with other cryptocurrencies.
“Labor lx minutes tokens are likewise a corking shop of value together with hedge against inflation since hourly reward tend to rising inward work amongst or to a higher house inflation. That makes it attractive to earn together with attractive to hold,” Rugaev said.
Awareness Needed
The commencement phase of the projection is to fix a presence inward the cryptocurrency community, providing data together with answering questions that may arise earlier launching the crowdfund inward December.
“Over the coming month, we’ll endure edifice awareness, non merely unopen to ChronoBank together with its crowdfund, but to a greater extent than broadly virtually the sentiment together with advantages of time-based currencies,” Rugaev said. “We desire people to sympathise that we’re serious, we’re experienced inward blockchain together with the recruitment sectors, together with nosotros accept the talent together with backing to brand this laissez passer on inward a large way,”
“We’re going to agree the crowdfund together with consequence labor hours on multiple blockchain platforms, including Ethereum, Classic, Waves, Lisk and bitcoin, depending on demand,” he said. Image from Shutterstock.