ChronoBank – A currency backed by time
“The Uber of Time”
Chronobank project, is a blockchain project whose main purpose is to interfere with the recruitment industries, it’s aimed at giving an alternative to traditional financial systems and makes use of the latest developments in blockchain technology with a purpose of creating a change in short term recruitment within major professions.
The main purpose of this particular project is to create a difference to the way people view work and are rewarded for their work without using the traditional financial institutions, It targets professions such as cleaning,building, industrial, warehousing ,freelancers among others.
Sergei – the co-founder of Edway Group – explains ChronoBank as
“It is a platform that aims at making individuals paid according to the work done government dictates they are worth.”
LABOR-HOUR-refers to wages paid hourly in the host country. Labor is greatly available for every individual to access but the problem is that it is less valuable. This is where labor hour tokens come to play and tokenize the resource because they are inflation-proof and have zero volatility as compared to bitcoin. Labor hour is sustainable as compared to backed coins and it’s accessible all the time through labor hour debit card.
1. Stable tokens – Chronobank gives its users labor hour tokens with a stable value thus protecting them from cryptocurrency volatility.
2. There is transparency in all the stages
3. Labor hour debitcards with labor hour tokens that can be gotten any time.
4. There is transparency in all the stages of labor hour processes while using the platform
6. Labor hour tokens are connected to national average hourly wages that have low volatility and stable growth and makes it easy for the user.
LaborX is a decentralized market place where people will sell labor hours to anyone. Labor tokens will be used as an alternative to flat currencies thus enabling individuals to be rewarded for their work without making use of the cryptocurrency’s signature volatility risk.
The web has been designed in such a way that labor hour tokens can be exchanged with labor time making it easier for use. Each chronobank participant is given reputation that enable them to get remuneration that matches their skill level. An individual with a good reputation on the work done previously will have a higher price for work done hourly. The initial reputation is given based on the persons experience in the partner company from the first stage of the chronobank project.
Average reputation will be given to individuals who have never participated in the system in the previous capacity, apart from that, a lot of care is taken so that the user increases their credible results and maintains it at the top level. It can be compared to the Uber business that brought a revolution in the transport sector and the Upwork revolutionaire platform which changed freelancing.
Now with the ICO being on a great way to achieve the goal, it’s the question if and how the ChronoBank approach will succeed. Bringing a crypto token in a blockchain full of employers and jobseekers may be overkill, or it could just be the way it should have been all the time.
The future will learn us about this.
Author: CryptoBjorn, 542698