What is ChronoBank?
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, we are challenging the status quo and bringing an alternative to traditional financial systems.
This alternative is a new generation of time-based currencies utilizing 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.
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 tokenize 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.
LaborX Decentralised Marketplace
The second stage is to create LaborX, a decentralised marketplace where people in the 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. Whilst TimeBanking in its simplest form uses a standard exchange rate for time, each ChronoBank 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.