ChronoBank’s core proposition is that short-term recruitment is lacking in viable, realistic cost-effective solutions. It suggests that the key is increased interconnectedness between professionals and employers.
The sector is ripe for disintermediation, which is what ChronoBank aims to do with its LaborX exchange: connecting individuals with businesses and ensuring quality control and adequate remuneration via a decentralised reputation system. The native unit of payment on the ChronoBank system is the Labour Hour (LH), a crypto token backed by professional work hours.
Now, ChronoBank has established a strategic partnership with Instahire — a team that is launching an app to expedite the recruitment process. Instahire is associated with the Clifford Wallace Agency, which supplies hospitality staffing to corporate events and restaurants and receives around 1,000 job applications per month. ChronoBank’s team met with representatives from Instahire last week to discuss the possibility of a partnership between the two organisations. Both immediately saw the opportunities that could result.
Instahire will launch in February 2017. The app is currently in the final stages of testing, ahead of first release, and hospitality businesses are actively being sought and added to the list. The immediate synergy for ChronoBank is to help grow the number of pre-registrations for both jobseekers and businesses.
Once the Instahire app is up and running with sufficient numbers of employers and employees, it will make sense to introduce the LH currency used on the ChronoBank platform. As an added incentive, the team are discussing the possibility of offering a free ChronoBank debit card with $20 credit for every new registered user, charging a 2% wage transfer fee.
Despite still being in its crowdfunding phase, ChronoBank is moving rapidly on both the technical and business development fronts. The ChronoBank platform is based on smart contracts protocol Ethereum, but LH tokens will use multiple blockchains, including Ethereum, Waves and NEM. Different forms of the ChronoWallet for these blockchains are already at an advanced stage.
ChronoBank has raised over $4 million to date. The crowdfund will end at 23:59 UTC on 14 February, after which TIME tokens will be distributed to the project’s backers. To find out more or to participate in the crowdfund, visit www.ChronoBank.io.