The ChronoBank blockchain powered platform is on its way to disrupt the short-term recruitment market. As the Sydney, Australia based team works on the platform while preparing for the upcoming ICO. We decided to connect with one of the co-founders of ChronoBank, Edway Group Limited and ask them some questions about the platform and their vision for ChronoBank. For those who don’t know about Edway, it is one of the leading Australian companies involved in industrial training and labor supply. The company boasts of having over 100 years of combined relevant experience in the sector.
Sergei Sergienko – the co-founder of Edway Group responded to the questions to offer a better idea about the ChronoBank platform to our readers.
NewsBTC: What got Edway interested in cryptocurrency sector in the first place?
Sergei: At Edway we love technology, we always try to be on top of what’s going on in the technology world to be able to improve our business processes, decrease costs and make our operations more efficient. Blockchain and cryptocurrencies have addressed just that. We believe that our world is changing with the adoption of cryptocurrencies and we would like to be at the forefront of this change.
NewsBTC: ChronoBank talks of disruption by comparing itself with Uber and Upwork. Both the companies defined “sharing economy”. How do you think ChronoBank will disrupt the short term hiring market?
Sergei: ChronoBank as a platform aims to make short-term employment more attractive than long term, by making sure that everyone gets paid and rewarded exactly what they are worth, not what the government dictates that you are worth. This will be achieved in stage 2, LaborX, where everyone’s worth will be based on demand and their own reputation. ChronoBank effectively aims to reduce inefficiencies in recruitment and in the way people work.
NewsBTC: Bitcoin and PayPal transactions are widely accepted, readily accessible and easy to use. How different or similar will LH transactions be?
Sergei: LH tokens will combine benefits of both: it will be on blockchain like Bitcoin and will be acceptable everywhere where debit cards are accepted after we introduce LH debit card, that is denominated a very stable LH hour. In contrast to Bitcoin, LH will have very stable value in fiat currencies and will lack Bitcoin volatility that prevents its mass adoption outside the crypto community.
NewsBTC: LH debit cards, will they be accepted across POS and Online payment channels? How do you intend to achieve it?
Sergei: LH debit card will be issued for LH by ChronoBank, it will work with either Visa or MasterCard. It will work in a similar way that Bitcoin-denominated cards work
NewsBTC: Given the adoption and reliance on Ethereum platform (among others), what is your take on the security and reliability of the platform, especially with the recent issues of DOS attack etc.?
Sergei: DOS attacks on Ethereum will be fixed soon with a new fork. It is expected that any new system might have a few kinks and wrinkles at the beginning. Ethereum seems to solve them quite well and the team there is pretty quick to react and fix it. We believe in the power of Ethereum and the minds working in the Foundation. They are smart guys and I’m sure that Ethereum will come out of all these attacks a much stronger system.
NewsBTC: How do you intend to maintain the supply of LH? Will it be limited or generated on an “as required” basis?
Sergei: During the first stage, supply will be equal to the available labour hours of our partner companies that they will issue. It will be up to the ChronoBank’s team to grow the system by adding more partner companies. I have absolute faith in ChronoBank’s team and believe that they will be able to scale the platform quickly and securely.
NewsBTC: Can you explain a bit more about the reputation levels on LaborX? Will the remuneration be fixed in accordance to their reputation on the platform? Can the user set his own fee?
Sergei: Reputation on LaborX will be kept on the blockchain and anyone will always be able to verify its integrity. Remuneration will be set by the people willing to complete work and will be either accepted or rejected by people/companies looking for the work to be completed. It will be very similar to a traditional exchange where the ultimate price will be set by normal market forces for each work, based on the worker’s reputation. In other words, better-verified reputation will attract better remuneration.
NewsBTC: What happens if a highly skilled and experienced candidate joins LaborX, will he be able to claim the industry standard fees which he usually charges (outside the platform)?
Sergei: Yes, ChronoBank will manually verify experience and professional qualities of the workers at the initial start of the platform.
NewsBTC: Your take on the future of ChronoBank and how it will help Edway?
Sergei: If all goes well, it will ultimately make companies like Edway obsolete. While we understand that we are helping to create a system that will eventually squeeze us out of the market. We see where the progress is going and that’s why we are trying to join it at this stage. I’m sure Edway will survive in some other capacity, I guess we will have to “pivot”.
NewsBTC: Anything else you would like to add?
Sergei: ChronoBank’s vision is very ambitious, it is at the point of being scary. However, things are changing quick and we must get on board now, to make sure that Edway as a company survives in this new business and finance environment that blockchain and cryptocurrencies are creating.
ChronoBank has got a new website now, providing a detailed description of the project roadmap. The platform will be starting its ICO campaign in December 2016.