ChronoBank, the multi-blockchain project that will use time-based Labour Hour (LH) tokens and a decentralised labour exchange to revolutionise the recruitment industry, is creating a new version of its ChronoWallet for the Waves platform.
ChronoBank is currently in its crowdfunding stage and has so far collected in excess of $4 million. Investors’ stake in this ICO (initial coin offering) will be reflected in the distribution of the TIME token, which will be created on the Ethereum blockchain. TIME will receive rewards based on activity within the ChronoBank ecosystem.
However, the Labour Hour tokens that will form the lifeblood of ChronoBank and the LaborX exchange, where they will be traded against professionals’ work time and other currencies, will be created on multiple different blockchains. ‘This is a measure designed to build in redundancy, to spread our appeal to different communities and to leverage the best of all blockchain technology,’ states Sergei Sergienko, CEO of ChronoBank. LH tokens will be issued on Ethereum, NEM and now Waves. ‘Timebanking is an interesting application of blockchain technology. We fully support the ChronoBank vision of disrupting the traditional recruitment market through using open blockchains and smart contracts,’ comments Sasha Ivanov, founder and CEO of Waves.
Waves platform
Waves is a natural partner for ChronoBank due to its straightforward and user-friendly token-creation facilities. ‘We consider every blockchain with CATs (Custom Application Tokens) functionality as a potential infrastructure for LH tokens,’ comments ChronoBank’s lead developer. ‘We have recently started development of ChronoWAVES and have been in touch with Waves’ developers from the beginning, familiarising ourselves with all the technical details of the platform. ChronoWAVES will be an advanced lite wallet implemented in Javascript and fully compatible with the original Waves GUI.’
In addition to basic features such as blockchain data validation on the client side and multi-address accounts, the Waves version of the ChronoWallet will be tightly integrated with ChronoBank’s services, natively supporting LH tokens issued on the Waves blockchain. A key feature to be used by the wallet is Waves’ decentralised exchange (DEX), soon to be released on mainnet.
‘After release it will allow trades to be settled on the blockchain and we are going to utilise this fully for the exchange of Labour Hours. Additionally, a token-swap feature will offer potential integration of Ethereum tokens with the Waves blockchain. We definitely plan to share our contribution in the JavaScript infrastructure for Waves Platform with the community. We see it as an advanced JavaScript framework similar to the web3.js one that exists for the Ethereum project.’
The crowdfund will continue until 23:59 UTC on 14 February. To find out more about ChronoBank or to participate in the ICO, visit www.ChronoBank.io.