ChronoBank.io is an ambitious and wide-ranging blockchain project aimed to revolutionize the short-term recruitment sector. It strives to disrupt the HR/recruitment/finance industries in a way similar to that of Uber in taxi business and UpWork in freelancing. The project has Edway Group Ltd, a leading Australian industrial training and labor supply company as one of its founders.
ChronoBank is an evolution of timebanking. Timebanking is a well-established idea that allows participants to swap an hour of work for a time credit, which can then be used to buy labour or other facilities from participating businesses.
Paul Glover, the founder of Ithaca HOURS– one of the best-known timebanking systems, is also a consultant for the ChronoBank project.
“We wish to make short-term work employment more attractive than long-term. Time as a work resource is scarce enough to be valuable, yet abundant enough to be accessible to anyone…” said Sergienko, co-founder of Edway and CEO of ChronoBank about Chronobank.
Initiatives like Uber and AirBnB have already shown how powerful disintermediation can be, and how the sharing economy is growing as people increasingly look outside of traditional structures of business to access goods and services.
ChronoBank’s Labour Hour (LH) tokens is a time-based and a multi-chain cryptocurrency whose value will be pegged against the value of fiat currency to eliminate the price volatility. LH coins are for each country, since different countries have a different cost of living and average wages.
LH are to be traded on ChronoBank’s LaborX exchange and a decentralized reputation system is to be used to make sure that workers are rewarded in line with their expertise, training and talent, as well as with the cost of living in their country, says Sergei Sergienko.
ChronoBank’s ICO is ongoing and will distribute TIME tokens to investors on the Ethereum blockchain. TIME holders will be rewarded with transaction fees every time LH tokens are created on their various blockchains, or traded on LaborX.