What is ChronoBank.io?
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.io, we are challenging the status quo and bringing an alternative to traditional financial systems.
This alternative is a new generation of time-based currencies utilising 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.
Labour–Hour Stable Coins
Labour-Hour tokens 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 tokenise 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.
Alternative financial system
As a blockchain-based form of private, time-based money, banks are made redundant, and transactions happen directly between people and businesses.
Multiple blockchains supported
LH tokens and Chronobank.io dapps will be created on Ethereum, Waves and NEM blockchains.
Protection from inflation
LH tokens will be linked to national average hourly wages, which have significant and stable growth with very low volatility.
LH have stable prices in fiat currencies. They, therefore, allow users to transact while maintaining AUD/USD/EUR/GBP-measured values.
ChronoBank.io will issue Labour-Hour coins with stable value, protecting users from cryptocurrency's infamous volatility.
Simple to use
Designed with users in mind and with best UI/UX practices. One click to buy/sell/send transactions with fiat or cryptocurrencies.
A decentralised ledger backbone and multiple security levels guarantee transparency and openness at all stages of Labour-Hour life cycle.
LH Debit Card
LH tokens will be hyper-liquid and accessible 24/7 via the LH debit card.
ChronoMint — the interface for ChronoBank
ChronoMint is the interface for ChronoBank’s smart contract management system. It can be used for the following operations and functions:
Manage ETH and any ERC20 tokens (not just TIME and LH), including secure multi-signature support when using hardware key storage.
Manage BTC, LTC and a number of other popular cryptocurrencies (coming soon).
Create your own ERC20 token, with currency exchange for trading pairs (coming soon): Your ERC20 <> ETH.
Distributed cryptocurrency market on top of 0x protocol (coming soon).
Voting function: TIME token holders will be able to vote on important company decisions.
Collection of rewards (long-term holders can place their TIME tokens on a deposit contract balance and receive fees from LH and LaborX operations).
LOC Management (Chronobank Manager Only).
LH token issuance (Chronobank Manager Only).
Mobile version of ChronoMint
Mobile version of ChronoMint
We have taken considerable efforts to refactor our mobile app, following new and stricter rules from the Apple Store. The mobile app now supports 100% of the functionality of the desktop app and we are working to integrate an Ethereum lite node into it.
Additionally, we are implementing all of the necessary security recommendations. The app already supports secure key storage and fingerprint authentication.
The ChronoWallet is the only wallet currently on the market that supports any ERC20 token transfers, as well as ETH, BTC and BCC. We have further plans to add DASH, XRP and NEM.
LaborX — decentralised marketplace
LaborX is ChronoBank’s flagship platform for workers and clients: a place where employers can list jobs and freelancers can find employment from anywhere in the world, 24/7.
It functions without any closures or outages, meaning work can be secured even at nights or on the weekends. LaborX’s reputation system will make the hiring process for every job fair. Every newcomer receives a neutral rating, which will change subject to feedback from the hiring counterparty. A net positive rating will enable workers to access better-paid jobs, whilst a negative rating will cause workers to drop down the ranks, and receive only offers for lower-paid work.
For workers, delayed payment for a completed job becomes a thing of the past, because payment terms are registered in a smart contract from the outset. They can even be processed on a per-second basis.
Another great feature for employers is the low commission fees - just 1% of a job’s overall pay. The difference between traditional hiring costs and LaborX’s hiring cost can be spent on improving working conditions or on pay bonuses.
Crowdsale Website Launch
We created our first website to facilitate the upcoming ICO of the ChronoBank's TIME token at the end of 2016.
Succesful ICO: $5.4 million, 2,971 participants
Our crowdsale was one of the most successful of the year, collecting the equivalent of over 5,400 BTC in a number of different cryptocurrencies.
TIME hits exchanges
Our TIME token began trading on the first exchanges, facilitating liquidity and opening up secondary markets for new investors.
ChronoWallet beta 1.0 release
We launched the first version of our flagship wallet application.
First stable LH token minted
Using the Ethereum blockchain, one of our partnering labour-hire companies issued the first Labour Hour token, to be backed by work time.
ChronoMint and LaborX mobile apps and LaborX UI
We continued to work on our core mobile applications and the user interface for ChronoBank's decentralised exchange.
ChronoWallet desktop launch (testnet) and mobile beta
We trialled our main wallet software with the community and started our security audit.
ChronoWallet desktop launch (mainnet) and mobile release
Our new desktop and mobile clients were officially launched!
ChronoMint launch on mainet
We made the first release of our smart contract management system to the community.
Completion of MVP of our decentralised exchange expected.
Working beta version fo our core exchange infrastructure planned.
LaborX launch on testnet
We aim to open LaborX testing to the community and for the professional security audit.
LaborX Launch on Mainnet
The release of our exchange and the completion of the initial elements of our key infrastructure is scheduled for the end of the year.
CEO of ChronoBank
It is both invigorating and exciting to be a part of the blockchain revolution. We are all living in a world that is changing faster than ever before. Traditional ways of doing things are fast becoming obsolete, including the way we work and earn a living.
I and our stellar team at ChronoBank have risen to the challenge of creating a fairer, more sustainable and better system for anyone to work, get paid and trade their only valuable resource, their Time.
We believe that people should have better choices in their work/life balance, be paid according to their skills, receive pensions and pay taxes effortlessly.
Thanks to our talented and experienced team, a lot of things have already been developed since the completion of our ICO. We have big plans and will continue giving our best efforts for this project to be a success.
Stay tuned, ChronoBank's TIME is coming.
We are proud of our partners
Waves is a custom tokens platform, designed to make creating, distributing and trading blockchain tokens fast and straightforward. With a built-in decentralised exchange and multiple crypto and fiat gateways, Waves is the ideal platform for blockchain crowdsales and the tokenisation of business models.
NEM is a smart asset platform: a highly versatile and modular blockchain system that combines simplicity and flexibility, allowing businesses to build a diverse variety of applications for real-world use with off-the-peg tools.
ICO Promo is a blockchain consultancy and marketing company that specialises in publicity for token sales. The group has been behind a number of highly successful crowdfunding campaigns, including ChronoBank’s own ICO.
Blackmoon Crypto is a part of Blackmoon Financial Group, a financial technology company founded in 2014. The Blackmoon Crypto Platform focuses on all the aspects of tokenized investmentsvehicles, from technology and infrastructure, to legal compliance and corporate structuring.
0x is an open protocol for decentralized exchange on the Ethereum blockchain. It is intended to serve as a basic building block that may be combined with other protocols to drive increasingly sophisticated dApps. 0x uses a publicly accessible system of smart contracts that can act as shared infrastructure for a variety of dApps.
Bcoin is the first Bitcoin fullnode implementation built specifically for production systems at scale. Written from the ground up entirely Node.js, Bcoin enables companies to spin up consumer-grade bitcoin applications, including robust wallet APIs and infrastructure, without the long-term concerns of scalability or security.
Crypviser is an innovative, encrypted communications network for individual investors and corporate businesses. The platform is based on advanced encryption technology to achieve the highest standards of security and privacy.
Emercoin — a well-known and established cryptocurrency platform — across several elements of shared interest. Emercoin offers diverse blockchain services for businesses and individuals, providing a wide range of facilities that increase transparency, security and reliability.
International People Solutions
IPS is a recruitment consultancy, a human sized International search & selection consultancy based in Amsterdam made up of highly experienced and Internationally connected industry professionals.
Ethplorer – Ethereum Tokens Monitor. ChronoBank will be implementing Ethplorer’s API within their ChronoWallet to gain the information required to conduct a range of TIME token operations.
Employable, a mobile recruitment app designed for ultimate ease of use in order to match candidates with jobs quickly and on the go.
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.
BANKEX is Bank-as-a-Service on blockchain, building the Proof-of-asset-Protocol. BANKEX stands for Bank exchange, to describe a platform where banks can exchange their products.
Time-based cryptocurrency initiative ChronoBank, an ambitious project that aims to "disrupt the short-term recruitment sector" by connecting employers with freelancers on a peer-to-peer basis, has eclipsed...
The Sydney Morning Herald
The kids of tomorrow will have 10 different currencies in their wallets just like today we have 10 different bank cards. The bling factor of what currency they use will be an indication of status far more expressive than physical adornment or what car they drive.