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.
Our goal is to make a difference to the way people find work and are rewarded for their labour – doing so within a decentralised framework and without the involvement of traditional financial institutions.
Our primary target professions are:
Labour-Hour Stable Coins
The first stage of our project is to create the financial backbone of ChronoBank.io: national Labour-Hour (LH) tokens.
LH 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 systemAs a blockchain-based form of private, time-based money, banks are made redundant, and transactions happen directly between people and businesses.
Multiple blockchains supportedLH tokens and Chronobank.io dapps will be created on Ethereum, Waves and NEM blockchains.
Protection from inflationLH tokens will be linked to national average hourly wages, which have significant and stable growth with very low volatility.
AUD/USD/EUR/GBP transactionsLH have stable prices in fiat currencies. They, therefore, allow users to transact while maintaining AUD/USD/EUR/GBP-measured values.
Stable tokensChronoBank.io will issue Labour-Hour coins with stable value, protecting users from cryptocurrency's infamous volatility.
Simple to useDesigned with users in mind and with best UI/UX practices. One click to buy/sell/send transactions with fiat or cryptocurrencies.
TransparencyA decentralised ledger backbone and multiple security levels guarantee transparency and openness at all stages of Labour-Hour life cycle.
LH Debit CardLH tokens will be hyper-liquid and accessible 24/7 via the LH debit card.
LaborX Decentralised Marketplace
The second stage is to create LaborX, a decentralised marketplace where people in real-world professions will be able to sell labour-hours to anyone.
LH tokens will act as a substitute for payments in fiat currencies and will enable people to be rewarded for their work – without cryptocurrency’s signature volatility risk.
We have taken great care to design the system for ease of use, to make sure that actual labour time and the LH token can be exchanged efficiently for each other. While timebanking in its simplest form uses a standard exchange rate for time, each ChronoBank.io participant will have reputation assigned to them, to enable them to access remuneration appropriate to their skill level.
The better the individual’s reputation based on previous work, the higher the price they will be able to command for an hour’s work. Initial reputation will be set based on the individual’s experience within the partner company from stage one of the project.
For those who have not participated in the system in any previous capacity, a nominal average reputation will be assigned.
Every care is taken to incentivise the user to increase their reputation and maintain it at the highest level.
Some of Edway Group's corporate customers:
GovernmentAustralian GovernmentThe Government of the Commonwealth of Australia. Australia is known for its Sydney Opera House, the Great Barrier Reef, a vast interior desert wilderness called the Outback, and unique animal species like kangaroos and duck-billed platypuses.
ArmyAustralian ArmyThe Australian Army is Australia's military land force. It is part of the Australian Defence Force (ADF) along with the Royal Australian Navy and the Royal Australian Air Force
RailCorpNSW Transport RailCorpRailCorp is a NSW Government state-owned corporation. It owns a portfolio of $28.6 billion of railway property, mostly within the Sydney
UNSWUNSWThe University of New South Wales is an Australian public research university located in the suburb of Kensington in Sydney. Established in 1949, it is regarded as one of the country's leading universities.
CelemetrixCelemetrixCelemetrix provides the Australasian IT and Industry Telecommunications market with leading specialist services designed to ensure the success of network and technology deployments.
WestminsterRoyal Boskalis WestminsterCreated in 1910, Royal Boskalis Westminster is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors
AureconAureconAurecon provides world class engineering, management and specialist technical services to clients across Australia and internationally. An independent, employee owned company, Aurecon has more than 6,000 staff in over 80 offices worldwide.
CostcoCostcoCostco is a largest multinational membership warehouse club, dedicated to bringing our members the best possible prices on quality brand-name merchandise.
WoolworthsWoolworthsCreated in 1924, Woolworths is a major Australian company with extensive retail interest throughout Australia and New Zealand.
TargetTargetCreated in 1926, Target Australia is the largest (by store number) mid-price department store chain in Australia
GSKGSKGSK's business spans more than 150 countries including major research and development centres in the United Kingdom, the United States, Spain, Belgium and China.
BrinckerhoffWSP Parsons BrinckerhoffParsons Brinckerhoff is a multinational engineering and design firm with approximately 14,000 employees.
Join our Slack to communicate with our team!
Edway Group Pty. Ltd. is a consolidated group of Australian companies and industry leader in vocational training and labour supply. The company has multiple divisions in the fields of HR, recruitment, training, technology and auxiliary services to these industries.
Sergei SergienkoChief Executive OfficerAustralia
Sergei Sergienko is a co-founder of Edway Group Ltd. He has won a number of awards in business in Australia, including "Hot 30 under 30" and "Young gun in business". He has represented Australia on G20 summits and understands how to connect real and crypto world economies.
Alexander RugaevChief Marketing OfficerAustralia
Alexander Rugaev is a serial entrepreneur and one of the early blockchain supporters. He has experience in creating industrial grade Bitcoin and Ethereum mining farms. He has 16 years of experience in e-commerce and online marketing.
Paul is a legendary creator of Ithaca HOURS, the first modern time-based currency! Founder of 18 organisations and campaigns for ecology and social justice. He is an author of several books and a former professor of urban studies at Temple University.
Sigma PrimeStrategic PartnerAustralia
Sigma Prime provides consulting services in the blockchain and information security space. Sigma Prime is responsible for the development of ChronoBank’s White Paper and for providing expert blockchain technology consultancy.
Luke AndersonBlockchain ConsultantAustralia
Luke is a PhD candidate in blockchains at the University of Sydney. As well as being a prominent figure of the Australian blockchain community, Luke has experience performing detailed analysis of the Ethereum network and securing large web applications with over 20M users.
Adrian ManningSmart Contract ConsultantAustralia
Adrian is a PhD candidate at the University of Sydney (Quantum Field Theory in Curved Spacetimes). He has been involved in projects from various computer-related fields including numerical mathematics, AI, cryptography and computer security.
Paul HaunerSmart Contract ConsultantAustralia
Paul is a multi-disciplined software developer with extensive experience as a leader in developing critical software systems in banking, government, military, health and corporate sectors. He has an extensive knowledge of Ethereum technology.
Distributed LabStrategic PartnerUkraine
Distributed Labs is a company focused on open-source software for the financial industry and public sector. They created the Bitxfy.com wallet, the INFRA protocol for financial web, and Eauction.io software for transparent and decentralised auctions on the blockchain. They participated in the creation of Hufsy.com, Decent.ch, Bitalo.com, and Kuna.io
Lucas CullenEthereum DeveloperAustralia
Lucas is a Board Member at Bitcoin Association of Australia and the creator of BitPoker. He has extensive experience in developing software on Bitcoin and Ethereum blockchains.
Greg MikeskaSmart Contract DeveloperUSA
Greg is a developer from Texas, specializing in smart-contract and web development. He brings full-stack, security focused experience from his time working on penetration testing tools.
Jared AbrahamseOperations ExecutiveAustralia
Jared has shown himself to be a true professional who is able to adapt quickly to fast-paced environments and overcome challenges by thinking outside the box. He brings discipline, leadership and creativity to the team at ChronoBank.
Deirdre GallagherKey Account ManagerAustralia
With business management and customer liaison experience under her belt, Deirdre will connect new "real-life" companies to the ChronoBank.io ecosystem.
Danielle ReidRecruitment expertAustralia
Danielle brings 10 years of experience in Human Resources, gained within the Government and Tourism/hospitality sectors. Her calm nature and good judge of character assist in bringing a personalised touch to this exciting game changing project.
Ash HanStrategy AdvisorSouth Korea
Ash Han is a founder of blockchain/DLT startups including Finector, the biggest research&consulting firm for institutional blockchain applications in Korea. He is an author and well-known investor and recently working as an advisor for Tendermint.
Ransu SalovaaraCEO of Revoltra.com and TokenMarket.netFinland
Ransu is also a co-founder and CEO of Revoltura, the company behind BitcoinETI, Europe’s first bitcoin-backed exchange traded instrument. BitcoinETI is listed in Gibraltar Stock Exchange and traded at Frankfurt Stock Exchange.
Sasha IvanovFounder and CEO of WAVES PlatformRussian Federation
Physicist by education, Sasha Ivanov has been involved in Internet payment systems software development and neural network prediction software for financial markets. After the emergence of blockchain technology he launched the first instant cryptocurrency exchange coinomat.com, the first fiat blockchain token coinoUSD, the first tradable cryptocurrency index coinoindex.com, and WAVES Blockchain Platform
Oleg KhovaykoVice-President at Jefferies & CompanyUSA
Oleg is one of the creators of EmerCoin and a technical wizard. He has a strong background in the realm of finance and specializes in technological aspects of blockchains and cryptographic algorithms.
Jeff McDonaldProject manager of NEMUSA
Jeff works as part of the NEM Core Team and as the project manager of Apostille. He is an Assistant Professor at Keimyung University in South Korea. He is also a blockchain enthusiast following Bitcoin and NEM.
TIME token crowdsale
There is an opportunity for everyone to get involved in this revolutionary project early on!
Rewards for TIME token holders
TIME token holders will be rewarded with issuance fee every time a new LH (Labour-Hour) token is issued on any blockchain.
In addition to issuance fees, on Ethereum and blockchains that support smart contracts, TIME token holders will be rewarded with 0.15% transaction fee from any LH “send” or “redeem” transaction, including LH payments on LaborX. Therefore, the greater the volume on LaborX, the higher investors' rewards.
These fees may be distributed to TIME holders in one of two ways:
LH fees will be distributed proportionally to TIME owners. We will cooperate with exchanges to enable support for rewards distributions and will make LH rewards payments only if there is zero chance of rewards being lost.
Possible TIME rewards scenarios
Scenario 1. (2021)Issuance fee rewards (1%)
|Country||Ticker||Issuance LH||LH Value||Currency||USD||Issuance, USD||Rewards, 2019|
LH transactions (including LaborX volume): $3,000,000 per day = $1,095,000,000 per year
LH transaction fee rewards (0.15%) = $1,642,500
Total rewards = $2,425,753.66
Scenario 2. (2021)Issuance fee rewards (1%)
|Country||Ticker||Issuance LH||LH Value||Currency||USD||Issuance, USD||Rewards, 2019|
LH transactions (including LaborX volume): $0 per day = $0 per year
LH transaction fee rewards (0.15%) = $0
Total rewards = $0
TIME tokens distribution
- 88% for TIME crowdsale
- 10% for the ChronoBank.io team
- 2% for advisors and the earliest adopters/contributors