Chronobank TIME token
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.
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.
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.
ICO PromoStrategic PartnerThailand
Drawing on our team’s wealth of knowledge and experience in Blockchain space, we provide full circle ICO services. We fund, shape, market your idea to bring it to a successful ICO raise.
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
Yury ZaborovskiyEarlier SupporterIsrael
17 years of automation and optimization of business processes in various sectors of the real economy, such as agriculture, design and construction, logistics, service and other, allow Yuri to easily identify the possibility of embedding LH tokens into established business ecosystems.
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.
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.