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FAQ

General

Why are you called ChronoBank? Are you a bank?

We kind of are, but not the type of bank you're thinking of. Our economy is founded on a time-based currency that represents labour hours, so in a sense we "bank" time for both job seekers and employers. Another word for time is Сhrono. Hence, ChronoBank!

In two sentences, what is ChronoBank?

We can do it in one! ChronoBank is rebuilding HR and recruiting for the blockchain age, with a complete ecosystem that includes a hiring marketplace, decentralized exchange, multicurrency wallet, and time-based coin.

Why is ChronoBank better than any other projects?

You can read about our advantages in the Business Proposal document on our website.

Where can I find your white paper?

Download the White Paper.

Is there a roadmap or what’s up next?

Yes, we have a roadmap.

What is TIME token and LH token?

TIME tokens are used to finance the development of the system. After LaborX launch, TIME holders will be able to deposit TIME and run a private ChronoBank node on the LaborX sidechain to mine LHT.

For more information about the LaborX sidechain and how the consensus algorithm works, read this article.

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.

What is ChronoWallet and LaborX?

ChronoWallet - the bespoke cryptocurrency wallet that members of the ChronoBank ecosystem use to manage their TIME tokens and other payments in ERC20-compatible tokens. 

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.

Could you tell us more about the ChronoBank staff and where the headquarters of the company is located?

ChronoBank core team is based in Sydney, Australia. There are a few members of our team that are based all over the world. More information you can find in Team section.

Token Sale & TIME token

When was your token sale?

It began on December 2016 and concluded February 2017. Fun fact: we were Australia's first major token sale!

How much did ChronoBank rise?

ChronoBank raised over 5,400 BTC or about $5.4MM during its ICO.

How many TIME tokens exist?

Our token supply is far less than most blockchain startups, some of which release billions of tokens. Rounding up, we minted 710,113 TIME.

What was the initial allocation of TIME?

Our initial allocation was extremely favorable to investors. We distributed 88% of tokens to investors with the rest going to our team (10%) and advisors/early adopters (2%).

What is TIME?

TIME is our Ethereum-based ERC20 token. It will have a variety of uses in the ChronoBank economy. For example, TIME holders can use their tokens to run a ChronoBank node that mines LHT for LaborX.

How can I purchase TIME?

TIME trades on many top cryptocurrency exchanges. Find the full list here.

How do I store TIME?

While you can store your TIME on the exchange you used to purchase it, we recommend storing the tokens on your own wallet. Use our wallet or any wallet that supports ERC-20 tokens.

Do you have plans to get TIME listed on more exchanges?

TIME is trading on the following exchanges:
https://coinmarketcap.com/assets/chronobank/#markets

But we are in negotiation with several exchanges right now. It is one of our strategic goals.

ChronoWallet

What is ChronoWallet?

ChronoWallet is a powerful cryptocurrency wallets available anywhere. In addition to managing your TIME and LH tokens, you can use ChronoWallet as a stand-alone wallet. It has many unique features, including...

- Support for ETH and all ERC20 tokens (including TIME and LH, of course)

- Support for major cryptocurrencies, including BTC, LTC, BCH, and XEM

- Lets you create your own ERC20 token with a built-in exchange for trading pairs (coming soon)

- Distributed market built on the 0x protocol (coming soon)

- Unlock the power of TIME within the ChronoBank ecosystem: vote on big company decisions or stake your TIME to mine LH tokens.

Do you have mobile ChronoWallet app?

Yes, ChronoWallet is available on Android. iOS is coming soon.

How can I login into ChronoWallet?

Go to Chronobank.io and click Login. For more detailed instruction please read out step by step instruction How to login to ChronoWallet?

How do I transfer my TIME to ChronoWallet?

ChronoWallet is an interface that can be used with any existing Ethereum Wallet. Just log in with your Wallet data and ChronoWallet will display its content. To move TIME from an exchange to your personal wallet, please read the blog post How to transfer TIME from the exchange to ChronoWallet?

I don’t know how or in which context to use this feature of ChronoWallet. Where can i find information?

Generally, our blog gives you lots of background information about the whole project and also has lots of How-to guides.

Can I use it as a receiving wallet when I participate in ICOs?

You can. However you need to add the specifications of the ICO token manually for it to be displayed in your wallet.

Is it safer to use ChronoWallet instead of other online wallets?

Since none of ChronoBank’s software saves any log in data from its users, ChronoWallet can be considered safer than any web-based cryptocurrency wallet that stores recovery keys. When you’re the only one in possession of your wallet’s private key from the beginning, then using ChronoWallet won’t change anything about that. 

How do I access ChronoWallet?

Simply visit our homepage and click “Login” in the top-right corner.

LaborX & Labour-Hour token

What is LaborX?

LaborX is ChronoBank’s flagship job hiring platform that connects employers and candidates providing the tools they need to transact safely, reliably, and quickly in crypto. You can think of LaborX as Upwork rebuilt for the blockchain age.

If your LH token is pegged to my country’s average hourly wage and I make more than that average, how can I use LaborX?

You simply charge more tokens for your time. For example, if you live in Australia and the average hourly wage in Australia is $25, each LHIA (Labor Hour in Australia) token is worth $25. Now, if you normally charge $100 per hour, you charge 4X tokens for each hour of work.

Which companies will issue LH tokens?

We closely vet all companies that issue tokens on the LaborX platforms. We evaluate them on a number of dimensions, like size, history, and industry reputation. You can find more information about our vetting process in our development plan.

 

Our launch list of companies include such major firms as:

 

  • Anderson Recruitment and Training Pty Ltd

  • Host Group/Host Labour Hire

  • AES Labour Hire Pty Ltd

  • Edway Labour Hire

What if one of the issuing companies goes bankrupt after issuing a tranche of LH tokens?

Every time a company issues LH tokens, we reserve a percentage of those tokens in a special fund. This fund is used to fortify the system against short-term shocks, like if one of the issuing firms goes bankrupt, or if there is too much volatility.

 

Furthermore, LH tokens are interchangeable between different companies in the same country or jurisdiction, so another firm can accept your LH token.

What will guarantee that LH value will stay stable relative to fiat, in the case of a massive short-sale attack by speculators?

Labour Hour tokens will be refundable minus an issuance fee. This removes the incentive for a short-sale attack.

How can I buy LH tokens?

Right now you can’t. It is an inner platform token; you’ll be able to buy it after LaborX launch right on the exchange. It will have a fixed value and four different types depending on country and currency - LHAU (Australia), LHUS (United States), LHUK (United Kingdom) and LHEU (European Union).

What is the total supply of LH?

The supply is dynamic, depending on how many companies use LaborX and what their hiring needs are.

Who will pay the fee for the use of the platform: an employee or a customer?

The fee will be paid by companies using the service to finance their current operations.

Who can join the ChronoBank platform and get paid for their work?

During stage one, corporate clients can be issuers of LH tokens, and everybody can be LH a user. Once we start stage two of the project, anyone who can perform any work will be able to sell their labour hours and get paid for their work.

How do you guys handle labour laws, workplace injury insurance, and tax deductions? Are ChronoBank workers considered independent contractors?

The First stage of the project implies that employer responsibilities are managed as normal by our company partners who issue the coins. We are currently working on the structure of Stage 2 regarding all these issues. We will announce on our website once we structure stage 2 employment responsibilities.

How can LH tokens be shared across multiple blockchains? What is the advantage in deploying dapps to multiple blockchains?

The First and priority blockchain will be Ethereum, with other blockchains to follow. The advantage of using multiple blockchains is security and integrity of the whole system. We are trying to diversify the operations so that ChronoBank is not too dependent on any particular blockchain. ChronoBank will never become obsolete like some other crypto start-ups, which have chosen a single blockchain and issued all of their tokens on a protocol the market ultimately deemed unsuccessful.

How will Labor X’s reputation system work? Which roles will there be?

Evaluator, Verifier, Provider - rating, activity points - Arbitrators, the jury member.

Learn more about it.

Technical details

What blockchain architecture powers ChronoBank?

TIME runs on the Ethereum blockchain as an ERC20 token. We’ll launch LHT on Ethereum as well, and once LHT is established with baseline volume goals, we’ll port it to other blockchains, including WAVES and NEM.

What language are your dApps coded in?

ChronoBank dApps are coded in JavaScript.

What if Ethereum fails?

We’ll be prepared. Our team will port TIME to another blockchain platform and restore wallet balances to what they were before the failure.

What’s the difference between a dApp and a smart contract?

dApps, short for decentralized applications, are apps that live on a peer-to-peer network. They differ from normal apps because they have no single point of failure and cannot be censored. dApps are the whole package, with an interface and backend code, whereas smart contracts are just backend code. dApps often have many different smart contracts running in the background.

How will ChronoBank ensure privacy of users and which information will be publicly available?

ChronoBank will manage this tension between necessary privacy and transparency by dividing data into public and private profiles, and ensuring that private information is never published on the blockchain in ‘plaintext’. Non-sensitive data will also be held in the InterPlanetary File System (IPFS). The second block of private data will never appear on the blockchain or anywhere else public in a form that would be useful to malicious third parties.

For more information about this topic, please read our blog article LaborX: The balance between privacy and transparency.

Is ChronoBank open-source? If so, do you have a GitHub?

Yes, we are big believers in open-source software. All our code is readily available for your review on our GitHub repository.

Why use LHT when you can use Bitcoin (or another cryptocurrency)?

The short answer is volatility. Bitcoin and other cryptocurrencies are extremely volatile, making them impractical for daily transactions. LHT will be pegged to average labour-hour wages, making it a unique and reliable stablecoin.

How long does it take for transactions and payments to be confirmed and released?

Transactions are broadcast to the Ethereum network, so it depends on the network’s congestion. Typically, it takes a couple of minutes.

 

On LaborX, payments will be released automatically via smart contract after you’ve worked the agreed-upon number of hours.

Community & Support

Are you on social media?

Yes, links to our official social media accounts are in the footer. Please only use these links as there are impostor accounts out there.

Do you support other languages?

 

Yes, we currently support English, Russian, German, Spanish, Chinese, and Korean.

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