FAQ

General

Why are you called ChronoBank? Are you a bank?

We are not a bank, we are a software company that connects suppliers of labour hours, both businesses and individuals, to the users of the workforce. The word bank is used about "timebanking" which our system is loosely based on. "Timebank" is a registered trademark. Therefore we used the word "chrono" that means the same, and is used in many words like "chronometer".

In two sentences, what is ChronoBank?

ChronoBank is a system that guarantees that people will always get paid for their work according to their effort, as well as a system that provides the most sustainable stable token on Ethereum and other participating blockchains. 

ChronoBank uses big and reputable labour hire/HR companies to guarantee the supply of labour hours that are issued, essentially creating an alternative to the traditional banks, which is much cheaper and more transparent.

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. It will receive fees from LH issuance and transactions.

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, ChronoMint and LaborX?

ChronoMint is the interface for ChronoBank’s smart contract management system. Read about its functionality on the main page.

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.

ICO & TIME token

When was the ICO?

ChronoBank received contributions between December 2016 and February 2017.

How much did ChronoBank rise?

ChronoBank raised over 5400 BTC or about $5.4MM during its ICO.

How many TIME token are there in existence?

There are exactly 710112.8108 TIME in existence, giving it a supply of under one million. There will never be more TIME token than those 710112.8108 TIME that were distributed during the ICO.

How were the initial TIME tokens distributed?

88% for Investors, 10% for the ChronoBank team and 2% for advisors and early adopters.

What is TIME and what’s its main purpose?

TIME is an Ethereum token based on the ERC-20 standard.

The funds raised during the TIME crowd sale are used to finance the development of the system. In exchange for their contribution, investors received TIME token which make them eligible to receive rewards and give them the possibility to use TIME for services like platform/token creation etc. within the ChronoBank network.

TIME can be bought and sold at many different cryptocurrency exchanges.

How can I buy TIME?

You can buy it on various exchanges. Full list available here: http://coinmarketcap.com/assets/chronobank/#markets

You can also buy TIME via Changelly service.

How will ChronoBank’s reward model work?

With regard to existing regulations, we’ve slightly refined the use of TIME within ChronoMint. The idea is that it should always be the fuel for different operations within the ecosystem. Any advanced functionality will require the user to hold and/or pay a small amount in TIME tokens, whilst of course simply using the wallet to send, receive and store tokens will be free to anyone.

Those who wish to use our advanced features will need to deposit TIME tokens to a smart contract to lock them on a temporary basis. The idea is that TIME tokens are secured off-exchange, and off the open market, helping to reduce sell pressure and better aligning interests between users. The amount of tokens that will need to be locked will depend on the nature of the service to be accessed.

Then there will be a number of services that require a fee to be paid in TIME tokens, such as running your own crowdsale campaign, or issuing your own ERC20 token. These fees will go to TIME token holders, just like the fees from minting LH tokens or from transactions on the LaborX exchange.

For more detailed information about ChronoBank’s reward system, visit our ‘Reward Model 2.0’ blog article or the article ‘Is TIME a security?’

How do I store TIME tokens?

You can store your TIME in the ChronoWallet but also in any other Ethereum wallet.

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

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

ChronoMint / ChronoWallet

What is ChronoMint?

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)

Do you have mobile ChronoMint app?

Yes, it’s available for ios and android.

How can I login into ChronoMint?

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

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 ChronoMint. 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 ChronoMint won’t change anything about that. 

LaborX & Labour-Hour token

What is LaborX?

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.

My hourly charge is much greater than the average rate that Labour-Hour tokens are backed by. How does the system work for me?

The rate that someone charges are indexed according to the current proportion or performance that a person usually charges: For example, if a Labour-Hour in Australia is $25 per hour and someone charges $100, then they would charge 4 x LHAU (Labour-Hour in Australia) for their hour of work.

Who are the issuing labour-hire companies?

ChronoBank selects labour hire/recruitment and HR companies based on their credibility, size, and financial performance, among other factors. Please refer to our company selection methodology in our business description document, available on our website.

The initial list of companies who agreed to issue LH tokens:

Anderson Recruitment and Training Pty Ltd
http://www.andersonrecruitment.com.au
[email protected]

Host Group/Host Labour Hire
[email protected]

AES Labour Hire Pty Ltd
http://www.aesau.com.au
[email protected]

Edway Labour Hire
http://www.edwaylabourhire.com.au
[email protected]

What if one of the labour-hire companies goes bankrupt, after issuing a tranche of Labour-Hours tokens?

Every time a company issues the labour hour tokens, we reserve a percentage of these tokens and keep it in “liquidity fund” and “security reserve”. This fund is necessary to guarantee the integrity of the whole system and to insulate it against short-term shocks, for example, if one of the participating companies goes into liquidation. This fund is also used to guarantee that there is no short-term volatility to fiat currencies.

Labour hours within a particular country/jurisdiction are uniform, in other words, they are interchangeable between the companies. Hence, in the event of bankruptcy of one or more of the participating companies, the liquidity and security fund will be used to guarantee the stability of the system. By definition, that would mean that the other companies will “de facto” be obligated to redeem labour hours, not directly, but through these funds.

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

To stop a possible short-sale attack by speculators, Labour Hour tokens will always be refundable at a small discount less the issuance fee. That will remove any motivation for any 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 number of LH tokens?

The total number of coins will always depend on the number of companies in the system and labour hours available in those companies that businesses can fulfil.

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

Which blockchain network is ChoronoBank based on?

TIME token is on the Ethereum blockchain. LH tokens will be initially created on the Ethereum blockchain, and then the software will be ported to other blockchains: WAVES, NEM, ETC. We are focusing on the Ethereum blockchain; all others will be developed only after the system is fully operational, and there's a decent volume of LH tokens. In addition to that, we will have a 3rd party security audit of all smart contracts in the system.

What language are ChronoBank’s dApps written in?

ChronoBank’s dApps are written in JavaScript.

What if Ethereum fails for some reason?

We will take a snapshot of balances and reissue TIME onto a different asset blockchain platform like NEM or WAVES.

What differs dApps from smart contract?

dApp is short for decentralized applications in a peer-to-peer network that cannot be censored due due the immutability of the blockchain they’re built on. It consists of the whole package of an application, including the user interface as well as the code behind it. Smart contract are one part of decentralized applications which normally only consist of back-end content.

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). A 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 the code open source and where can I find a link to the official GitHub repository?

The code for ChronoBank is open source. This means that the code for the project is fully available and transparent. The repository -  https://github.com/ChronoBank

Why not just use Bitcoin (or any other existing crypto) to achieve the same functionality as LH tokens?

Bitcoin is extremely good at transferring one kind of value. However, Bitcoin’s wider adoption in commerce has been negatively impacted by its volatility. This is one of the major factors that has put off e-commerce merchants, bricks-and-mortar stores, and ordinary people. So, bitcoin is perfect for value storage like virtual gold, but not for everyday transactions.

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

Normal transactions are almost immediately broadcasted to the Ethereum network and confirmed after a few minutes.

For LaborX, payments will be released immediately after the hours of work that both parties agreed upon have passed executed by smart contract.

Community & Support

What social networks do you use? Where can I find official links to your social accounts?

All official links are provided on our website. Please, use only those links to connect to us as there have been a few instances of people representing themselves as us.

Do you have support on other languages?

Right now we have English, Russian and German support.