Questions and Answers

  • We are not a bank, we are a software company that connects suppliers of labour hours, both companies and individuals, to the users of the workforce. The word bank is used in reference to \"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\".

  • 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.

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

  • 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.

  • The rate that someone charges is 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.

  • 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.
    Initial list of companies who agreed to issue LH tokens:

    Anderson Recruitment and Training Pty Ltd

    Host Group/Host Labour Hire

    AES Labour Hire Pty Ltd

    Edway Labour Hire

  • 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.

  • 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.

  • The total number of coins will always depend on the number of companies in the system and labour hours available in those companies that companies are able to fulfill.

  • Chronobank will use a fixed rate for TIME token during ICO.
    100 TIME = 1 BTC.
    1 TIME = 0.01 BTC

  • We have 2 Factor Authentication with Google Authenticator

  • A fully decentralised wallet will be available. Read our Business Outline and White Paper for more information

  • The ICO will last for two months from 15th of December 2016. We will be accepting Bitcoins, Ethereum and some other altcoins. We will also endeavor to accept fiat, once we get the regulator’s approval.

  • The White Paper will be available on our website after 25th of November.

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

  • Shortly after ICO. TIME is a standard ERC20 Ethereum token, it will be easy to connect it to Poloniex or other exchanges. No any additional integration will be needed, because they trade many ERC20 tokens already.

  • Fee will be paid by companies using the service to finance their current operations.

  • The best Escrow services in the crypto industry will be used and the details of escrow are provided on our website. in the “Escrow” section.

  • 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 is able to perform any work will be able to sell their labour hours and get paid for their work.

  • Smart contract architecture by Sigma Prime, Ethereum wallet by and in-house developers, other parts of the software by in-house developers.

  • 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.

  • The code for Chronobank will be open source, the repository will be provided in December.

  • TIME tokens are used to finance the development of the system. It will receive fees from LH issuance and transactions. We plan to introduce voting based on a number of TIME tokens voters hold at a later stage of the project.

  • Chronobank core team is based in Sydney, Australia. There are a few members of our team that are based all over the world.

  • 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 normal people. So, bitcoin is very good for value storage like virtual gold, but not for everyday transactions

  • 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.