Chronobank is developing a highly advanced Blockchain-based financial system that is aimed at helping contractors and freelancers to obtain work whereby they will get remuneration by Chronobank's "labor-hour" token. The platform will disrupt the workings of the finance, recruitment and HR sectors. It is an alternative financial system that is aimed at transacting Labor- Hour enabling people to find work and receive remuneration. Furthermore, the platform is designed to be multi-Blockchain and will allow several trading ways including the use of Ethereum, NEM and Bitcoin Blockchains. The website will issue LH debit cards.
Features of the ChronoBank Project
· Unlike other trading platforms, Chronobank does not experience inflation among other factors of demand and supply.
· The platform will allow all exchanges including AUD, EUR, GBP and USD.
· This platform is a time-based token system that is entirely different from other platforms.
· Unlike typical freelance websites like Upwork that pay through Paypal and Bitcoin, Chronobank will utilize time-based currencies and is likely to be the first Blockchain job in the world.
· Unlike other platforms, in Chronobank only valid TIME holders will be considered current stakeholders in its CBE system and will be the only party authorized to take part in a poll. With chronobank, unlimited TIMEtokens are generated during crowd sale. Nonetheless, no further TIME tokens will be generated apart from the initial phase project.
· Chronobank utilizes Labour-Hour Tokens as the fundamental units of value. These tokens provide a non-volatile and inflation-resistant digital store that has value on multiple blockchains. These tokens are further envisaged for further utilization in future systems including LaborX. The Labour-Hour Token is derived from Ethereum ERC20 token and can be traded on multiple major exchanges. Stakeholders will have the ability to redeem their tokens for real-world labour-hour compensation at any time.
· Chronobank will maintain fixed fees that may vary on the special case-to-case basis to manage the viability and stability of Chronobank ecosystem.
· A centralized entity that is aimed at coordinating redemption, creation as well as the destruction of the Labour-Hour Tokens referred to as ChronoBank Entity (CBE) is employed. CBE facilitates acquisition and coordination of legal contracts for labor.
Pros of the Project
- Contract jobs and freelancing are increasingly becoming popular due to the rise in career diversity hence cryptocurrency is very popular. This is a good chance for Chronobank to further contract and freelancing jobs.
- Chronobank's initial implementation of CBE will employ Ethereum blockchain. Nonetheless, future applications are expected to tokenise assets on the alternative blockchain systems when deemed appropriate. CBE is projected to benefit stakeholders and the environment it is deployed. This is unlike region-specific CBE deployment system where only a single group of CBE stakeholders exist globally.
- This time-based cryptocurrency is expected to be highly profitable since it will pay people in hourly wages.
Cons of the Project
- It will not be more attractive than the current widely used US dollar.
- Chronobank is coming to an already established market and where competitors have established themselves and gained thousands of users making it hard for Chronobank to make its mark.