The labor market is set for a major shakeup as the Blockchain-based ChronoBank emerges to link job seekers with recruiters and other stakeholders. This ambitious, far-reaching technology focuses on three primary industries: HR, recruitment, and finance. ChronoBank will help people find work and get rewarded without the involvement of conventional financial institutions.
Chronobank is a creation of the Australian company Edway Group Ltd. The key team leaders of this Blockchain include Australian entrepreneur and labor market advisor Sergei Sergienko, who is the CEO, and Paul Glover, the man behind Ithaca HOURS, the first global time-based currency.
ChronoBank differs from other Blockchain products because it is not dependent on a single Blockchain platform. ChronoBank has four interlinked components, namely: LabourX, Chronomint, TIME, and Labour-Hour (LH) tokens. TIME and LH are the units of exchange utilized by the ChronoBank platform.
To understand how ChronoBank works, let’s now delve in and explore each component in more depth.
LabourX is a platform where employers list available jobs and freelancers can access employment opportunities 24/7 from anywhere in the world. Upon registration, freelancers get a standard ranking. This ranking improves when they attract positive reviews and declines when they receive negative ratings. Ones they agree to work together, the employer and employee sign a Smart Contract available on the system. Here, employers are required to pay a 1% commission of the overall job pay into the system.
ChronoMint is the ChronoBank user interface where users interact with each other. It is available as a desktop app as well as a related ChronoApp available for mobile phones.
Labour Hour tokens (LH)
A Labour Hour is the unit of exchange on the ChronoBank platform used between employers and employees. The LH token operates on an equalization standard based on the average hourly wages in a particular country where it is in use. Currently, there are LH tokens for various countries such as the US Labour-Hour token(LHUS) and the Australian Labour-Hour Token (LHAU), among others.
Whereas the LH token is the medium of calculating work time and work value between an employer and a freelancer, TIME token is the reward through which a participant trades on the ChronoBank ecosystem. The ICO for the TIME token opened on the 15th of December 2016 and closed on the 15th of February 2017. And for the two months of trading the ICO, a total of 710,113 tokens were sold for a whopping $5.4 million. The token is not attached to a single cryptocurrency product. It is tradable with Ethereum, Bitcoin, Wave, and Litecoin, among other Blockchain currencies.
The mining process is dependent on the ETH ERC20, and the value is pegged on general activity on the LaborX platform. Participants who want to mine tokens enter into a mining contract. The accumulated assets are shared amongst all ChronoBank members periodically (similar to issuing dividends).
Use of Several Platforms
The other important thing to note here is that ChronoBank can integrate several platforms in a manner that they narrow down to specific rewards. A job-seeker, for instance, might end his relationship with the platform once he receives payment for a job done. However, to gain optimally, he can engage in mining the TIME tokens using what he has earned.
Among the key achievements of ChronoBank is enabling access to jobs while slashing the commissions charged on employers. At the same time, the ability to use the platform to access other cryptocurrency products makes it appealing to Blockchain enthusiasts. The future is bright for ChronoBank.