ChronoBank.io. "timing is everything", "time is money", a phrase like that might have been we often hear so far. What if the "time" is used as the base of the footing so that it can become a currency?
A startup called ChronoBank.io then translate these ideas into a new startup, and platforms using the blockchain technology as the keystone. This new startup developed by Edway Group Pty Ltd., A provider of workforce services to contractors from Australia.
Starting from the Uber Hype and Platform provider of Freelance Labor
We may already have a lot who knew how Uber worked quite popular, as was the case in the platform provider of freelance labor (freelancer) in the online world. The fact is so populenya it platforms, ChronoBank.io intends to make new breakthroughs that then make it happen with blockchain technology.
Blockchain became the Foundation of the ChronoBank.io used for alternative financial system for everyone or the workforce. On Chronobank.io, the wages that will be accepted is in the form of coins called Labour-Hour (LH).
With wage Labour Hour (LH), the workforce can eventually exchanging them to the desired currencies such as USD, Euro, GBP and AUD, as well. To be able to do so, owners can exchange token LH on the marketplace tedesentralisasi called LaborX.
Not The First
The basic idea ChronoBank platform, it is not the first. In 1980, Dr. Edgar s. Cahn introduced the TimeBanking. At the time, TimeBanking operates as a service provider of credit, trying to form a community order which is more resilient. In 1995, the company inaugurated the Edgar Timebanks, and is headquartered in Washington DC.
Meanwhile, in 1991, there was a community that had a local currency. The local currency that is used by the community called Ithaca Hours. The name is taken from thename of Ithaca was a city in New York.
Community in the town of Ithaca, print their own currency, because at that time, the currency of dollars from the Federal Reserved fell drastically. Thus making the communities in the city that became pretty much experienced economic difficulties.
In addition, there is also a startup that many freelancers are named Upwork. Freelance workers can search for various types of jobs at the site, then the wages earned may be a number of bitcoin nor in the form of paypal.
Although ChronoBank.io is not the first, but with an attempt to use blockchain technology using the token as a currency of its own, making the idea would be something quite interesting. Because after all, ideas that appear sebelum-sebelumnya still have not tried to make the breakthrough to try mengintegerasikannya in the blockchain and cryptocurrency technologies.
What is a ChronoBank.io?
Now, let's see the further what ChronoBank.io actually is? Chronobank.io be an alternative financial system platform for freelance labor, as well as for many companies that want to use the service of labor in a variety of fields.
In this case, ChronoBank.io will bring together both the company and the workforce. Intersection between the two, bridged with financial systems have been used based on the technology of blockchain and cryptocurrency.
Coin Labour-Hours
Serves as the unit of currency that would serve as a reward the workforce services,was named Labour-Hours (LH). This LH token, can be traded by the owners on decentralized marketplace called LaborX.
To avoid the level of volalitas units of this token, the ChronoBank LH merelasikannya based on the size of the average hourly wage in various businesses in some countries. As in the US, United Kingdom, Europe, and Australia.
Some of the benefits of alternative financial ChronoBank.io system are:
- Can be an alternative financial system based on the technology of blockchain.
- Support also on the platform blockchain Ethereum, Waves, and also NEM.
- Hold down inflation.
- It is easy to be traded or exchanged for currencies USD, AUD, EUR, and GBP as well.
- Keep from volalitas extreme price because it is associated with the average wage of the working hours.
- Easy to use with a variety of user friendly applications.
- Transparent because it is based on blockchain technology.
- Debit card features also provided LH, and accessible 24 hours a day.
System ChronoBank
Description: CBE is the central entity Chronobank, LOC (Labour Offering Companies) is a freelance workforce search, LHT (Labour Hour Token) is a token Labour Hour (LH), LHT Holder is the holder of a token LH. Time is the Crowdsale token, and the TIME holder is the owner of the token TIME.
Chronobank whitepaper, written in that the system used is more like just as much as on the stable-coins, such as on a Tether and also the DigiX. So, Chronobank.io uses a centralized entity that mutually connects from the process of its creation, Exchange/withdrawal, as well as the Elimination of the token Labour-Hours (LHT – Labour Hour Tokens).
The central entity in the Chronobank called with CBE (ChronoBank Entity). The function of this entity is to coordinate contract freelance workers who have been made, and then linked to the LHT.
That is, the main function the CBE is to ensure the stability of the LHT system in accordance with the contract that has occurred. Meanwhile, the LHT system designed based on economic conditions have been divided based on a specific area, such as in the US, Australia, the United Kingdom, and Europe as well.
For example, to the territory of the country of Australia, then the size used is in accordance with the average wage perhour in units of Dollars Australia. While implementation of the CBE, translated into blockchain Ethereum.
But the development advanced will be done, is to also support token system in blockchain and also a Bitcoin Waves. The description of this system, the entity believed to be able to provide benefits, CBE, the economy and a good fit with where its location. As was the case the shareholders that is used as the basic operational Chronobank capital. The initial shareholders for operation later will get in return a profit in the future, according to the product-product Chronobank systems later in the future. Meanwhile, for operations in the development of further projects, opened also ICO toboost financing capital projects.
ICO ChronoBank
Initial Coin Offering (ICO), is used to supplement the financing of capital projects. Capital gained from the initial sales (crowdsale), used for operational financing of up to Chronobank. op ready to be launched later.
Crowdsale ICO in this new startup project has started since December 15, 2016. And ends on February 15, 2017. The price for the sale of the ICO is 1 BTC worth with 100TIME. As the holder of the ICO who have helped in the development of the project launch of the ChronoBank, of course later will get the rewards that could be accepted later. Of course, the reward according to how the number of nominal who has dikontribusibusikan in helping the smooth running of the project Chronobank. Interested in join the ICO Chronobank.io? You can visit their site.