In a blog post published by The Mises Circle in August 2013 and titled "The Problem With Altcoins", Daniel the poster wrote:
"New ideas attract not only visionaries and pioneers but also charlatans and fools. The former group understands the nature and potential of the new idea and attempts to extend it in new ways. The latter observes the success of the former and expects similar results through blind imitation and empty hope"
He is talking about all of those coins that have nothing new to offer (shitcoins). No innovative features. No utilities. Nothing. Zilch. Nada! They are there just to feed the pump-and-dump speculators of this world and some naive get-rich-quick investors.
But on the flip side, I am always excited, fascinated and inspired every time I come across a new cryptocoin that brings creative solutions to real-life problems.
In this post, I am about to introduce you to one of the most innovative cryptocurrency project I have found based on my research. I'll also give you detailed information as to which features justify my decision to pick this particular coin. As of now there are five (5) of them on my list. So once a week over the next few weeks, you can expect me to publish a post which will be titled: "Coin of the week".
Now before going any further, here is an important disclaimer:
In evaluating a coin project, my focus is set exclusively on it's problems-solving potential and nothing else! Which means that if you want to know whether a coin is legit or not or whether it's a good investment or not, I am asking you to do your own research in that area and not to solely rely on the information I provide in my post.
"Chronobank" My coin of the week for this week!
The reason I chose this startup is because Chronobank's goal is to eventually be "the Uber of Recruitment and Labor". Their plan is to match workers directly with employers, in both online and offline occupations around the whole world. The workers will be paid with Chronobank's own cryptocurrency called: the "Labour Hour" (LH) for short. And a debit card will also be provided to allow them to convert their earnings from cryptocurrency to cash locally.
Therefore in my book, by putting these three items together: a cryptocurrency, a debit card and universal labor, I think that Chronobank may be able to disrupt the entire workers recruitment and labor field, (416 billion dollar industry) in the same way that Uber was able to crush the legacy taxy industry.
By making it possible for new users to acquire the new currency by working for it instead of having to buy or mine it, this could even be the killer app that cryptocurrency users have been waiting for, as new users on-boarding which is the process of putting the new currency into people's hands, will be done organically through their labor, the same way that Steemit is able to on-board his new users through blogging.
A 200 year old concept unearthed
But the truth is that this is not a totally new idea! Basically what this startup is looking to do is to take a 200 year old alternative economy concept called "Time Banking". Add a couple of well tested e-commerce features like Reputation and Escrow to it and then matching the whole thing with blockchain technology. I think this is a grounbreaking concept!. And that's why this project is on my list of the top 5 Cryptocurrencies that solve Real-Life Problems.
In conclusion
To be fair, I am of course aware of other platforms such as Upwork.com and Fiverr.com that are also in the business of matching online workers with employers. But the truth is neither of those platforms is able to match the kind of value that Chronobank is looking to provide which is, universal economic inclusion in addition to large scale employment opportunities. And what's more is that they're looking to do that on a truly global level and not just in those select countries that are Visa, Mastercard and Paypal friendly.
But it's not a done deal yet. This project still has a long way to go before hitting the pavement. The encouraging part is that they've just raised 1.2 Mil USD through an ICO a few weeks ago. So I wish them good luck and until then, will keep my fingers crossed.
This was the first instalment of my "Coin of the Week's Series" and I Hope you've enjoyed reading it. Your questions, comments and votes are always welcome.
Final disclaimer
