All about the ChronoBank ecosystem
ChronoBank is more than just a suite of software. It’s an ecosystem built on the decentralised Ethereum blockchain and a host of powerful smart contracts applications. Here, we explore the main components of the ChronoBank ecosystem and the role that each one plays.
ChronoBank’s goal is to build an open, decentralised ecosystem that is available to everyone and that will accelerate the development of the new global financial paradigm, as well as a new reality for the web and online services. We seek to achieve this through a number of key pieces of software.
LaborX
The heart of ChronoBank’s ecosystem is LaborX: a decentralised labour-hire marketplace. Built using Ethereum’s smart contracts, LaborX uses a dedicated sidechain for scalability and throughput.
The key idea of LaborX is that employers and workers should be able to connect directly, without middlemen (recruitment companies) and all the delays, fees and inefficiencies that entails. The screening usually undertaken — albeit imperfectly — by recruiters is instead dealt with by a decentralised reputation system that enables competent, skilled workers to access better opportunities. Employers simply post opportunities and appropriately-qualified workers contact them to accept. Payment is made automatically upon completion of work in the agreed currency, which can take the form of any ERC20 token.
Labour Hour tokens (LHT) are the default means of payment. These are backed by labour hire companies and are worth one hour’s labour at the average rate for the country in question. Unlike traditional labour-hire markets, LaborX is open 24/7 — reflecting the realities of the global labour force and the needs of the expanding gig economy.
The development of LaborX was funded by the token sale that ChronoBank held at the end of 2016. 710,113 TIME tokens were sold to investors for a total of $5.4 million in different cryptocurrencies — a sum that has appreciated considerably since then with the rocketing price of bitcoin. TIME will be the fuel of the ChronoBank ecosystem. After LaborX launches, holders will be able to deposit TIME in a smart contract and run a private ChronoBank node on the LaborX sidechain which enables them to mine LHT in dPoS. Holders can also participate in a mining pool, just like bitcoin mining, if they don’t have the necessary resources or enough TIME to mine solo.
TIME tokens will also be used to pay for other services within the ChronoBank ecosystem, such as token creation fees on ChronoWallet.
ChronoWallet
ChronoBank offers powerful token creation and management facilities. ChronoWallet is the interface for this extensive functionality, giving users a clean, straightforward frontend for smart contracts and tokens operations. This includes:
- Coin management. Hold and manage ERC20 tokens and ETH, as well as popular cryptocurrencies such as BTC, BCH, LTC, NEM and others.
- Token creation. ChronoWallet will be used by employers to create Labour Hour tokens, but anyone will be able to use it to launch their own token for a wide range of purposes (token sales, loyalty programmes, etc), subject to payment with TIME.
- LH token mining. TIME holders will be able to lock their tokens in a smart contract and receive ongoing revenues from the creation of Labour Hour tokens.
- Voting. TIME holders can vote on issues of importance to the company, with votes weighted in proportion to their TIME holdings.
This functionality means that ChronoWallet will be used as the default wallet for all LaborX users.
TimeX
Exchanges are a critical element of the cryptocurrency world, but experience has shown that centralised exchanges are vulnerable to hacking, theft and downtime. They represent the weakest link in a world of decentralised technologies.
TimeX, a Plasma-based hybrid cryptocurrency exchange, combines the speed and privacy of a centralised system with the security and transparency of a decentralised solution.
Safe: Full transparency without loss of privacy eliminates the possibility of fraudulent exchange activity.
Customizable: Use of Plasma allows the implementation of a decentralised non-custodial system, which dramatically increases performance — enabling lightning-fast trading.
Decentralised: Built on Plasma, TimeX matches orders off-chain for speed and privacy, while settling transactions on the blockchain for ultimate trust
TimeX will be the main venue for trading LHT into other crypto assets. All payments made on LaborX in LH tokens can be exchanged for other currencies on TimeX, including fiat.
PaymentX
PaymentX is an automated cryptocurrency payroll solution for individuals and businesses. Pay the team using crypto in one click, send and receive professional invoices, set up regular payment dates — all quickly and conveniently!
ChronoBank will iterate on all of these products over time, refining them and adding further functionality as it launches and promotes LaborX and the decentralised new economy that we will build around it.
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TIME is trading on the following exchanges:
https://coinmarketcap.com/assets/chronobank/#markets
