Answers to AMA from March 2019
In March, we conducted an AMA with ChronoBank CEO Sergei Sergienko on Reddit, where anyone was given the opportunity to ask Sergei anything related to ChronoBank.
Q: Could you please check with the development team regarding an approximate release date for a new ChronoWallet version?
I can see good progress in the LaborX and TimeX product but there was no updates for ChronoWallet in way over half a year now and the current version has many bugs like Metamask support missing and XMIN not displayed at all.
Also, as a Ledger Wallet user, I still did not get any XMIN!! Also since team said ChronoWallet is necessary for the start of staking, mining LHT, I think we can’t see a operational ecosystem without having ChronoWallet updated.
Thank you.
A: Our development team is currently updating ChronoWallet with the new, bug free version being released when staking is planned. All mentioned problems will be resolved with this upcoming version update.
Q: How many from the target of 1000 companies signing up have been achieved? Not asking for all the details just a number or a region.
A: Since we have faced some delays during the development of the platform, direct work with clients was paused momentarily. At the moment, we have several agreements with Australian companies, some of them are:
Q: How will you maintain the value and stability of LHT ? If you plan to place buy orders, how much funding will be made available? What’s the plan when the funds are finished? What will you do with the bought LHT?
A: LHT mining amount is floating and directly linked to the ecosystem’s demand. The more demand there is on the LaborX platform, the more LHT we will mint — and vice versa. There will be no LHT issued without confirmed liquidity. Therefore, special liquidity provider will be monitoring that all the LHT minted has sufficient liquidity.
Q: What is the purpose of XMIN? Will XMIN trade on TimeX?
A: We are still thinking a lot about what use case we will assign to XMIN. Thus far I can confirm that XMIN will be convertable to LHT during the first deals on the LaborX platform.
Q: Are there estimations how much $ will flow through the ChronoBank system at launch? Approximately how many $ in LHT will be mined monthly in the beginning?
A: Right now, we estimate the monthly currency-flow through the ChronoBank ecosystem, especially the LaborX job-matching platform, to be around $100,000. This number is subject to change upwards with increasing adoption of the platform.
Q: Can we still expect ChronoBank debit cards for in-store payments or ATM withdrawal with LHT? When? LaborX full launch?
A: Yes, ChronoBank (LaborX) debit cards are part of our final plans for the platform. We are convinced that easy access to fiat money (beyond TimeX gateway) for the worker’s earned LHT is crucial to ensure further adoption. However, we don’t expect those to be available at MVP launch yet, since some legal aspects are still to be worked out and agreements and negotiations with issuing/acquiring companies are ongoing.
Q: If i use LaborX, can it also make my tax return/declaration? Maybe hard because different for every country but ChronoBank could employ tax consultants through the platform. Users can pay those for making the tax return with consultant’s salary transacting on LaborX, too, making it a win-win.
A: Yes that will definitely be possible. We are already working on implementations to provide automatic tax return/declaration for different countries and jurisdictions.
Q: What about the Estonian deal? What happened with the partnership with Invigor Group? What about the partnership with NEM? I thought relisting at Bittrex wasn’t a problem? Can you understand the people who don’t believe you a word anymore?
A: The Estonian deal has fallen through due to the partners’ lack of commitment, unfortunately. However, we have used the last months talking to a couple of other government representatives from different countries and thus far I can say that things are looking positive.
Regarding our partnerships with the Invigor Group and NEM foundation, we still have frequent contact to both.
Q: According to this post, the TimeX exchange runs on the LaborX sidechain, and it also runs on the 0x contracts for settlement. Curious what you mean by this — did you fork the 0x contracts to use them off-ethereum on your sidechain or can you go into more details of what the set up is here?
A: That’s right, we forked the 0x contracts to be able to run TimeX on ChronoBank’s sidechain. We are completely moving from Ethereum mainnet to our own sidechain within the next two months because Ethereum’s overall mainnet performance and transaction cost is not sufficient enough for the high amount of (trans-)actions we expect on our platforms. Transaction costs will be free of charge for TIME holders on Chronobank sidechain. At the moment we are working to put our liquidty bridge to production.
Q: If miners are going to be rewarded with LHT for supporting the platform as nodes, when they sell their LHT to the platform that they mined it will drain the platform of all its money and the freelancers and clients wont be able to get the money out of the system. Could you please explain how miners can be rewarded with staking TIME to receive LHT without harming the business model (making return while LHT simultaneously staying backed by a stable $ value) ?
A: As already mentioned before, the mining reward for LHT is floating and not fixed at a certain rate, as a fixed rate might cause the ecosystem to be insufficient. We decided for that floating mining reward to balance the LaborX economy in terms of demand and supply of LHT and capacity of work.
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TIME is trading on the following exchanges:
https://coinmarketcap.com/assets/chronobank/#markets
