ChronoBank starts issuing Labour Hour tokens
The first stable tokens are now being minted — a hugely important milestone for our project!
ChronoBank has now begun to issue the first Labour Hour (LH) tokens. This is an extremely significant moment for us, because it shows that not only are we technically ready to take this step, but that there is a market for LH tokens and support for their issuance from a partnering labour hire company.
Stable crypto payments
LH tokens are an innovative way to address the problem of volatility in the cryptocurrency markets. They can be considered a form of distributed private money. That is, they are not backed by a government (like fiat money) or by gold or silver (commodity money) but by companies who will honour them. Whilst this approach has been used before, it frequently suffered from the problem of unscrupulous issuers running away with the money or going out of business. In the 1830s to 1860s, America experienced its era of so-called Wildcat money, when anyone could issue their own private currency, until regulation stopped it. ChronoBank’s approach avoids the problem of centralisation inherent in this kind of company money. By using a number of large and well-regarded labour-hire organisations, we can ensure that our LH tokens will be honoured and redeemed for work when required. Effectively, what we’re doing is tokenising time, since LH tokens each represent a commitment to work for an hour.
In this instance, we’re starting to issue LHAU tokens — Australian Labour Hours. These are being minted in the course of our partnership with Edway Labour Hire. The tokens are ERC20-compliant, which means they are standard Ethereum tokens that can be transferred on the Ethereum network, and traded on our LaborX exchange. Whilst it’s possible to use any ERC20 token to pay workers, we hope and anticipate that a large proportion of payments will occur in LH tokens. Nevertheless, we offer workers and clients the opportunity to arrange payment in other currencies, so long as they are ERC20 compliant. In this way, they can organise payment in a wide range of tokens, in a way that suits them best.
As far as TIME investors go, this is a promising development since holders can access rewards from transaction fees. When the new ChronoMint app is released — the default wallet for TIME tokens and the LaborX ecosystem — it will be possible to lock tokens in a rewards contract. These will then receive fees in proportion to the amount locked, in a similar way that proof-of-stake platforms distribute transaction fees. We anticipate that these revenues will make TIME a more valuable investment, and will give the market confidence that LaborX will succeed in its aim of disrupting the short-term recruitment sector.
For more information, visit www.ChronoBank.io.