ChronoBank Development Part 1: Timeline Since ICO
Since our successful ICO, we have focused on rapid software development and securing business partnerships. We’ve made excellent progress in both. At this critical juncture, as we seek to roll out new software and integrate our partnering organisations, it’s worth taking a step back to see what we’ve achieved so far on the dev front.
October 2016: website launch. Articulation of ChronoBank’s vision of timebanking, updated for the needs of the global economy. Introduction of the idea of Labour Hour (LH) tokens: blockchain tokens backed not by fiat or commodities, but by labour time, and therefore constituting a stable store of value that increases over time. Later came publication of our white papers and a full business and technical description of the ChronoBank ecosystem.
December 2016 — February 2017: Crowdsale. Over the course of two months between 14 December 2016 and 14 February 2017, ChronoBank held one of the most successful ICOs of its time. $5.4 million of cryptocurrency — including BTC, WAVES, ETH and LTC — was collected, and the total included a substantial injection of fiat from a venture investor. Overall, 2,971 participants bought TIME tokens at a rate of between 100 and 130 TIME/BTC, and at the end a fixed supply of 710,113 TIME were created and distributed.
March 2017: TIME launches on exchanges. The TIME token began trading on exchanges, starting with Liqui and Livecoin, but later being listed with Bittrex — one of the foremost altcoin exchanges and the source of the majority of the token’s liquidity against BTC. TIME was later listed against CNY on DABTC, where it enjoys high volumes with Chinese traders. It is also available on the Changelly service. For most of the period since listing, TIME has traded between 0.008 and 0.01 BTC, though it has dipped as low as 0.005 and risen as high as 0.014 BTC. In fiat terms, it is currently trading around $15, with highs of around $30.
April 17: Release of ChronoWallet beta v1. The ChronoWallet is ChronoBank’s flagship wallet application, which will be used to store LH tokens and TIME. This is designed to be an intuitive, straightforward wallet that anyone can use to access their tokens and send and receive them easily — without having to worry about technical overheads or blockchain downloads.
May 2017: First LH stable tokens minted. This milestone saw the creation of the first LH tokens. In this instance the tokens created were denominated in Australian dollars (AUD). LHAU were minted for use by our first partner, the Australian labour hire organisation Edway. Tokens will be created as they are required and paid to workers, whilst Edway — and any other partnering Australian labour hire organisations — will back them with labour time. These tokens can be freely transferred and traded against other blockchain currencies, or cashed out to fiat via an exchange or ultimately the ChronoBank card.
June 17: Development of mobile applications for ChronoMint and LaborX. Where the idea of ChronoBank excels and has already found traction with the market is in the so-called gig economy. It is extremely attractive to the millennial generation, who take a very different approach to work and careers than previous generations — not least because the labour market and jobs landscape is very different to how it was only a few years ago. This resonates with a mobile lifestyle, and the mobile wallet and exchange apps are key to broader adoption. UX is also critical, and we have spent significant time and effort in ensuring that this is as frictionless and user-friendly as possible.