ChronoBank for dummies
All you need to know about ChronoBank, at a glance.
ChronoBank has a simple mission: to make it easier to access short-term employment. The platform enables anyone, anywhere in the world to access jobs in the gig economy. It uses a decentralised network and blockchain payments to ensure there are no middlemen or barriers: no banks, no recruitment agencies, no gatekeepers of any kind. Smart contracts ensure that payments are automatically made when work is complete, and a decentralised reputation system ensures that workers are able to access opportunities in line with their talent and skills, without being able to game the system.
Workers can be paid for completing tasks in Labour Hour (LH) tokens. These are Ethereum (ERC20) tokens that are linked to average wages in different countries and their relevant currencies. For example, someone may be paid in LHAU (Australian dollar) or LHUS (US dollar) tokens. Because average wages tend to rise above inflation, LH tokens should be a good store of value over the long term. They are backed and can be redeemed by labour, provided by partnering labour hire companies — one LH can be redeemed for an hour of labour at average wages.
The TIME token is also an ERC20 token. TIME was distributed to crowdsale participants during ChronoBank’s ICO. TIME tokens are needed to access many of the features of the ChronoBank ecosystem, including within the ChronoMint wallet. TIME that are locked in a rewards contract will be paid revenues from the fees entailed in minting LH tokens.
Other tokens will exist in the ChronoBank network, and it’s possible for workers to be paid in any ERC20 token they agree with their employer, but LH and TIME are the most important ones.
The heart of the ChronoBank ecosystem is LaborX, its decentralised labour exchange. This is a peer-to-peer exchange, built on Ethereum to the 0x protocol standard, on which users can trade work for payment — and ultimately, any token of payment against any other token.
Because LaborX is fully decentralised, it can never be shut down and is active 24/7, meaning that work opportunities will always be available. Building it to the 0x standard means that it is interoperable with other decentralised exchanges, which builds orderbook depth and liquidity.
The flagship interface for the ChronoBank ecosystem is ChronoMint. This functions as a wallet, secure vault and more.
Users can hold ETH, TIME, LH and other ERC20 tokens in their wallets, sending them to other users or storing them securely. You can also hold bitcoin and a growing list of other popular cryptocurrencies, and you’ll see price tickers to keep you up to date on how much your portfolio is worth.
The ChronoWallet offers multisig functionality, which you can access if you hold TIME tokens. It’s also possible for businesses and individuals to mint their own ERC20 tokens, so that they can create their own company currencies and crowdfunding campaigns on Ethereum. Again, you’ll need TIME tokens to access this functionality. Lastly, locking TIME in a rewards contract will make them eligible for network rewards, allowing you to earn interest on your balances.
We’ve created ‘how-to’ guides to make it easier for you to understand how it works with the step-by-step instructions.
- How to buy TIME?
- How to login to ChronoMint?
- How to transfer TIME from the exchange to ChronoWallet?
- How to buy TIME with Changelly?
- How to use ChronoMint: ChronoWallet, Voting & Multisig Wallet?
- How to use ChronoMint: Multisig Wallets, Asset Manager, Reward System Interface?
For all latest updates:
TIME is trading on the following exchanges: https://coinmarketcap.com/asse...
It is also available via Changelly service.