ChronoBank Updated Information

  • What is is an ambitious and wide-ranging blockchain project, aimed at disrupting the HR/recruitment/finance industries in a similar way to how Uber disrupted the taxi business and how Upwork represented an evolution in freelancing.

    At, we are challenging the status quo and bringing an alternative to traditional financial systems. This alternative is a new generation of time-based currencies utilising the latest developments in blockchain technology. Despite soaring interest in distributed ledger technology, there are currently very few blockchain apps poised for mainstream market adoption. has been designed by a consortium of professionals with over 100 years of combined recruitment experience, in consultation with experts who can create the software to leverage blockchain technology to solve real-world business problems. Specifically, we want to create a revolution in short-term recruitment within key professions. Our goal is to make a difference to the way people find work and are rewarded for their labour – doing so within a decentralised framework and without the involvement of traditional financial institutions.

    Labour-Hour Stable Coins

    The first stage of our project is to create the financial backbone of national Labour-Hour (LH) tokens.

    LH are linked to average hourly wages in the host country and are backed by a real labour force from big recruitment and labour-hire companies. Labour is abundant enough for everyone to have access to it, yet scarce enough to be valuable. It is the most tradeable resource in the real economy. LH tokens will tokenise this resource. Because they are backed by real labour, they are absolutely inflation-proof and have next to zero volatility – in comparison to bitcoin and other cryptocurrencies. This solution is far more sustainable than any of the fiat-pegged or backed coins that currently exist in the crypto market. LH tokens will be hyper-liquid and accessible 24/7 via the LH debit card.

    LaborX Decentralised Marketplace

    The second stage is to create LaborX, a decentralised marketplace where people in real-world professions will be able to sell labour-hours to anyone.

    LH tokens will act as a substitute for payments in fiat currencies and will enable people to be rewarded for their work – without cryptocurrency’s signature volatility risk.

    We have taken great care to design the system for ease of use, to make sure that actual labour time and the LH token can be exchanged efficiently for each other. While timebanking in its simplest form uses a standard exchange rate for time, each participant will have reputation assigned to them, to enable them to access remuneration appropriate to their skill level.

    The better the individual’s reputation based on previous work, the higher the price they will be able to command for an hour’s work. Initial reputation will be set based on the individual’s experience within the partner company from stage one of the project.

    For those who have not participated in the system in any previous capacity, a nominal average reputation will be assigned.

    Every care is taken to incentivise the user to increase their reputation and maintain it at the highest level.


    Crowdsale Started!

    Crowdsale ends on Feb 14, 2017 23:59 UTC

    Join Now:

    ChronoBank ICO Escrow Arrangements

    promote trust in the ChronoBank project and execute a successful ICO we
    have established an escrow arrangement using a multisig wallet.


    ICO wallet is 36LHZyzMASdBQMecfSrTx5sGDaFS73YLLJ
    Escrow signatories will be:     

    • ChronoBank Team -   Lead signatory
    • Ransu Salovaara (CEO of Revoltra and TokenMarket) - Escrow
    • Sasha Ivanov (CEO of WAVES Platform) - Escrow
    • Oleg Khovayko (CTO of EmerCoin) - Escrow

    ICO wallet is 3Cq8F4SzxmM5UfURgRNmq9PirVckeK1Hfn
    Escrow signatories will be:     

    ChronoBank Team -   Lead signatory
    Ransu Salovaara (CEO of Revoltra and TokenMarket) - Escrow
    Oleg Khovayko (CTO of EmerCoin) - Escrow

    Escrow signatories will be:     

    ChronoBank Team - Lead signatory
    Jeff McDonald (NEM Core Team) - Escrow
    Lon Wong (NEM Core Team) - Escrow

    ICO wallet is 0x8a37a0b8d48486b2117e958062d28096bec2539a
    Escrow signatories will be:     

    ChronoBank Team -   Escrow
    Ransu Salovaara (CEO of Revoltra and TokenMarket) - Escrow Team - Escrow

    ICO wallet is 0x7e10e808a819e8bab77a749c5471ff4be8bd6325    
    Escrow signatories will be:

    ChronoBank Team -   Escrow
    Ransu Salovaara (CEO of Revoltra and TokenMarket) - Escrow Team - Escrow

    ICO wallet is 3PQ5gszpaa6yPkGg7DuojbvYeSuGJzQC3aK and 3PPxVMRb74J5dPPBTRsTeBSveNTicANT5iC
    Escrow signatories will be:     
    Sasha Ivanov (CEO of WAVES Platform)

    ICO wallet is EUrg7oihDT1HR8rpYNMErtxWGpDF9iLDKc
    Escrow signatories will be:     
    Oleg Khovayko (CTO of EmerCoin)

    ICO funds release

    Funds will be released in 3 stages when the following milestones are met:
    1.   TIME Token post ICO distribution complete: 50% funds released
    2.   Labour Hour Minimal Viable Product complete: 25% funds released
    3.   Labour Hour launch: 25 % funds released

    ICO funds refund

    There are 2 circumstances under which 100% of funds raised will be returned to Investors:
    ICO funds will be less than 500 BTC (all currencies combined)
    The first milestone has not been met after a period of 90 days following completion of the ICO.
    case of ICO funds return escrow, agents will charge extra fee 0.5% per
    escrow agent that will be deducted from returned funds.

    Project by

    One of the founders of is Edway Group Ltd., one of the leading Australian companies in industrial training and labour supply with more than 400,000 satisfied customers and a team with more than 100 years of combined relevant experience.

    Some of Edway Group's corporate customers:

  • Australian Government

  • Australian Army

  • NSW Transport RailCorp

  • UNSW

  • Celemetrix

  • Royal Boskalis Westminster

  • Aurecon

  • Costco

  • Woolworths

  • Target

  • GSK

  • WSP Parsons Brinckerhoff


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