Chronobank LaborX core and LaborX dapp
ChronoBank’s core functionality will be provided by a set of smart contracts that match workers with employers for specific tasks and handle private data and payment. Here’s how the two major strands of the project will operate and interact.
The heart of the ChronoBank project is the LaborX exchange: a decentralised marketplace for work opportunities. Freelancers and businesses will be able to trade labour on a peer-to-peer basis, without the costs and frictions of using a traditional recruitment company. The efficiencies this brings can be passed on to both parties, raising pay and lowering costs whilst simultaneously increasing quality of work.
LaborX core comprises a complex set of smart contracts and user information stored on the Ethereum network. Its purpose is to act as the ‘back office’ of a decentralised recruitment agency, and it will contain data including a complete list of users’ public profiles, jobs they have each completed, current ratings, and more.
Additionally, LaborX core will contain all the information about jobs posted that will enable the system to match employer with employee. A job object — a complete list of data pertaining to a specific task — will include a location, provider (employer) and description of required attributes, such as field of work, job due date, required skills, and the address of the ERC20 contract that will be used to fulfil payment. Any ERC20 token can be used with LaborX core, subject only to whether the employee is willing to accept it as a form of payment. Further details such as the precise location of the job, if applicable, will be released to the worker once a labour contract has been agreed — at which point, the worker is also marked as busy for the relevant period of time.
Employers and employees, as well as TIME investors, will use the LaborX dapp. Employers will create jobs to their required specifications and filter prospective employees by their availability and skill set, whilst freelancers can use the dapp to view their profiles and ratings, and search the database for tasks they may wish to undertake (based on sector, location, pay and so on). TIME holders can use the dapp to lock their tokens to a mining contract, thereby receiving rewards.
It is therefore the LaborX dapp’s task to parse the information held in the Ethereum blockchain, return it in a useful format, and facilitate interaction with LaborX core — enabling users to make the best choices with regards to the employment opportunities offered by ChronoBank.
Once the fundamental infrastructure of LaborX core and LaborX dapp have been completed, it will be possible to scale ChronoBank’s operation rapidly. Because the blockchain is decentralised, employers will be able to add jobs from not just Australia but all over the world — although the only LH token to exist in the beginning will be the LHAU, and our initial partnering labour-hire organisations are located in Australia. Nevertheless, because LHAU has fixed value and because any ERC20 token can be used as payment, there is no barrier to posting or securing work.
Further expansion and the integration of other fiat-based tokens such as LHUS and LHEU will require additional investment by ChronoBank due to compliance requirements in different jurisdictions. For more information, visitwww.ChronoBank.io.