ChronoBank is more than just a suite of software. It’s an ecosystem built on the decentralised Ethereum blockchain and a host of powerful smart contracts applications. Here, we explore the main components of the ChronoBank ecosystem and the role that each one plays.
ChronoBank’s goal is to build an open, decentralised ecosystem that is available to everyone and that will accelerate the development of the new global financial paradigm, as well as a new reality for the web and online services. We seek to achieve this through a number of key pieces of software.
The heart of ChronoBank’s ecosystem is LaborX: a decentralised labour-hire marketplace. Built using Ethereum’s smart contracts, LaborX uses a dedicated sidechain for scalability and throughput.
The key idea of LaborX is that employers and workers should be able to connect directly, without middlemen (recruitment companies) and all the delays, fees and inefficiencies that entails. The screening usually undertaken — albeit imperfectly — by recruiters is instead dealt with by a decentralised reputation system that enables competent, skilled workers to access better opportunities. Employers simply post opportunities and appropriately-qualified workers contact them to accept. Payment is made automatically upon completion of work in the agreed currency, which can take the form of any ERC20 token.
Labour Hour tokens (LHT) are the default means of payment. These are backed by labour hire companies and are worth one hour’s labour at the average rate for the country in question. Unlike traditional labour-hire markets, LaborX is open 24/7 — reflecting the realities of the global labour force and the needs of the expanding gig economy.
The development of LaborX was funded by the token sale that ChronoBank held at the end of 2016. 710,113 TIME tokens were sold to investors for a total of $5.4 million in different cryptocurrencies — a sum that has appreciated considerably since then with the rocketing price of bitcoin. TIME will be the fuel of the ChronoBank ecosystem. After LaborX launches, holders will be able to deposit TIME in a smart contract and run a private ChronoBank node on the LaborX sidechain. This enables them to mine LHT, receiving commission fees every time LH tokens are minted for use by participating companies. Holders can also participate in a mining pool, just like bitcoin mining, if they don’t have the necessary resources or enough TIME to mine solo.
TIME tokens will also be used to pay for other services within the ChronoBank ecosystem, such as token creation fees on ChronoWallet.
ChronoBank offers powerful token creation and management facilities. ChronoWallet is the interface for this extensive functionality, giving users a clean, straightforward frontend for smart contracts and tokens operations. This includes:
- Coin management. Hold and manage ERC20 tokens and ETH, as well as popular cryptocurrencies such as BTC, BCH, LTC, NEM and others.
- Token creation. ChronoWallet will be used by employers to create Labour Hour tokens, but anyone will be able to use it to launch their own token for a wide range of purposes (token sales, loyalty programmes, etc), subject to payment with TIME.
- LH token mining. TIME holders will be able to lock their tokens in a smart contract and receive ongoing revenues from the creation of Labour Hour tokens.
- Voting. TIME holders can vote on issues of importance to the company, with votes weighted in proportion to their TIME holdings.
This functionality means that ChronoWallet will be used as the default wallet for all LaborX users.
Exchanges are a critical element of the cryptocurrency world, but experience has shown that centralised exchanges are vulnerable to hacking, theft and downtime. They represent the weakest link in a world of decentralised technologies.
TimeX is a decentralised exchange based on the 0x protocol. It will be built on the same Ethereum sidechain as the LaborX marketplace, and will offer trustless peer-to-peer trading of ERC20 tokens and other popular cryptocurrencies. Unlike a traditional crypto exchange, TimeX will never have access to users’ funds, meaning they can trade with complete security and confidence.
TimeX will be the main venue for trading LHT into other crypto assets. All payments made on LaborX in LH tokens can be exchanged for other currencies safely and trustlessly on TimeX.
Distributed Middleware Tracker (DMT)
Blockchains are powerful but complex software. We have created our DMT to act as a middleware layer for all our products, providing access to different blockchains and operations on them, allowing communication between blockchains, providing advanced analytics and enabling notifications services (including email, SMS and push notifications). The DMT also enables 2FA, escrow processes, KYC/AML operations, and much more. The software is in production use and has proven so useful that we have already licensed it to other projects in the blockchain space.
ChronoBank will iterate on all of these products over time, refining them and adding further functionality as it launches and promotes LaborX and the decentralised new economy that we will build around it.
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TIME is trading on the following exchanges: