http://ChronoBank.io is a blockchain project aimed to disrupt HR/recruitment/finance industries similar way as Uber revolutionised taxi business and UpWork evolved freelancing to the next level.
We want to create a revolution in the short-term recruitment of the real world professions.
Our goal is to make a difference in the way people find work and get rewarded for their labour, doing it decentralised and without the involvement of traditional financial institutions.
Our primary target professions are:
Currently, there are not too many blockchain apps that work in real world. ChronoBank.io will bridge that gap. It is designed by a consortium of real world business professionals with over 100 years of combined recruitment experience and blockchain virtuosos to provide that link between crypto and physical world.
Chronobank.io project has two major stages:
Stage 1. Labour-Hour (LH) “Stable Coins”
The first stage of our project is creating the most sustainable “stable coins” that will act as a financial backbone of Chronobank.io
National Labour-Hour (LH) tokens, linked to average hourly wages in the country and backed by real labour force from big recruitment and labour-hire companies.
The idea of time-based currency is not new. It was invented almost 200 years ago as an alternative to traditional fiat money, backed by real labour force and measured in person-hours.
Labour is abundant enough for everyone to have access to it, yet its scarce enough to be valuable and the most tradable resource in the real economy.
LH tokens will tokenise labour and act as `stable coins` with ultimate inflation protection and next to zero volatility in comparison to Bitcoin. Our solution is much more sustainable than most of existing stable coins because instead of banks to back up the value of the tokens we use major recruitment/HR/labour-hire companies that have many years of history and immaculate reputation.
LH tokens will be highly liquid and accessible 24/7 via the LH debit card.
Stage 2. LaborX Decentralised Marketplace
The second stage of ChronoBank.io is to create LaborX, a decentralised marketplace, where people with real world professions will be able to sell their person hours to everyone as easy as Uber drivers or UpWork freelancers.
The project is backed by Edway Group, that has 400.000 customers in Australia, the first potential users of LaborX as a testing ground
LH tokens will act as a substitute for payments in fiat currencies and enable people to get rewarded for their work but without infamous volatility risks of cryptocurrencies.
We have taken great care to design the system for ease of use and simplicity to make sure that exchange labour time/money(token) and vice versa most efficiently and hassle free.
There will be reputation associated with each participant that will allow them to ask appropriate compensation for their hour of work.
The better the individual`s reputation based on previous work, the more the individual will be able to ask for their hour. 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 capacity previously, a nominal, average reputation is assigned. Every care is taken to entice the user to increase their reputation and maintain it at the highest level.