ChronoBank’s new White Paper and LaborX sidechain functionality explained


In this article, we will tell you about the changes in the architecture of LaborX, reflected in the new White Paper.

🌍 Read in 🇪🇸 Español 🇷🇺 Русский 🇨🇳 中文 🇰🇷 한국어

Some days ago ChronoBank announced community opinion poll for the updated version of the White Paper. Our community has been asking many question about possible changes in the WP. So here is a short FAQ based on the feedback from our telegram chat.

👉🏼 Updated White Paper: http://bit.ly/2DpQtiw

Why we need any changes?

These changes, related to the launch of the LaborX platform, aim to make it cheaper to use, substantially decrease the transaction mining time as compared with the mainnet, and persuade the holders of TIME to take a more active part in the life of the project.

Why use a sidechain?

It is not a secret that the current congestion of Ethereum mainnet, in combination with ETH price, makes transactions expensive. At the same time, the bandwidth is far from perfect. This situation convinced us that serious measures are need to be taken. That is why we decided to launch our own sidechain for LaborX. It is based on a well-tested technology, with efficient consensus, high bandwidth, cheap transactions and has a graduated system of rewards.

In one word, it has just everything we lacked when using the main net.

Without going too deep into the technical details, we will remark that it would not be necessary to have a high-end PC to be able to mine blocks. The chance of creating a block and the size of the fee will not depend on computing capacity at all.

How does it work?

We are going to launch LaborX on a Parity-based sidechain. Why have we chosen Parity? We took this decision because it has a unique feature called pluggable consensus. To cut a long story short, it allows to develop a consensus algorithm (or to modify an already existing one) and to plug it into the node. We chose the PoS consensus and modified it so that a deposit made in TimeHolder allows to participate in the block generation, Security Guarantee Fund is automatic, and the size of the reward depends on the size of the deposit.

☞ What is TimeHolder contract?

https://blog.chronobank.io/chronobank-smart-contracts-54c305b2ae62

What should I do to become a miner on the ChronoBank LaborX sidechain?

If you wish to become a miner, the first thing you should do after the launch of the LaborX sidechain is to make a TimeHolder deposit. It is important to state that this deposit will act as a warranty, providing protection from faulty states and fraud; (if the latter is detected, the fallacious validator will lose the deposit) .

Then you should launch our private node with the private key of the account in whose name the deposit was made. This will make it possible to start mining blocks and receive the reward in LHT that would become the “fuel” for LaborX.

Note: We plan to add the possibility to exchange LHT for ERC20 tokens or for ETH in the mainnet. Detailed instructions will soon be published at our website.

Stay in touch with ChronoBank!


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TIME is trading on the following exchanges:
https://coinmarketcap.com/assets/chronobank/#markets

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