History of time-based currencies

http://ChronoBank.io project creation was inspired by the idea of time based currencies.

The first time-based currency was invented around 200 years ago by American anarchist Josiah Warren[1] and British socialist Robert Owen[2].

The idea of time-based money had roots in the socialist Labour theory of value (LTV)[3] was later advocated by Karl Marx himself! The main difference between LTV and traditional capitalism was the idea that cost limits the price and time-based money is the media of labour time exchange. Profit, rent, and interest were considered unjust economic arrangements.[4]

Cincinnati Time Store / Equitable Labour Exchange

The Cincinnati Time Store was the first issuer of time-based money, also known as “labour notes” in 1827, created in the USA by Josiah Warren to test his theories based on LTV.

In the store, customers could purchase goods with “labour notes” which represented an agreement to perform work. The Time store charged 4–7% commission to cover its running costs instead of making profits from sales.

Socialist Robert Owen[5] created many revolutionary ideas at the beginning of 19th century and established Equitable Labour Exchange in 1832 in the UK; that issued labour notes representing hours of work. Labour exchanges were a new system aimed at fairly rewarding workers instead of just profiting from their labour. The value of goods was determined by the cost of materials and labour time necessary for production.

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[1] https://en.wikipedia.org/wiki/Josiah_Warren

[2] https://en.wikipedia.org/wiki/Robert_Owen

[3] https://en.wikipedia.org/wiki/Labor_theory_of_value

[4] https://en.wikipedia.org/wiki/Cost_the_limit_of_price

[5] https://books.google.com.au/books?id=PZ1XzaOe9r4C

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