Labour-Hour tokens (LHT) are the lifeblood of the LaborX ecosystem. Here’s a little more about how our system will work.
Labour-Hour tokens (LHT) will be the currency for services provided on the LaborX marketplace. As detailed in our updated White Paper, the creation, redemption and destruction of these is coordinated by the ChronoBank Entity (CBE), and the tokens are backed by legally-binding contracted obligations to provide real-world labour hours. TIME holders will play a key role in the token creation process.
LH token mining
LH token activity will take place on the LaborX sidechain. One of the ways that TIME holders will be rewarded for their investment is by participating in LH token mining. This will operate much like staking on a proof-of-stake network. Holders will deposit their TIME tokens on the Ethereum mainnet to a smart contract within ChronoWallet and lock them. When they do so, they will receive an equivalent amount of TIME on the LaborX sidechain, via an atomic swap for security. (When tokens are unlocked to release the TIME on mainnet, the sidechain TIME are burned.) Miners who deposit their TIME to this contract will receive rewards from the fees associated with minting LH tokens.
In order to participate in mining, users will need to provide a certain amount of TIME tokens; we are currently considering the minimum quantity, since if this is set too low then it opens up certain edge cases and security vulnerabilities. However, as soon as Casper is released — Ethereum’s coming proof-of-stake protocol — we will be able to lower the amount. Those without the minimum stake necessary will still be able to mine using ChronoBank’s mining pool, which entails a small commission take from LHT fees received.
When workers are paid in Labour Hour tokens, they will have a choice to hold them or exchange them for other currencies — initially crypto, before direct fiat conversion. LHT will primarily trade on ChronoBank’s decentralised exchange, TimeX, which will operate on the same Ethereum sidechain as LaborX. In due course we will be announcing some special market-making features to ensure a stable price and adequate market depth for LHT. In its simplest form this only requires a buy wall at the relevant price.
For more background, see this:
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TIME is trading on the following exchanges: