LaborX isn’t the first peer-to-peer jobs platform on the web. Numerous others already exist, and some of them are remarkably popular. They broadly work on the same model, allowing workers to bid for tasks posted by employers, whether that’s a $5 logo design or writing a $1,000 white paper.

Although workers and employers can (almost) deal directly with each other, these are centralised platforms. They run on centralised servers, they are owned by a single company or individual, and they have a centralised database in which information about users, jobs and payment is kept. All of this comes with a cost to the platforms’ users. There are server expenses, administrators and employees to pay, and maybe shareholders to reward. Consequently, the fees for users can be high. This is part of a recent email from one well-known platform:

As you know, on March 21st we introduced a new Service Fee scheme. Specifically, newly registered Sellers from that date onwards have been subject to a 20% Service Fee for the first £500 | €600 | $650 USD earned within the month. For any work billed above said threshold the Service Fee is set at 5% (Read more about PPH Fees here)

20%, even for newly-registered Sellers, is a huge fee. The email also trailed that existing users who were on a lower fee model (which is lower than 20% but still represents a significant slice of earnings) would be pushed into the new fee structure under certain circumstances.

Established and loyal members, worry not! To date we have honoured the Service Fee scheme that was applicable at the date you registered to avoid incurring any fee increases.

Going forward, so as to be be fair to everyone, we will continue honouring this for our regular and loyal Sellers. Lapsed Sellers who may return at a later date will transition to the new scheme.

Therefore, starting on May 1st if your minimum billing per calendar month is £50 | €60 | $65, you will continue to enjoy your established fee scheme, without any increases. We deliberately set the bar low at only £50 | €60 | $65 in order to make the goal easily attainable!

Bear in mind that if you do miss the monthly goal, you will automatically fall into the newly designed Service Fee scheme. Therefore we advise you to remember to invoice Buyers regularly!

These provisions are clearly designed to squeeze as much revenues out of users as possible. Either users maintain a given volume of monthly revenues, or they are moved to a higher fee structure.

Emails like this one are reminders of the power imbalance that inevitably exists when using such centralised services. These lead to:

Unilateral changes of terms and conditions, at the expense of the platforms’ end users.

A conflict of interest between users and owners/investors in the platform.

High fees.

Inflexibility (such as monthly payment structures).

ChronoBank’s LaborX is designed to function in a completely different way — as a decentralised platform that connects workers with employers in the most efficient way, and one in which no one holds the balance of power. This not only means that fees are low; it means they cannot be changed unilaterally. Users won’t ever receive an email like the one above. It means there are no minimum thresholds for work volumes in a given period of time, no arbitrary conditions are imposed in the interests of forcing users into working or paying more. Rules of engagement are not dictated; the market is allowed to function as it should, with the best person for a job rising to the top of the list for employers.

The 20% fee is so high that it severely undermines the advantages of getting started with an online work portal — and users know that even if they have earned lower fees, they may still be pushed back into this higher rate if they take a break. Take a month’s holiday, and you lose the goodwill you’ve built up.

As a result, we’re confident that ChronoBank can compare very favourably to the existing, centralised jobs platforms. Not only are fees low, not only is work flexible and payments made as soon as a job is complete, but high-volume users can actually benefit from the success of the platform and the revenues they themselves generate by buying TIME.

Given the state of the competition, and the traction we have already gained, we believe there’s a bright future for ChronoBank.

For more information, visit ChronoBank.io