ChronoBank for dummies

All you need to know about ChronoBank, at a glance.

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ChronoBank has a simple mission: to make it easier to access short-term employment. The platform enables anyone, anywhere in the world to access jobs in the gig economy. It uses a decentralised network and blockchain payments to ensure there are no middlemen or barriers: no banks, no recruitment agencies, no gatekeepers of any kind. Smart contracts ensure that payments are automatically made when work is complete, and a decentralised reputation system ensures that workers are able to access opportunities in line with their talent and skills, without being able to game the system.

ChronoBank tokens

Workers can be paid for completing tasks in Labour Hour tokens (LHT). These are Ethereum (ERC-20) tokens that are linked to average wages in different locations and their relevant currencies. Because average wages tend to rise above inflation, LHT tokens should be a good store of value over the long term. They are backed and can be redeemed by labour, provided by partnering labour hire companies — one LHT can be redeemed for an hour of labour at average wages.

The TIME token is also an ERC-20 token. TIME was distributed to crowdsale participants during ChronoBank’s ICO. TIME tokens are needed to access many of the features of the ChronoBank ecosystem, including within the ChronoWallet. TIME also acts as a validator on the sidechain, mining LHT in dPoS.

Other tokens will exist in the ChronoBank network, and it’s possible for workers to be paid in any ERC-20 token they agree on with their employer, but LHT and TIME are the most important ones.

LaborX

The heart of the ChronoBank ecosystem is LaborX, its decentralised job platform. Because LaborX is fully decentralised, it can never be shut down and is active 24/7, meaning that work opportunities will always be available. Other benefits of LaborX are that there are no delays in payment execution as well as only a small 1% flat fee being charged on every job.

ChronoWallet and TimeX

The flagship interface for the ChronoBank ecosystem is ChronoWallet. This functions as a wallet, secure vault and more.

Users can hold ETH, TIME, LHT and other ERC-20 tokens in their wallets, sending them to other users or storing them securely. You can also hold Bitcoin and a growing list of other popular cryptocurrencies, and you’ll see price tickers to keep you up to date on how much your portfolio is worth.

The ChronoWallet offers multisig functionality, which you can access if you hold TIME tokens. It’s also possible for businesses and individuals to mint their own ERC-20 tokens, so that they can create their own company currencies and crowdfunding campaigns on Ethereum. Again, you’ll need TIME tokens to access this functionality.

One of the upcoming features that will also be attractive to ChronoBank users and the wider cryptocurrency community is TimeX, a decentralised exchange based on the 0x protocol. This will be built on the same Ethereum sidechain as the LaborX marketplace, and will offer trustless peer-to-peer trading of ERC20 tokens and other popular cryptocurrencies.

Distributed blockchain Middleware Tracker (DMT)

ChronoBank’s Distributed blockchain Middleware Tracker (DMT) offers a unified interface for accessing functionality across many different blockchains. Powerful REST APIs allow developers to hook directly into the blockchain they need, enabling them to launch and interact with utility tokens of any kind. These can be used as part of a software platform without the need to work directly with the blockchain. DMT is extremely fast and scalable, and already supports BTC, BCH, BCG, LTC and ETH, as well as NEM and Waves tokens.

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TIME is trading on the following exchanges:

https://coinmarketcap.com/assets/chronobank/#markets