A significant part of the work on our decentralised labour hire market has now been completed, and we are conducting internal tests ahead of implementing further improvements.

We’ve recently announced a slew of new updates about ChronoMint, the flagship ChronoBank app that will allow users to send, store and even create tokens on Ethereum. The one major piece of the puzzle that remains is LaborX, ChronoBank’s peer-to-peer labour market with blockchain payments. Now that we have reached the current stage of development with ChronoMint, and have the flexible crypto instruments we need to send and exchange value in a wide variety of forms, we are in a position to focus on completing the first iteration of LaborX.



LaborX

The idea behind LaborX is to have a fast, secure labour hire market, built on the blockchain. Whilst its primary function is to pair businesses with providers of work, it will ultimately become a fully-fledged decentralised exchange, so that ChronoBank stakeholders (workers, businesses, tokenholders) will always have somewhere to trade their tokens. The liquidity that this provides is fundamental to the ChronoBank model, and will also be valuable to traders — for example, we expect LH tokens, traded on LaborX, to be used as a way to ‘park’ funds without the risks inherent in leaving funds on regular exchanges. Additionally, a peer-to-peer exchange doesn’t suffer from the same kinds of outages, maintenance downtime and hacks with which we’re only too familiar in the crypto world. We’re building LaborX according to the 0x protocol, ensuring maximum interoperability and therefore increased orderbook depth and volumes.



We have completed the smart contracts required for LaborX and have now begun our testnet deployments and integration testing. We will continue testing until we are confident that the software works as intended. At this point, we will move to UI implementation. The user interface is already complete in terms of design and user experience. In due course we will open testing to the community and submit LaborX for external audit, as we do with all of our software.

Further improvements

There’s a series of improvements on the way for Ethereum, which we will also be using to upgrade the technology and user experience for LaborX. These improvements include:

• Metropolis. This hardfork introduces zk-snarks (zero-knowledge proofs) and the first elements of Proof-of-Stake support for improved speed and efficiency, as well as making smart contracts more flexible.

• Raiden. An off-chain scaling solution for Ethereum, which will enable low-fee and almost instant transactions.

• Plasma. An additional on-chain scaling solution, which will remove unnecessary data.



Two of the overall benefits of this package of upgrades will be lower txs fees and increased performance for users. We will continue to develop the platform over the long term, adding new features and integrating new updates as they occur.

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

It is also available via Changelly service: https://changelly.com/

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