We’ve published a new white paper, detailing how the ChronoBank Labour Hours exchange, LaborX, will operate. We’re now pushing it out to the community for review. If you have feedback or suggestions for how to improve LaborX, please let us know. A total bounty of 1,000 TIME — equivalent to 10 BTC — will be divided between the best contributors.

Relationships between different parties inside decentralised LaborX system

With less than five days left of our ICO, we’re releasing our new LaborX white paper. This document describes a fully decentralised system built on the Ethereum blockchain’s smart contract capabilities. Our earlier white paper described how Labour Hour (LH) tokens would be issued on various blockchains, representing an hour of labour each. The paper details our vision of how to buy and sell labour time as easy as Uber makes it catch a taxi — enabling people in the real-world professions to sell their labour to anyone.

This is a draft version of the white paper intended for community review. It explains how smart contracts will govern the behaviour of the system, fix the agreement between parties and serve as a public ledger containing profiles of clients and workers. LaborX itself will take a small percentage of payment for every job, which is currently anticipated to be in the region of 1%. This margin will be splitted than between TIME token holders and the service providers for LaborX.

We would like the community to offer suggestions about how this white paper could be improved, and the processes described in it optimised. We are considering that proposed system integrity and logical enchainment will be the main focus to all contributors. We are waiting that technical and fintech community will provide their opinion about system architecture and design. Additionally, please notify us of any mistakes or inconsistencies you will find.

The latest version of LaborX is available here:

https://github.com/ChronoBank/Documentation/blob/master/laborx_whitepaper.pdf

We’ve putted 1,000 TIME as a bounty rewards, which are an equivalent of 10 BTC. This rewards will be divided among the best contributors. To participate, join the #whitepaper channel in our Slack. To receive a Slack invite visit https://chronobank.herokuapp.com.

To find out more about ChronoBank or to invest in the ICO, visit www.ChronoBank.io.