Demand for stable cryptocurrencies

Bitcoin started a blockchain revolution that created unprecedented amount non-government money. Current market capitalization of cryptocurrencies is over $12.000.000.000 USD. However, it is just a drop (0.0048%) in the ocean of global wealth held by financial institutions around the world (over $250 trillion USD), with huge potential for growth in the 21st century.

The reason for swift success were advantages of blockchain over traditional financial system:

• next to zero transaction costs

• global, borderless transferability

• trustless peer-to-peer financial network structure

• pseudo-anonymity of accounts

• real-time transparency of all transactions

• full independence from the traditional banking system

However, the first generation of cryptocurrencies had very limited mainstream use because of extremely high price volatility. This made them a unique asset class uncorrelated with any tradition financial instruments but prevented mass adoption to using crypto as a substitute of fiat currencies for savings and everyday use by most people.

To deal with volatility, the last generation of blockchain startups created stable coins pegged to fiat currencies and backed by real fiat money on bank accounts as collateral. This approach successfully solved volatility problem, but still have two disadvantages:

1. Fiat linked crypto have to deal with all risks of existing banking system because they usually use a risky combination of offshore companies with bank accounts in dubious jurisdictions or companies without a financial license to store a collateral for crypto tokens.

2. Real inflation is much higher than government calculated Consumer Price Index [1](CPI) significantly erodes the value of money every year. This helps governments to reduce their debts at the expense of reducing the value of people`s wealth.

ChronoBank.io offers an alternative time-proven solution that will have all benefits of cryptocurrencies and will lack disadvantages.

Technologic advantages

• ChronoBank.io tokens can be used just like any other cryptocurrency and integrated with existing merchants, exchanges, and wallets.

• Multi-blockchain solution. ChronoBank.io will issue tokens on all major blockchains, depending on market demand from users and development of new blockchain platforms. Therefore, ChronoBank.io will never become obsolete because all tokens were issued only on one obsolete blockchain. Preliminary list of supported blockchains: Ethereum/ETC, WAVES, Lisk

• Easy-to-use interface of ChronoBank.io wallet for non-technical users

• Tokens will be hyper-liquid and accessible 24/7 via the LH debit card.

Economic advantages

· Time-based money does not involve any banks or financial institutions.

· Time-based money unit is linked to average hourly wage. Average hourly wage has been increasing 4–10% annually for the last 40 years, depending on the country. Therefore, it is perfectly protected from inflation in comparison to fiat currencies and historically had extremely low volatility in comparison to other financial assets like gold.

· Time-based money is backed by real labour force and are redeemable for real person-hours.

· Local communities, TimeBanks and labour-hire companies with immaculate reputation and strong financials will be a backbone of the alternative financial ecosystem.

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