Call to Community
ChronoBank now needs to present its value to users- so in the near future, the marketing efforts would be very targeted to appeal to both new investors and freelancers. That would allow ChronoBank to build an ecosystem of users for its time tracking software.
At the moment, most tracking software is centralized and connected to traditional payment channels in fiat. But with ChronoBank, cryptocurrencies are coming directly to freelancers, not loaded with additional fees or registrations.
With those steps, ChronoBank wants to achieve the right mix of a great product and a great community- avoiding the fate of overhyped, but unready ICOs, and also of great products that never see the light of day. Thus, ChronoBank has decided on a mixed plan featuring both strong technological and business development.
Connections with Government
While some governments are watchful and skeptical when it comes to cryptocurrencies, ChronoBank plans to build connections with the political leaders in several Asian countries. This action would be a head start in the acceptance of ChronoBank as a legitimate project with clear aims. The CEO of ChronoBank, Sergei Sergienko, along with CTO Mikhail Savchenko, have personally reached out to governments.
ChronoBank targets a specific country profile:
"Many countries lack the financial and administrative infrastructure that most of us take for granted. Cash is used for the majority of payments and large proportions of the population are underbanked. Under these circumstances, it becomes hard to enforce regulation and government tax and employment policies," said the company in a statement.
In addition to payment, the smart contract of the TIME token also allows a layer of legal protection, ensuring payment for a job completed, handling both the contractual and accounting sides with ease. The system may even deduct the right tax and pension payments. This is a major feature to present to governments which struggle with a grey economy sector and are unable to enforce tax and pension payments. ChronoBank directly offers a way to handle the cash-based grey economy.
The TIME token has been designed not to represent or resemble a security. Instead, it is the fuel for the ChronoMint ecosystem. This token structure allows glitch-free cooperation with the authorities.
ChronoMint: Ticking Just Right
The flagship product, the ChronoMint wallet, is already functional, but it continues to evolve. The ChronoWallet already allows users to receive, transfer and store any ERC20 token securely, as well as doing the same for bitcoin and an increasing number of other popularcryptocurrencies – making it a useful multi-wallet.
A new feature will create interest payments for the holders of TIME tokens locked in for a predetermined period. Rewards will be given for minting LH tokens, too, and all the bonuses will be controlled by carefully crafted smart contracts. But the ChronoMint wallet is more- it can become a hub for issuing proprietary ERC-20 tokens.
ChronoBank intends to build those token launches as a big part of its business, allowing companies to create reward campaigns. The TIME token is also the fuel for utilizing the token-issuing feature. It will be a unique tool for small-scale token events, making the creation of Ethereum-based digital assets even smoother and easier.