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Since the global financial crisis began 10 years ago, our expectations for the economy and employment have changed. Even as most of the major economies are experiencing some degree of recovery, uncertainty has become the new normal. Driven by this uncertainty and powered by new technologies, we have seen the rise of the so-called ‘gig economy’, which brings both opportunities and risks.

We have heard, how more people than ever before, are self-employed, working outside of the usual formal corporate structures; at the same time, zero-hour contracts have become a matter of national policy, due to the abuses of the workforce they can entail.

ChronoBank was created to bring about a revolution in the short-term recruitment industry – making it easy to access gig work, and as profitable for contractors as it is to secure long-term employment.

Ethereum

ChronoBank’s software is built on the Ethereum blockchain platform. A series of smart contract applications allows companies to post opportunities directly to the blockchain, specifying relevant information such as location (if the work requires physical presence), required experience and pay. Workers, meanwhile, can search all available opportunities which meet their own criteria.

Payments are locked in a smart contract and released as soon as the job is complete, and any Ethereum token (ERC20-compliant) can be used as payment. Workers receive feedback for every job they complete, allowing them to access opportunities in line with their skills and experience. The reputation system, along with a distributed verification process, ensures that users cannot simply create new accounts and start again if they receive negative feedback.

Crowdsale

ChronoBank held its crowdsale in December of 2016 and January of 2017. It was an extremely successful event, attracting a large number of investors from around the world and across several different cryptocurrency communities, as well as significant fiat investment from a venture fund. Funds collected totalled the equivalent of $5.4 million in prices at the time, in the following currencies:

  • 3,123 BTC
  • 14,385 LTC
  • 48,945 ETH
  • 33,043 ETC
  • 13,587,411 NEM
  • 385,963 WAVES
  • 416,566 EMC
  • $1,108,180

At the close of the crowdsale in February 2017, these currencies totalled around 5,400 BTC in value – though, since the price of bitcoin and other cryptocurrencies has soared since the beginning of the year, funds now held in reserve for future development and marketing are still far in excess of what was originally collected. WAVES, for example, has experienced at 2,000% appreciation in price against fiat, and ETH a 3,000% increase.

Key technology

ChronoBank’s functionality is built around several smart contract-enabled applications.

ChronoWallet

This is a wallet that securely stores all of the tokens connected with the ChronoBank ecosystem. Users can send, receive and hold any ERC20 token, meaning payments can be made in ETH, TIME (ChronoBank’s ICO token) and many other currencies. The default payment token is Labour Hours (LH), which are issued by labour hire companies and backed by hours of work at the average wage for each country. As labour costs tend to increase above inflation, these should also serve as an excellent store of value for traders. The wallet also supports bitcoin and a growing number of other popular cryptocurrencies.

ChronoMint

The ChronoMint app is designed to enable users to create their own ERC20 tokens. Businesses may want to do this to issue reward currencies, or other tokens of payment for workers. However, ChronoBank will be building out this functionality to enable anyone to hold their own ICO on Ethereum, setting their crowdfunding campaigns in motion quickly and simply.

LaborX

It will be possible to exchange all of these tokens on a peer-to-peer basis on the decentralised LaborX exchange. This will enable workers to cash out pay they receive for any other supported currency, and they will also be able to withdraw money at an ATM via the ChronoBank card. LaborX will ensure that there will always be an active market for ChronoBank’s supported currencies, which is not reliant on a single party.

Activities within the ChronoBank ecosystem generate small fees – for example, every time a Labour Hour token is minted. These fees will be paid to holders of the TIME token, who lock their tokens in a rewards contract.

Team

ChronoBank was founded by Sergei Sergienko, who is the co-founder of Australian labour supply company Edway Group, and who has extensive experience in the labour-hire industry. Edway and other labour hire companies will be among ChronoBank’s first clients.

ChronoBank is being built and promoted by a team of passionate and highly skilled individuals, who are based around the world – including in Australia, Russia, Germany and Thailand. For more information about the team, visit https://chronobank.io/team.html

Advantages

ChronoBank and LaborX have several clear advantages over conventional employment agencies and the traditional recruitment process.

Without the back-office costs of regular bricks-and-mortar agencies – or even the data centre costs of online ones – fees are far lower.

Fees are set at just 1% of every job, meaning higher pay for the worker and higher margins for employers. There are no opening hours: it’s possible to access the 24/7 global labour market at any time, without any delays; it’s also possible to gain access to the best opportunities, regardless of geographical location.

Securing work is no longer about who you know, or where you are, it’s about how good you are. This is the free market at work for employment. Finally, payments are frictionless, thanks to the properties of blockchain currencies. Smart contracts ensure that workers are always paid what they are due, on time and automatically, and that there are none of the unnecessary delays or fees that characterise the fiat banking system. Cross-border payments are as fast and efficient as local ones.

For more information, visit www.chronobank.io.