ChronoBank, an ambitious project aimed at development of alternative blockchain-based financial systems, has announced the upcoming launch of LaborX crypto-exchange.
The platform is built on Ethereum smart contracts platform, allowing workers and businesses to connect on a peer-to-peer basis. LaborX has an inbuilt decentralized reputation system that will allow to focus on employees’ talents and experience to give bonuses instead of a one-size-fits-all approach. The ChronoBank blockchain initiative gives employer a possibility to access and rank most prospective employees.
LaborX is backed by Edway Group Limited, Australia-based major labor hire organization with more than 400,000 satisfied customers and a team with more than 100 years of combined relevant experience.
The goal of LaborX is significant transformation of the recruitment sector just the same way as Uber and UpWork did for taxi and freelancing services respectively. The recruitment industry may not need intermediaries who usually charge huge fees to introduce suitable employees to businesses seeking to fill vacancies.
“While such practice has become a norm in long-term appointments, it becomes prohibitively expensive for contract and freelance work. With LaborX exchange, employers can directly hire workforce without having to go through all the usual hassles which have currently become the industry standard” says the press release.
The most part of the critical work on LaborX has already been competed by the ChronoBank team. The progress so far includes the development of rewards contract that handles automatic payment of dividends to token-holders and the exchange contract that allows trading between different token types.
The GUI of ChronoWallet already uses the exchange contract code enabling users to view offered rates and execute quick and easy trades. It is also possible to see the number of Labour Hour (LH) tokens that needs to be transferred in fiat equivalents and switch between different currencies.
ChronoBank platform has entered the second month of its ICO offering. It has raised around 1200 BTCs alongside significant investment in other cryptocurrencies (LTC, ETH, ETC, WAVES, and NEM) as well as received venture capital funding of $1.1 million from AXL Strategic Partners. Interested investors are welcome to take part in the ICO currently available on the platform’s website.
ChronoBank was launched by a team of professionals with over 100 years of combined recruitment experience, in cooperation with experts who believe that blockchain technology can solve real-world business problems.
The team sees its mission in transformation of the way people find work and are rewarded for their labour.