Place/Date: Sydney, Australia - November 2nd, 2016 at 8:51 am UTC · 3 min read
ChronoBank.io, a blockchain project that aims to revolutionize the short-term recruitment sector in the same way that Uber changed the taxi industry, has launched a new website as the first stage of its crowdfunding campaign involving time-based cryptocurrency.
The concept of time-based currencies has been around for almost 200 years and hundreds of time-banks currently operate around the world. However, the ChronoBank team with its extensive experience in both the recruitment industry and cryptocurrency sector believes that the idea can be updated to change the way professionals look for work and companies provide it.
Traditional Time-banking vs ChronoBank
Time-banking has typically proven successful within limited settings – most notably Ithaca, New York which has a thriving time-based economy built on the Ithaca Hour time currency. However, for various reasons, it is not suited to a broader application within the 21st-century global workplace.
“We know we can change that with blockchain technology,”
Comments Alexander Rugaev, ChronoBank CEO. He added,
“We want to make short term recruitments as profitable and prestigious as long term recruitments. One of our founders is Edway Group Ltd, one of the largest labour-hire companies in Australia, so we know exactly what the market needs and how to achieve it,”
The key component of ChronoBank’s idea is the time-based cryptocurrency, which is fundamentally a different form of money. Time-based money has a different tax status compared to regular fiat money, and it can be exchanged for goods and services, or sold for other currencies.
“Labor Hour tokens are also a great store of value and hedge against inflation since hourly wages tend to rise in line with or above inflation. That makes it attractive to earn and attractive to hold.”
The first stage of the project is to build and grow a presence within the cryptocurrency community, disseminating information and answering questions that may arise, before launching the crowdfund in December.
“Over the coming month, we’ll be building awareness, not just around ChronoBank and its crowdfund but more broadly about the idea and advantages of time-based currencies. We want people to understand that we’re serious, we’re experienced in blockchain and the recruitment sectors, and we have the talent and backing to make this happen in a big way,”
“We’re going to hold the crowdfund and issue Labour Hours on multiple blockchain platforms, including Ethereum, Classic, Waves, Lisk, and Bitcoin depending on demand.”
ChronoBank’s crowdfunding campaign is scheduled to start in December. Interested investors can register themselves for the ICO and gain further information about the platform’s roadmap and ICO features on the brand new ChronoBank website.
ChronoBank is an ambitious and wide-ranging blockchain project aimed at disrupting the HR/recruitment/finance industries in a way similar to that of Uber in taxi business and UpWork in freelancing. The project has Edway Group Ltd, a leading Australian industrial training and labor supply company as one of its founders.