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Recruitment‌ ‌and‌ ‌Work‌ ‌on‌ ‌‌Blockchain‌ ‌ ‌

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by Andy Watson · 6 min read
Recruitment‌ ‌and‌ ‌Work‌ ‌on‌ ‌‌Blockchain‌ ‌ ‌
Photo: Chrono.Tech

For those who believe in the long-term prospects for the Chrono ecosystem, TIME and TimeWarp provide a good way to earn ROI.

Chrono.Tech is an Australian company that offers a set of different but interrelated blockchain services around the broad theme of recruitment and HR. In reality, the products it has developed will be of interest to a wide range of people in the crypto world, whether or not they’re in that overall sector. This article gives an overview of all the different elements in the Chrono ecosystem, how they fit together, and some of the pros and cons of each service.

TimeX: Australian Crypto Exchange

TimeX is a crypto exchange launched by the Chrono team. It offers all the functionality you might expect of any major exchange, with one or two nice additional touches – but, at the same time, the odd drawback too.

Pros

  • Because it’s based in Australia, TimeX is subject to regulation by AUSTRAC, the country’s financial intelligence agency. That means it’s fully compliant and follows best practices for the industry, so you can trade with confidence and don’t have to worry about the kind of problems you get with dubious unregistered crypto exchanges.
  • There’s decent (though not spectacular liquidity), so medium-sized traders should be able to buy and sell all they want without too much slippage. TimeX is a Top 100 exchange by volume.
  • Listed assets include AUDT (see below) and TIME, the native token of the Chrono ecosystem. Neither of these are particularly widely available on other exchanges, though there are a few.
  • Simple mode. This makes it really easy for newcomers to get started in crypto and avoids the need for any knowledge of charts, order books, and so on.

Cons

  • There isn’t the sheer quantity of tokens that large exchanges like Binance offer, so depending on what you’re looking for, you may need to go elsewhere.
  • Lots of other exchanges are available, so while it’s great if you’re Australian (especially for the AUDT functionality), it’s not so attractive if you’re based elsewhere.

LaborX: Blockchain-powered Work Portal

Most people will be familiar with freelance work sites like Fiverr and Upwork, where users can look for ad hoc jobs or search for someone to complete a specific task. There are lots of problems with these centralised giants of the space though, which LaborX aims to fix.

Pros

  • LaborX charges freelancers just 10% of the price of each gig or job, which is between half and a third of platforms like Upwork.
  • Payments are in crypto of various kinds, and on different blockchains. An escrow system protects users from customers taking the work but failing to pay.
  • The reputation system also helps give a sense of who the most reliable freelancers/customers are.
  • There are thousands of freelancers, offering a large number of services.
  • A wide range of sectors is included, though there’s (understandably) an emphasis on blockchain and crypto.

Cons

  • The gas fees on Ethereum make it uneconomical to buy or sell a gig unless the price is relatively high – there’s no point listing a Fiverr-style job for $5 unless you use Binance Smart Chain.
  • There’s an overwhelming number of gigs and freelancers, so it can take a while to decide who you want to hire, and competing as a freelancer against everyone else may be difficult unless you offer something special.
  • 10% might still be considered quite high as a commission fee, though it’s a big improvement on centralised freelancer sites.

AUDT: Australian Dollar Token

Stablecoins are an important part of the crypto world. AUDT provides an Australian dollar equivalent of tokens like USDT and USDC.

Pros

  • AUDT offers an AUD alternative to popular USD stablecoins, allowing Australians to account for their crypto trading in their own currency.
  • It’s fast and easy to move money into and out of the blockchain from an Australian bank account.
  • As an Aussie fintech business, AUDT is fully regulated and therefore very safe – far more so than Tether/USDT, for example.
  • AUDT is a major currency oh TimeX and offered on lots of pairs.
  • As an Ethereum token, you can hold it in an external wallet and trade it on DEXes as well as TimeX.

Cons

  • If you’re not Australian, there’s no real point holding AUDT unless you really don’t trust Tether, or want to diversify away from the USD.
  • Because it’s not as widely used as other stablecoins, liquidity isn’t as good as for USDT, USDC, etc.

PaymentX: Crypto Payroll for Businesses

When businesses want to pay their people in crypto, it generally entails a cumbersome manual process. PaymentX allows organizations to integrate crypto payments into their existing accounts and invoices systems.

Pros

  • Easy invoice creation and choice of different cryptos for payment.
  • Automatic calculation of USD-equivalent amount of crypto to avoid errors.
  • Multiple invoices can be paid in one click.
  • Payment in custom tokens can be organized by businesses.

Cons

  • Unsuitable for small payments in ETH or Ethereum tokens due to gas fees.

TimeWarp: Pulling It All Together, DeFi-style

TIME is the native token of the Chrono system and is paid out as reward for completed jobs on LaborX. TimeWarp is a staking programme that lets users lock their TIME and earn more, bought using a proportion of revenues from some of Chrono’s different services.

Pros

  • A great way of putting dormant assets to work if you’re a long-term holder of TIME.
  • You can earn more by committing to locking your tokens for longer in advance.
  • Reward tokens can be compounded to increase future earnings.

Cons

  • Tokens locked for the long term cannot be unlocked before the end of the term, even by forfeiting rewards (since these are paid out weekly).
  • APYs are highly dependent on fluctuating TIME token prices, so it’s hard to get a sense of the ultimate value of rewards.

Conclusion

Chrono.Tech has a great series of blockchain products, at least some of which are likely to appeal to many crypto users. While there are similar versions of several of these in the market, there’s a solid business case for all of them. LaborX in particular seems to offer something unique in terms of both trustless crypto payments and a large number of users. For those who believe in the long-term prospects for the Chrono ecosystem, TIME and TimeWarp provide a good way to earn ROI.

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Andy Watson
Author Andy Watson

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