ChronoBank is one of the first projects to be using the XEM as one of their crypto currencies in an ICO initiative. It is ongoing and the ICO shall be completed at the end of Valentine’s day, 14th. February, 2017.
The ChronoBank project aims to make short-term employment as accessible and rewarding as long-term employment, giving workers the flexibility to determine their own schedules whilst being paid a fair rate for their time, expertise and reputation.
ChronoBank posit that Labour Hour (LH) tokens will be the most sustainable stable-value coins that are linked in price to average wages in their country of origin. Therefore, they will be inflation-proof assets that can be transferred and spent without the involvement of banks or any financial organisations. As a result they claim that LH tokens will be easy to use and accessible 24/7 via the LH debit card
To that end, ChronoBank has come out with a decentralised marketplace called LaborX, where labour time can be traded at market rates. In this decentralised marketplace, a reputation system is put in place where it will facilitate feedback for each worker, allowing people to hire the most competent professionals from the online and offline worlds for their budgets, and employees to secure payments in line with their training, skill and experience. ChronoBank shall be offering both a fully decentralised version for global freelancers and a semi-centralised one that is fully compliant with local labour laws.
Together, these features in their opinion, will enable us to adapt the tried and tested principles of timebanking to the requirements of the 21st century global labour market.
ChronoBank has chosen to work with NEM because they have come to appreciate what NEM can offer. NEM, on the other hand, is also honoured to know that our solution suits ChronoBank’s intent.
For the long term, this bodes well for both ChronoBank and NEM. We hope our solution will be able to fulfil ChronoBank’s intents. This can only strengthen NEM’s position as a world leader in the development of the blockchain technology while at the same time, ChronoBank is able to prove that its model works well in the actual reality of things - labour time as having financial equivalence that is inflation protected – driven by blockhain technology.
We are looking forward to a long and fruitful partnership between Chronobank and NEM. We believe that together, we will further the development of blockchain technology and make wide scale, real world adoption of blockchain tech quicker and easier.