Gig economy blockchain ChronoBank.io starts initial coin offering
ChronoBank.io, a new blockchain company, has launched an initial coin offering (ICO) to fundraise for marketing and development for its short-term recruitment platform. The platform combines the gig economy with time-limited cryptocurrency payments, with ChronoBank basing its Labour Hour tokens on a number of blockchains including Waves, Ethereum and more. Each token will represent one hour of work, and can be redeemed with affiliated organisations. ChronoBank is confident the Labour Hour tokens will store value well, and will create different tokens per country to take into account living costs and wages.
A new Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term venture, ChronoBank.io, is launching an initial coin offering (ICO) to fund marketing and development for a platform aimed at disrupting the short-term recruitment sector. The initiative combines time-based cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term with the gig economy to offer employers and freelancers easy access to each other.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong.

The basis of ChronoBank is Labour Hour (LH) tokens, which will be created on a range of blockchains, including Ethereum, Waves and others. These will each represent an hour of labour and will be redeemable with participating organisations.

The developers explain that because labour hire costs tend to rise above inflation, LH will be an excellent store of value and will likely be adopted by cryptocurrency traders as well as for their primary purpose, to purchase labour. LH coins will be created for each country, since different countries have a different cost of living and average wages.

Australian labour-hire company Edway is signed up to use ChronoBank’s services, and ChronoBank says several other large labour-hire companies have also expressed interest.

Timebanking

ChronoBank is an evolution of timebanking, an idea that allows participants to swap an hour of work for a time credit, which can then be used to buy labour or other facilities from participating businesses.

One of the best-known early attempts at timebanking systems is Ithaca HOURS, founded by Paul Glover, who is also a consultant for the ChronoBank project. But, he says, there is a fundamental difference now to when he launched HOURS 25 years ago. "Ithaca HOURS began before the world-wide web and email. As more commerce moves online, cash is eclipsed by electrons. So I’m looking forward to hybridizing paper, coin and e-trade."

Sergei Sergienko, CEO, ChronoBank

New technology allows a more sophisticated design to trading labour than timebanking’s one-size-fits-all approach. "LH will trade on our LaborX exchange, allowing individuals and organisations to buy and sell their labour time. However, using a decentralised reputation system we can make sure that workers are rewarded in line with their expertise, training and talent, as well as with the cost of living in their country," comments Sergei Sergienko, who is both co-founder of Edway and CEO of ChronoBank.

ChronoBank’s ICO will distribute TIME tokens to investors on the Ethereum blockchain. TIME holders will be rewarded with transaction fees every time LH tokens are created on their various blockchains, or traded on LaborX. It will start tomorrow, 15 December, and will end on 15 February 2017.