What is ChronoBank?

In this article, Mytour introduces you to the concept of ChronoBank and its features.

1. What is ChronoBank?

Blockchain technology has revolutionized the landscape of online payments across various industries. Currently, ChronoBank is strategizing the use of blockchain technology to disrupt other industries such as entertainment, recruitment, and finance.

ChronoBank aims to transform how users seek employment and reward their hard work without relying on the involvement of traditional financial institutions. Through this process, ChronoBank's plan is to revolutionize short-term hiring in crucial professional fields.

Some of the key sectors targeted by ChronoBank include e-commerce, cleaning services, warehousing, manufacturing, and construction. Their strategy is to attract freelancers - individuals who have sold their time (labor hours) in exchange for compensation.

ChronoBank's ecosystem relies on the Labor-Hour (LH) token. LH is tied to the average wage in specific countries.

These tokens are backed by real workforce from major recruitment and staffing companies. Among the various national tokens, two tokens, namely US Labour-Hour (LHUS) and Australian Labour-Hour (LHAU), were recently introduced in 2017.

Meanwhile, ChronoBank introduced the TIME token early last year through an ICO. TIME is actively traded on several cryptocurrency exchanges.

The company stated, 'Labor is abundant enough for everyone to access, yet scarce enough to create value. It's the most tradable resource in the real economy,'.

Phase 1 of the ChronoBank project involves the introduction of Labor-Hour tokens. These tokens will have stable value and liquidity, facilitating easy conversion to fiat currency globally. Additionally, ChronoBank will introduce LH debit cards to provide users access to their funds 24/7.

Phase 2 involves the introduction of the LaborX decentralized marketplace.

2. Features of the Labor-Hour Token

In the initial phase of the ChronoBank project, the Labor-Hour token is introduced. Here are some key features of the Labor-Hour token:

- Self-selecting financial system:

ChronoBank operates on a blockchain platform, free from third-party intervention like banks. Transactions occur directly between individuals and businesses.

- Support for Multiple Blockchains:

The LH and ChronoBank.io tokens are generated on Ethereum, Waves, and NEM blockchain platforms, unlike other tokens that rely on a single blockchain.

- Protection against Inflation:

LH Token will be linked to the average hourly wage of a country. These wages exhibit significant growth, stability, and low volatility.

- Stable Price against Fiat:

Users can conduct transactions while still utilizing various fiat currencies. Transactions will be supported by AUD, USD, EUR, and GBP units. LH is designed to provide stable pricing against fiat currencies.

- Stable Token:

Labor-Hour coins maintain a stable value, shielding users from unpredictable fluctuations in the cryptocurrency world.

- User-Friendly:

ChronoBank's platform is designed with a user-centric approach and employs the best UI/UX practices. With just a click, you can buy, sell, and conduct transactions using fiat or various cryptocurrencies.

- Transparency:

ChronoBank employs a hierarchical ledger with multiple security levels to ensure transparency and openness at all stages of the Labour-Hour lifecycle.

- LH Debit Card:

ChronoBank is planning to release debit cards that allow users to use LH cards like regular cash. LH tokens will be super liquid and accessible 24/7 through the LH debit card.

3. LaborX Decentralized Marketplace

Phase 2 of the ChronoBank project will introduce the LaborX decentralized marketplace. This marketplace allows individuals from various professions to sell their hourly labor to anyone.

In this marketplace, LH tokens will function as an alternative to fiat payments. This means individuals can be rewarded for their work without facing the risks of cryptocurrency volatility.

In the marketplace, each user will have a reputation assigned to them, enabling them to access compensation levels commensurate with their skill level in a specific industry. As an individual's reputation increases, they can adjust their pricing higher for their work.

So, what about an individual's initial reputation? Here's how ChronoBank.io explains the initial reputation:

'Initial reputation will be established based on the experience of each individual within partner companies from phase one of the project.'

For those who haven't engaged in any previous interactions within the system, a 'median reputation will be assigned.'

Users will be incentivized to increase and maintain their reputation at the highest level. The better their reputation, the more they will be paid.

4. TIME Tokens

TIME Token was introduced in the initial phase of the project and is considered the primary currency on the platform.

Unlike other cryptocurrencies, the main function of TIME Token is to facilitate various blockchains. The meticulously designed TIME Token boasts high security without the need for expert intervention.

TIME Token and ChronoBank dApps are crafted on the Ethereum, Waves, and NEM blockchains. Due to TIME Token being linked to the average hourly wage of a country, the inflation risk is low.

This article has just provided you with an introduction to what ChronoBank is and the features of the LH token. Additionally, if there are any questions or inquiries, readers can leave their comments below the article.