Labor Hours-backed Cryptocurrency to Launch ICO

News and Analysis

The Chronobank team has announced it is preparing for an ICO to be held December 2016. Those interested may sign up at the project’s website to learn terms and conditions of the crowdsale, and monitor its progress.

Chronobank claims to be a ‘bank of time’ on blockchain and a global alternative financial system seeking to enable workers and businesses to interact directly, without any involvement of banks and other legacy financial institutions.

The project will undergo several phases to end up as an infrastructure that could bring an Uber effect in HR.

Phase One is about creating national labor-hour tokens pegged to average salary in Australia, the U.S., the U.K., and the EU. Such pegging makes the tokens less volatile as compared to other cryptocurrencies, and ensures protection against inflation as average salary in developed economies tends to be steadily growing.

Phase Two is about creating a decentralized labor market LaborX where people could sell their labor hours to anyone. The LH tokens will be used in fiat currency’s stead at those markets. The project’s team is also concerned about the system’s design, which, according to the, has to ensure effective exchange of LH tokens for labor hours and vice versa.

In order to fund project development and marketing, Chronobank will hold a crowdsale of TIME tokens which would allow one to earn dividends from LH issuance and transactions at LaborX. Therefore, revenue of TIME holders will depend on the platform’s popularity. The price of one TIME tokenis 0.01 BTC (i.e., 1 BTC = 100 TIME).

Bonuses for crowdsale participants will comprise 30 per cent on day one, 20 per cent during the first week, and 10 per cent during the second week. Apart from bitcoins, one may use Litecoin, Ethereum, Ethereum Classic, Waves and Lisk tokens to buy TIME.

One of Chronobank’s co-founders, Edway Group Ltd., is one of Australia’s leading companies in industrial training and recruiting workforce. The company has been active for more than a century having serviced around 400,000 customers over that time. Chronobank’s strategic partner is Sigma Prime, an Australia-based company focused on blockchain-related services and data security.

The project’s CEO is Sergei Sergienko who had represented Australia at G20 summits. He is co-founder of Edway Group Ltd., and has several business awards in Australia, including Hot 30 under 30 and Young Gun in Business.

Chronobank’s CMO is Alexander Rugayev, a serial entrepreneur and blockchain enthusiast. He has 16 years of experience in e-commerce and marketing, and has been involved in establishment of industrial mining farms for Bitcoin and Ethereum.

The project’s main ideologist is Paul Glover, the legendary creator of the first time-based currency, Ithaka hour. The full line-up of the project, as well as the full list of partners will become available later this month at the project’s website.

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