The ChronoBank initiative combines time-based cryptocurrency payments with the freelance ecosystem.
A new Blockchain 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 with the gig economy to offer employers and freelancers easy access to each other.
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."
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.
A new Blockchain 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 with the gig economy to offer employers and freelancers easy access to each other.
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."
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.
Worldcoin Defies Regulatory Challenges: Seeks Partnership with OpenAI
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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