ChonoMint is the interface for ChronoBank, which is an ecosystem of tools surrounding the company’s TIME token and upcoming LaborX platform. ChronoBank intends to create an ecosystem with its wide-ranging blockchain project, aimed at disrupting the HR recruitment and finance industries. They are targeting not only e-commerce but also warehousing, industrial and logistics markets.
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The system is based on an established model called ‘time banking’, in which workers trade hours of labor for goods and services. However, ChronoBank updates time banking by removing its inflexibilities and limitations. While time banking requires that one hour of labor be equal to any other, without regard to the industry in question or performance of the individual, ChronoBank can leverage the blockchain to engender a truly free market approach to the idea. This makes it sustainable for the needs of the 21st-century global economy.
As the interface for this smart contract management system, ChronoMint has a variety of features. Firstly among these is the ability to manage ETH, BTC and any ERC20 token, not just the company’s own TIME. This will also include support for secure multi-signature features when using hardware keys, such as the Trezor and Ledger Nano S. In addition to the Ethereum ecosystem, the platform will also support LTC, BCH, upcoming BitCoin GOld and a number of other popular cryptocurrencies. The platform will also allow users to create their own ERC20 token, allowing for currency exchange with trade in pairs. By supporting hardware wallets, the company is ensuring that users will feel secure transacting on the platform. This is particularly important in light of the fact that this platform will be directed at transmitting wages.
The application is multi-platform, with desktop clients release coming up soon for both Mac OS and Windows. Mobile clients available Android platforms (with iOS release coming up soon). The mobile client is particularly impressive and highlights the efforts that the company has taken to comply with the most up-to-date rules in the Apple Store. The company has still been able to support 100% of the functionality of the desktop app, and the roadmap includes plans to integrate a full Ethereum lite note.
The team is sincere in their efforts to overhaul the current system for labor and payment. According to Sergei Sergienko, the Australia based CEO of ChronoBank, “We are all living in a world that is changing faster than ever before. Traditional ways of doing things are fast becoming obsolete, including the way we work and earn a living. I and our stellar team at ChronoBank have risen to the challenge of creating a fairer, more sustainable and better system for anyone to work, get paid and trade their only valuable resource, their Time. We believe that people should have better choices in their work/life balance, be paid according to their skills, receive pensions and pay taxes effortlessly.“
With partners including Waves, NEM and ICOpromo, the company is well poised to carve out a piece of the rapidly evolving blockchain labor force, and could well succeed in their efforts to upend the current order.