Categories: EducationFAQ

What Is Chronobank?

One of the latest blockchain-based projects to gather a lot of attention goes by the name of Chronobank. The principle behind this project is rather straightforward, yet it is also piqued the interest of many people. Right now, the team is looking to successfully close their ICO in the coming days. It is safe to say this is a very ambitious project that can shake up the blockchain world as we know it.

Explaining Chronobank In A Nutshell

Disrupting the HR and recruitment industry is one the primary objectives for the Chronobank team. The team wants to do this by bringing an alternative blockchain-based technology to companies all over the world. To be more precise, Chronobank should be looked at as a blockchain app that can be embraced by the mainstream market without any problems. Changing the way people find work are rewarded for their labor will be quite challenging, though.

Chronobank comprises of several stages. Stage 1 revolves around the creation of national Labor-Hour tokens. Every Labor-hour token is linked to the average hourly wages in a host country. Moreover, these tokens are backed by real labor force from recruitment and labor-hire companies. By taking this approach, the team hopes to reduce volatility on the market to zero and keep the tokens inflation-proof.

Stage 2 revolves around creating the LaborX Decentralized Marketplace. On this platform users will be able to sell labor-hours to any employers in the world in exchange for Labor-hour tokens. As individual users collect valuable feedback from employers, their reputation score will increase. As a result, they are then able to ask for a higher price in exchange for labor-hours. A simple concept, yet one that could prove to be quite difficult to sell in the real world.

The concept of Chronobank entered the development stage in September of 2016, with the company’s ICO launching in December. This round of investments will soon come to a close. Once that stage has been completed, the team will start preparing the launch of Labor-hour tokens. Australia will be the first market where these tokens will be issued in Q2 of 2017. Throughout the remainder of the year, Chronobank will come to the US, Europe, and the United Kingdom as well. LaborX, the decentralized marketplace, is scheduled for release at some point during Q1 of 2018.

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On paper, this concept sounds like an excellent solution to address any labor-based inequality all over the world. Introducing an alternative financial system to do so may not be a solution the world will embrace anytime soon, though. That being said, the level of transparency, combined with the expected stable value of the tokens and protection from inflation gives Chronobank a certain appeal that can’t be ignored. It is a very unique project, that much is certain.

Some people may be wondering if it is worthwhile to invest in Chronobank. Depending on how one interprets the concept and sees this project evolve in the long-term, the answer can be either positive or negative. Even though the project raised over 4,000 BTC already, they hope to raise at least 10,000 BTC to fund LaborX development. Creating such a system is not cheap by any means, but it seems highly unlikely the team will raise enough funds to build out the platform as they want to within the predetermined timeline. Do your own research before making any investment, that is the only solid advice anyone can give you.

It is also worth noting Chronobank maintains a fixed value for every TIME token purchased during the ICO. One Bitcoin will reward investors with 100 TIME, which represent a specific value of the company itself. Once these TIME tokens hit cryptocurrency exchanges, their value will start to fluctuate a bit. This is the moment during which cryptocurrency traders will look to take a profit and cash out their original investment. Such type of behavior is the inevitable outcome for any cryptocurrency ICOs, unfortunately. This article shouldn’t be taken as investment advice, as always do your own research.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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