Recently, ChronoBank announced that it has been working on
LaborX exchange, a Blockchain-based initiative that is aiming to disrupt the
short-term recruitment sector in the same way that Uber revolutionized the taxi
business by enabling direct connection between employers and workers.
Through LaborX exchange, buyers and sellers of work can trade
skills for time and money. The system is built on Ethereum’s platform enabling smart contracts, allowing
workers and businesses to connect on a peer-to-peer basis.
Alexander Rugaev, chief marketing officer, says:
“The recruitment industry is broken, with intermediaries
charging high fees to introduce suitable employees to businesses seeking to
fill vacancies. Whilst this is generally accepted as the price of doing
business for long-term appointments, it can be prohibitively expensive for
contract or freelance work. Organizations can spend more time and money
securing an employee than they do on the work itself.”
Just like Uber indeed
The system works in quite the same way as Uber connects
drivers and those looking for a taxi, or how Upwork allows freelancers to find
work. LaborX also introduces a decentralized reputation system that enables
workers to be rewarded in line with their talent and experience.
ChronoBank is into the second month of its crowdfund, having
already raised approximately 1,200 BTC as well as significant amounts of other
cryptocurrencies - LTC, ETH, ETC, WAVES and NEM. In addition, the project
received $1.1 mln in venture capital funding from AXL Strategic Partners.
“A significant proportion of work building a system has
already been completed,” says Rugaev. “The rewards contract, which handles
automatic payment of dividends for token-holders, has been created, as has the
exchange contract that will allow trading between different token types on
LaborX.”
A decentralized marketplace
Having no competitors in the field, ChronoBank seeks to
leverage Blockchain technology to solve real-world business problems and
revolutionize the area of short-term recruitment. Here’s how it will work.
LaborX will serve as a decentralized marketplace where people
in real-world professions will be able to sell labor-hours to anyone. LH (Labor
Hour) tokens act as a substitute for payments enabling users to be rewarded for
their work – without cryptocurrency’s signature volatility risk. LH tokens can
be bought and sold by companies to secure professional services, as well as by
crypto traders who want to hedge their earnings in a stable, inflation-proof
token.
Developers have created a system that is easy to use making
sure that labor time can actually be exchanged to LH tokens. The time banking
applies the standard exchange rate, however, each participant is remunerated
according to their skill level.
Simply put, the better reviews a user gets for previous work,
the higher the price they can command for an hour’s work.
The latest development update
ChronoBank is using ConsenSys Truffle as the main smart contracts
development framework. At the moment, the development team is working on
stabilizing the CI/CD process, developing automation scripts and implementing
Coveralls.io service to track test coverage of all sources.
In addition, ChronoBank is actively developing the ChronoMint
user interface and expanding the possibilities of ChronoWallet. More precisely,
it is working on adding more exchange features and planning the development of
native mobile wallets for the iOS and Android platforms.
Partnership with Lykke
To provide fast and user-friendly exchange services,
ChronoBank has partnered with mobile wallet and trading enterprise Lykke, which
will enable users to trade ChronoBank’s tokens for other cryptocurrencies
frictionlessly.
The trading of LH tokens, taking place on ChronoBank’s
decentralized LaborX exchange, will be issued on multiple Blockchains. Both LH
tokens and the TIME token, which will be distributed to ICO investors, will
simultaneously be listed on the Lykke Exchange.
Lykke, a Swiss Fintech company dedicated to building a global
marketplace for trading all classes of financial assets on the Blockchain, is a
strategic technological partner in the creation of LaborX.
Sergei Sergienko, CEO at ChronoBank, says:
“One of the reasons we’re thrilled to be partnering with
Lykke is that commitment to making cryptocurrency accessible to new users.
Since we are looking at mass-market applications for crypto tokens, it promises
to be a very worthwhile partnership.”
Lykke is a member of the Hyperledger project. It is
currently building enterprise-scale solutions for large financial institutions.
For more information about ChronoBank visit www.ChronoBank.io.
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