The route of the ChronoBank project simplified
The ChronoBank project aims to revolutionize the labour sector, world wide. Compared with the same impact that Uber or Upwork had in the business world, ChronoBank will focus in recruiting and manage professionals in different areas, like e-commerce, cleaning, warehousing, industrial, building and freelancing. Here will be implemented the core model of ChronoBank, the Timebanking. Using this model workers can trade hours of completed labour for goods and services.
To iniciate this project, a crowdsale is live to collect funds to be used for the marketing and development of ChronoBank. Anyone can join this crowdsale at https://chronobank.io . The token Time will be distributed during the crowdsale, to all the participants. The holders of this tokens will get rewards from certain fees, while the platform grows and becomes famous.
After the crowdsale, a new fase will start in the ChronoBank project, the national Labour Hour. Here, LH tokens will be used. This tokens will be created by recruitment/hire companies, with a similar value, applied to the average hourly salaries of each hosting country. The business model of ChronoBank focuses on labour being one of the most tradeable services in the world economy. The holders of the crowdsale tokens (Time) will earn rewards between 1% to 5% from issuance and 0.15% transaction fees of LH tokens. ChronoBank Time token holders will be rewarded for each LH (labour hour) tokens issued. The LH tokens are meant to be trade in the LaborX platform exchange. This is the last goal of ChronoBank, and the most attractive one. The creation of a market exchange platform service where all the professional categories will be able to be bought by anyone. That is basically the same principal applied by Uber drivers or Upwork freelancers. The currency used in this market will be the LH tokens, without any volatility risk. Each user profile in the LaborX will have a reputation score based on previews jobs and reviews from costumers. The reputation will help set the range of the price per hour.
The Time-Based Currency
ChronoBank main inspiration theory is the Time-Based currency. A currency that wouldn´t be measured by value but instead by time. This is an old socialist labour theory of value. The ChronoBank advisor Paul Glover is the creator of a time-based currency named Ithaca HOUR, in 1991. His main goal was to create an alternative to a traditional financial system. It was a way of having decentralized currency out of the control of banks and international corporations. The value of one Ithaca Hour was $10.00. That was based on the average salary per hour in that region. Therefore the principal “Time is Money” is put at practice.
The Tokens
After the crowdsale there will be a need to create a sustainable cryptocurrency, that will be the base of the ChronoBank business model. It will be inspired in the Time-Based Currency. They will be called National Labour-Hour and their value will be fix in the average hourly salary in each specific country, based in employment and recruitment companies. This tokens will have fixed value and inflation protection. An LH debit card will be created allowing a direct access to the LH tokens. The National LH tokens will be created according to each country of trade.
- LHAU (Australia) 10%
- LHUS (United States) 50%
- LHEU (European Union) 30%
- LHGB (Great Britain) 10%
Like was pointed the volatility of the tokens is zero, but a Time-Based currency value goes side by side with the Annual Salary Growth. The same happens with inflation. Inflation is the populations biggest tax. Every year it increases 1.5% to 3%. You barely realize this because it happens very slowly, and it is disguised in many ways. So a Time-Based currency is the best protection against this manipulative Tax. The average of salaries increase with inflation, and also with labour productivity. That will make the LH tokens support a more transparent economy.
The LH tokens can provide also technological advantages like the utility being used as any other cryptocurrency and by any existing merchants, exchanges and wallets. ChronoBank will create a multi-blockchain solution where the LH tokens will be issued on all major blockchains, like Ethereum, ETC, Waves, Nem and Bitcoin. ChronoBank´s wallet will be extremely user friendly and connected to a 24/7 LH debit card. The economic advantages of the Time-Based currency are decentralization from any institutions, a lot higher inflation protection than any fiat currencies and real world backing via the existing labour force and the productivity person-hour.
These technological and economical advantages aim the LH tokens and the LaborX exchange as ideal solutions for the type of vision shared by the ChronoBank.
There are some ways of calculating and understanding the value implemented in the LH tokens. This tokens are supposed to have a stable value and a background support value. The calculation of this value is different by country. They are based on cost of labour hours in each country and related to a certain number of factors like Industrial agreements, Statutory on-costs, Workers compensations, Social Security, Payroll tax and Casual loading. The salary per hour is always calculated according to the statistics of previous financial year. The current rates per countries are:
- USA: $25.79 USD/hour
- Europe: €25 EUR/hour
- UK: £13.89 GBP/hour
- Australia: $39.89 AUD/hour
Cash salaries, regular bonus and other compensations are included in this calculation.
Non cash goods, pension benefits and termination payments are excluded.
There is also some requirements for the issuing of LH tokens. The entity has to be in the same territory in witch operates, the company has to be at least 3 years old and minimum 50 full time workers, profitable, at the start no company can represent more than 20% of the total national LH, not all of the funds from the sale of Labour-Hours will be available to the company, in the end of each some financial management options are provided to the company.
Therefore the ChronoBank project with the implementation of their Tokens in the real world economy, will have a positive revolutionary impact and freedom of choice to employers and to employees.
If you want to make part of this revolutionary Time-Based currency, just join at: https://chronobank.io
Author: Raxitto, 882660
