This is a paid press release and should be treated as advertising and promotional material. Bitcoin.com does not endorse nor supports this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy, quality, within the press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Time-based cryptocurrency initiative ChronoBank.io has launched its new website, aiming to raise awareness for its coming multi-blockchain ICO.
ChronoBank.io, a project that aims to revolutionise the short-term recruitment sector in the same way that Uber changed the taxi industry, has launched its new website as the first stage of its crowdfunding campaign.
Time-based currencies have been around for almost 200 years and many hundreds of timebanks operate around the world. However, the ChronoBank team – who have extensive experience in both the recruitment industry and in the cryptocurrency sector – believe the idea can be updated to change the way professionals look for work and companies provide it.
Traditional timebanking vs ChronoBank
Timebanking has typically proven successful within limited settings – most notably Ithaca, New York, which has a thriving time-based economy built on the Ithaca Hour time currency. However, for various reasons it is not suited to broader application within the 21st century global workplace. ‘We know we can change that with blockchain technology,’ comments Alexander Rugaev, ChronoBank CEO. ‘We want to make a short term recruitment as profitable and prestigious as long term recruitment. One of our founders is Edway Group Ltd, one of the largest labour-hire companies in Australia, so we know exactly what the market needs and how to achieve it.’
Key to the idea are time-based cryptocurrencies, a fundamentally different form of money. Time-based money has a different tax status to regular fiat money, and can be exchanged for goods and services, or sold for other currencies. ‘Labour Hour tokens are also a great store of value and hedge against inflation, since hourly wages tend to rise in line with or above inflation. That makes it attractive to earn and attractive to hold.’
The first stage of the project is to build and grow a presence within the cryptocurrency community, disseminating information and answering questions that may arise, before launching the crowdfund in December.
‘Over the coming month we’ll be building awareness, not just around ChronoBank and our crowdfund but about the idea and advantages of time-based currencies more broadly. We want people to understand that we’re serious, we’re experienced in blockchain and the recruitment sectors, and we have the talent and backing to make this happen in a big way,’ continues Rugaev. ‘We’re going to hold the crowdfund and issue Labour Hours on multiple blockchain platforms, including Ethereum, Classic, Waves, Lisk and bitcoin, depending on demand.’
ChronoBank’s crowdfund is scheduled to start in December. To find out more, visit www.ChronoBank.io