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 theHyperledger project. It is currently building enterprise-scale solutions for large financial institutions.
For more information about ChronoBank visitwww.ChronoBank.io.