SYDNEY, Nov. 2, 2016 /PRNewswire/ -- ChronoBank.io,
a blockchain project that aims to revolutionize the short-term
recruitment sector in the same way that Uber changed the taxi
industry, has launched a new website as the first stage of its
crowdfunding campaign involving time-based cryptocurrency.
Photo -
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The concept of time-based currencies has been around for almost
200 years and hundreds of time-banks currently operate around the
world. However, the ChronoBank team with its extensive experience
in both the recruitment industry and cryptocurrency sector believes
that the idea can be updated to change the way professionals look
for work and companies provide it.
Traditional Time-banking vs ChronoBank
Time-banking 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 a broader application within the 21st-century global
workplace.
"We know we can change that with blockchain technology,"
Comments Alexander Rugaev, ChronoBank CEO. He added,
"We want to make short term recruitments as profitable and
prestigious as long term recruitments. 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,"
The key component of ChronoBank's idea is the time-based
cryptocurrency, which is fundamentally a different form of money.
Time-based money has a different tax status compared to regular
fiat money, and it can be exchanged for goods and services, or sold
for other currencies.
"Labor 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."
Creating Awareness
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 its crowdfund but more broadly about the idea
and advantages of time-based currencies. 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 crowdfunding campaign is scheduled to start in
December. Interested investors can register themselves for the ICO
and gain further information about the platform's roadmap and ICO
features on the brand new ChronoBank website.
About ChronoBank
ChronoBank is an ambitious and wide-ranging blockchain project
aimed at disrupting the HR/recruitment/finance industries in a way
similar to that of Uber in taxi business and UpWork in freelancing.
The project has Edway Group Ltd, a leading Australian
industrial training and labor supply company as one of its
founders.
Learn more about ChronoBank at
– https://chronobank.io
Learn more about Edway Group Ltd here
– http://edwaygroup.com.au
Media Contact
Contact Name: Alexander Rugaev
Contact Email: alex@chronobank.io
Location: Sydney, Australia
ChronoBank.io is the source of this content. Virtual currency
is not legal tender, is not backed by the government, and accounts
and value balances are not subject to consumer protections. This
press release is for informational purposes only. The information
does not constitute investment advice or an offer to
invest.
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ChronoBank
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SOURCE ChronoBank.io