In a recent press release, ChronoBank, a time-based cryptocurrency platform, announced they will begin the crowd sale for their ICO in December 2016. The Labor Hour platform will allow users (e.g. freelancers, contract workers, and employees) to create profiles, hire assets, and make payments in exchange for work.
To legitimize the crowd sale, the founders of ChronoBank have developed a six-step development roadmap which began in June 2016, and is running into the first quarter of 2018. This roadmap lays out the path of the firm from the inception of ChronoBank’s idea to the LaborX exchange.
As described in the roadmap, ChronoBank will be launching their own Labor Hour crypto tokens in the second or third quarter of 2017. Subsequently, investors who’ve participated in the crowd sale will receive ‘time tokens’ which are equivalent to the Labor Hour cryptocurrency. The Labor Hour cryptocurrency will be redeemable in multiple fiat currencies such as the Australian dollar, United States dollar, euro, and pound sterling.
The final, step as outlined in the roadmap reveals, the current development of a LaborX exchange platform where users can convert their own Labor Hour tokens to fiat currency or other cryptocurrencies. The Labor Hour debit cards will also be available to users to make payments online and at PoS (Point of Sale) terminals that use Labor Hour tokens.
ICO investors who become stakeholders in the platform have the opportunity to earn rewards as well as a percentage of the transaction fees that are collected by the cryptocurrency network. Preregistration is available on the ChronoBank website.
Read the ChronoBank full press release below:
By the first quarter of 2018, the short-term recruitment sector will be revolutionized. Contract workers and freelancers will be using blockchain powered platform to find assignments and they will be receiving their payments in the form of cryptocurrency. The new revolution will be made possible by ChronoBank.
ChronoBank is a time-based cryptocurrency platform working on making short-term hiring, a walk in the park. The distributed ledger technology based platform will be powered by Labor Hour crypto tokens which are the medium of value exchange on ChronoBank.
The founders of ChronoBank, including Edway Group Limited — a prominent player in the recruitment industry — have a six-step development roadmap in front of them. The roadmap, starting June 2016 is set till the first quarter of 2018. In the past six months, the platform is already halfway through the roadmap. With the idea creation and concept development to website launch completed, the platform is now looking forward to the ICO. The ICO involving crowd sale of Time tokens is set to begin from December 2016.
Soon after the ICO, ChronoBank will be launching Labor Hour crypto tokens, sometime between the second and fourth quarter on 2017. Investors taking part in the ICO will be receiving their Time token equivalent of Labor Hour cryptocurrency at that time. The Labor Hour cryptocurrency will be pegged to multiple fiat currencies viz., Australian dollar, United States dollar, euro and pound sterling.
With the launch of Labor Hour, the platform will start allowing users — freelancers, contract workers, and employers to create a profile, hire resources and also make payments for the work done. the final step on the current development road map involves LaborX exchange platform where users can convert their Labor Hour tokens to fiat or other cryptocurrencies. The Labor Hour powered debit cards can be used by individuals to make payments on online gateways and PoS terminals using Labor Hour tokens.
The ICO participants get to be stakeholders in the ChronoBank platform, earning rewards and a percentage of transaction fee collected by the cryptocurrency network. Interested investors are advised to keep their Bitcoin wallets funded and ready so that they can buy Time tokens as soon as the ICO goes live. They can also pre-register for the ICO on ChronoBank website.