Website

ChronoBank (TIME)

ICO

Last updated: May 04, 2018

A blockchain project ChronoBank (TIME) aimed to disrupt the HR/recruitment/finance industry in a similar way to Uber’s revolution of the taxi business

IMPORTANT: By investing in this business you agree to ourDisclaimer. All information including our rating, is provided merely for informational purposes. CryptoTotem does not provide investment advice.

Overview

Project industry	Exchanges & Wallets
Founded	Australia
Whitepaper	Open

Technical details

ChronoBank is a multi-blockchain project aimed squarely at disrupting the recruitment sector, in the same way that Uber revolutionised the taxi industry and Upwork represented a step change in freelancing. The ChronoBank project has three main stages: 1. TIME token crowdsale The first stage is TIME token crowdsale. Funds collected from the crowdsale of TIME tokens will be used for marketing and development of ChronoBank. TIME token holders will get rewards from various fees as the platform gains adoption and popularity. 2. Labor-Hour stable coins The next stage of our project is to create the financial backbone of ChronoBank: national Labor-Hour (LH) tokens. LH are issued by major recruitment and labour-hire companies and linked to average hourly wages in the host country. 3. LaborX decentralised marketplace The last stage is to create LaborX, a decentralised marketplace where people in real-world professions will be able to sell labor hours to anyone – just as easily as Uber drivers or Upwork freelancers do. LH tokens will act as a substitute for payments in fiat currencies and will enable people to be rewarded for their work without cryptocurrency’s signature volatility risk. A multi-blockchain solution To achieve long-term functionality and success, ChronoBank will issue LH tokens on both existing and new blockchains, depending on market demand from users and the development of new blockchain platforms. Ethereum/Classic blockchains ChronoBank will create decentralized applications (dapps) for token users and issuers, with a userfriendly interface and secure transactions using escrow smart contracts.

What is ChronoBank

- A system that guarantees that people will always get paid for their work according to their effort, as well as a system that provides a stable token on Ethereum and other participating blockchains - Revolution in the short-term recruitment of the real world professions - Based on the tried-and-tested model of timebanking, in which workers trade hours of labour for goods and services

Details

Public sales: Dec 13, 2016 - Feb 13, 2017
Raised: 5,400,000 USD

Legal

Registration country: Australia

Token info

Ticker: TIME
Dividends: Rewards for TIME holders will be in the form of transaction fees and issuance fees that derive from new LH being issued. These will be distributed to TIME holders either as rewards or through regular buybacks of TIME tokens.
Token price in USD: 1 TIME = 10 USD
Accepted currencies: BTC, ETH and a number of other altcoins. Fiat currencies once ChronoBank get regulatory approval.
Token distribution:
All TIME tokens purchased during the crowdsale will constitute 88% of the total TIME tokens generated during the initialization of the ChronoBank system. The remaining 12% of tokens will be split with 10% given to the ChronoBank.io team (for ongoing research and development) and 2% going to advisors and early adopters of the system.