What is Chronobank?
Chronobank is an ambitious blockchain project targeted at disrupting the human resources recruitment and finance industries. In their website, they indicate that they target to create a major disruption in the two industries the way Uber disrupted the tax business in the globe. Therefore; what exactly is Chronobank?
Chronobank is a decentralized recruitment solution that operates on the Ethereum platform.
It is an open source project that targets to bring the blockchain technology to the world or recruitment. It operates as a complete HR system that allows the recruiters and qualified candidates to meet in a decentralized manner.
The project was developed by a blockchain and human resources development team based in Sydney Australia.
The founders, Sergei Sergienko and Paul Glover, started working on the project early in 2016 and completed the initial phase in December 2016 when they issued an ICO.
They raised 5.4 million which was distributed in the following percentage;
- 88% went to the ICO participants.
- 10% was allocated to the development team.
- 2% was released to the company advisors.
The project operates using a set of tokens to help with operations in the market, paying the transaction fee, stabilizing the market, and trading in the exchanges. However, the main token is TIME.
When the TIME tokens were made available for trading in the market late in February 2017, the value was $12.89 before rising steadily to reach a peak of $28.4 in June the same year. Between June 2017 and December 2017, the price ranged between $13 and $27 before shooting to $49.4 in January 6th, 2018.
This sudden growth realized in December 2017, and January 2018 was short lived because the price took a downward trend culminating to $4.9 by the close of the third quarter of 2018. The appealing design and a committed team resulted in speculation that the value could ultimately rival other top coins in the market.
What is the problem that Chronobank Solves?
The blockchain niche was designed as a response to address the societal issues that plagued the globe for years. Note that unlike Bitcoin that primarily targeted to solve the problem of high cost of sending value, Chronobank operates as an ecosystem and targets to solve more issues. Here are some of these problems.
- The complex and high cost of recruitment
If you want to hire staff for your company, the process is lengthy, expensive and at times very complex. You will need to create a job profile, run an ad, carry interviews, and select the winning candidate. The alternative, that might be considered less complicated, is using a recruitment agency. However, the process is expensive, and you lose control of the candidate that will be hired for your company. Chronobank targets to address the problem by decentralizing the entire recruitment process.
- Poor adoption of the blockchain technology in the community
While the benefits of the blockchain niche such as low cost of sending value using a decentralized system are evident, the process of uptake by the community has been relatively slow. Even as people rush to take advantage of new tokens when they are released, their main goal is enjoying high ROI when the digital tokens finally get into the market. Chronobank targets to address the problem by expanding the blockchain to the recruitment niche.
- The high cost of sending value using conventional methods
Though the earlier platforms such as Bitcoin and Litecoin have done a lot in helping to pull down the cost of sending value, people are still using the conventional financial. Some feel uniquely attached to them, others are worried about regulations, while the last group is skeptical about joining the blockchain niche. Now, Chronobank targets to help cut cost through decentralization and demonstrating that it is secure.
- High cryptocurrency volatility in the market
If you take a closer look at the price of most cryptocurrencies, one common thing is the high volatility rate. For example, the hype about Bitcoin in December 2017 made its price to shoot through the roof to record high of $18,737. But the price took a downward trend responding to every aspect of the market. This volatility has made it very difficult to predict the price movement of the cryptocurrencies. Chronobank targets to address this problem using a stable coin.
How does Chronobank Solve the problem?
When working on the Chronobank platform, Sergei Sergienko and Paul Glover took a lot of time to look at the industry’s problems and craft winning measures. Here are some of the methods used to solve the above problems.
- The TIME Coin
This is the main token on the platform that was introduced when the platform was launched for the first time. The unique thing about the TIME token is that it supports multiple blockchains. The TIME token was not designed as a security token. Instead, it is designed as the fuel to the ChronoMint ecosystem.
The TIME coin and the platform’s decentralized applications (dAPPs) are designed on the Ethereum blockchain but can also work on the NEM and Waves platforms. Note that because the tokens are linked to the national hourly wages, the inflationary risk is pulled down significantly.
The Chronobank utilizes a decentralized ledger backbone with multiple security levels. This is used to drive transparency and openness in all stages of the working hour cycle.
- Labor-hour stable coins
In addition to the standard TIME coins, the Chronobank system also features the Labor-Hour tokens. These are tokens linked to the average hourly wages in the respective country of application. They are backed by actual labor force from major recruitment firms.
The development team was live to the fact that labor is abundant for everybody to access but very scarce to be valuable. This is the reason why it is the most tradable resource in the economy. Now, LH token is this scare resource.
Because the tokens are backed by the real labor, they are inflation-proof and considered next to zero-volatility when compared to other tokens such as Bitcoin and Ripple. The solution is considered more sustainable compared to other fiat-pegged coins such as Tether. The LH tokens are hyper-liquid and accessible all the time through LH debit cards.
- LaborX
This is a 24/7 global marketplace designed to connect companies and candidates to ensure they can transact promptly, safely and easily. The system is designed on the blockchain sector and introduced advanced human resources operation management systems to help companies screen staff and pick the best. Some of these features include smart contract payments and screening hires.
The Chronobank LaborX was created with a consumer-friendly design to facilitate mass adoption by both large companies and small enterprises. Because of the high efficiency brought by the blockchain system, the transaction fee can be pulled down from about 5-15% charged by hiring platforms to about 1%.
- The Chronobank wallet
The ChronoWallet utilizes smart contracts to make coin management easy and is the main wallet for the platform. The wallet provides users with an interface for managing TIME, most ERC-20 tokens, and Bitcoin. But the most impressive thing about the wallet is providing users with a reliable platform for the creation of ERC-20 tokens. This implies that you no longer have to look at other tokens and wonder how they were created. Instead, you can use ChronoWallet to create your tokens.
What makes Chronobank better than it’s competitors?
The fast-rising number of blockchain networks on the market has made the industry to become highly competitive. By mid-2018, there were more than 1600 cryptocurrencies in the market. This implies that for a new blockchain to win a bigger market share, the blockchain has to win the trust of the target market. Here are some of the things that make Chronobank better than competitors.
- The platform has simplified the recruitment process and pulled the associated cost very low. This implies that whether you are a new company targeting to open a new branch abroad or want special skills in business, the process of recruitment will be highly reliable.
- The Chronobank has articulately addressed the problem of inflation with its unique LaborX token. Now, investors do not have to worry that their funds will lose value when the price in the market changes.
- Chronobank’s debit card is a good way to help people in the blockchain network to link with fiat currencies directly. Many people in the cryptocurrencies have expressed the difficulty of converting their tokens into fiat currencies. In many cases, they are forced to go through the exchanges that support fiat. However, the Chronobank’s debit card makes the conversion of the Labor Hour tokens to fiat or direct purchases easy and direct.
- The Chronobank system allows users to operate directly on a peer2peer basis. By allowing users to bypass the profit-seeking organizations, sending value on the Chronobank platform is easy and cheap.
- The community and experts are in agreement that the Chronobank’s system holds great potential that could push the value of TIME and return on investment (ROI) high.
- The ChronoWallet, the user interface of Chronobank, has a mobile version that allows users to carry the platform wherever they go. This implies that you no longer have to wait to go back home or reach a computer for updates on the price movement of the native coins. Everything can be accessed on the phone no matter where you are.
How can Databits be categorized?
The Chronobank system is one of the high potential, ambitious and flexible platforms that will revolutionize the recruitment industry. Its design and commitment of the development team are two core components that are making the community remain optimistic that the platform could become the next big thing in the industry. The platform is even more fascinating because it allows users to convert their coins to fiat easily and even integrate with other blockchain platforms.
What is Chronobank’s vision on Security?
The Chronobank’s vision on security is to become the most reliable and secure recruitment and financial system. To guarantee users of optimal security on the platform, here are the main features used on the network.
- The platform is based on the Ethereum platform. This implies that the blockchain offers another layer of security to make it hard for hackers to break into the network.
- The system operates as a decentralized network of nodes across the globe. This implies that there is no single point of failure because all the nodes have to verify the information about the sender before transaction are verified.
- The development team of Chronobank is very aggressive. They are always working to fix gaps and vulnerabilities to make it extra hard for attackers to gain entry. This is the reason why no successful hacking had been reported on the network by the third quarter of 2018.
Examples of Chronobank’s use cases/ applications.
When blockchain projects are released into the market, the founders and development teams want to optimize their applications. Here are the main use cases of the Chronobank platform.
- Use the Chronobank system to recruit staff. The system operates as a complete platform for companies to reach and recruit high-quality staff. You can use the platform to reach the target audience, screen them, and narrow to the most qualified staff at a reduced fee.
- Use the platform to send value on a peer2peer basis. As a blockchain platform, people who join the system and acquire the native tokens can use them to send value on a peer2peer basis. Sending value on the platform is fast and cheap because the centralized system helps to bypass profit-seeking organizations such as banks.
- Use TIME token to trade in the markets. One method of optimizing returns from the Chronobank is trading the native tokens on the markets such as Liqui, Kucoin, and HitBTC. Note that to trading in such markets will require you to join them by opening trading accounts because they are centralized.
- Use Chronobank token to pay for goods and services. Like other cryptocurrencies or fiat currencies, the Chronobank’s native coins can be used to make direct purchases in the markets that accept it. You only need to identify the stores that accept TIME token or Labor hour token debit card.
https://chronobank.io/files/whitepaper.pdf