Blockchain-based time banking project ChronoBank has announced details of LaborX exchange, a market place where people will be able to buy and sell their labour in the form of tokenised labour hours
ChronoBank said that following the token sale, it would get to work on ChronoWallets, Labour-Hours debit cards and middleware for crypto exchanges to provide liquidity, and also the LaborX exchange as the project's financial backbone.
In traditional time banking, one hour of work equals any other hour of work, so one hour of work for a cleaner for example equals one hour of work of a lawyer. ChronoBank has modified this a la stable coins, so the price of labour hour is equal to average person hour rates in host country. For example, the British labour hour will be about £14.
This means that if a UK lawyer charges somewhere between £100 and £200 per hour, in labour hours this will equate to around 20 labour hours.
ChronoBank hopes Labour-Hours (LH) tokens could become the most sustainable stable coin on the blockchain so far – as opposed to crypto systems that hold fiat as collateral in a bank account.
The LaborX exchange, which is built on Ethereum's smart contracts platform, will enable workers and businesses to connect on a peer-to-peer basis. Using LaborX, organisations can buy labour directly – in much the same way that Uber connects drivers with those looking for a taxi, or Upwork allows freelancers to access work directly, said a statement. LaborX will include a decentralised reputation system that will enable workers to be rewarded in line with their talent and experience, instead of on a one-size-fits-all basis.
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, said ChronoBank. This exchange contract code has been implemented within the GUI of the ChronoWallet, allowing users to view offered rates and make trades quickly and easily. It is also possible to view amounts of Labour Hour (LH) tokens to be transferred in fiat equivalents, and to switch between different currencies.
ChronoBank is now into the second month of its crowdfund, having already raised around 1,200 bitcoins as well as significant quantities of other cryptocurrencies (LTC, ETH, ETC, WAVES and NEM). The project also received $1.1 million in venture capital funding from AXL Strategic Partners and has the backing of Edway, a major labour-hire organisation based in Australia.