ChronoBank (TIME) Beginner’s Guide: What Solutions Does It Offer?
In a connected world, companies such as Uber and Up Work are fundamentally disrupting old business models and introducing new ways of running businesses.
Uber, for instance, makes it easy for anyone to launch a taxi business with a low barrier to entry that allows individuals to use their labor time to make extra income.
Likewise, up work has built a reputation as the leading freelance platform as it enables clients and freelancers connect outside traditional agencies.
This is precisely what ChronoBank (TIME) aims to achieve in the short term recruitment industry using the TIME token and the Labor Hour token.
What is ChronoBank?
Well, to put it simply, ChronoBank is a Blockchain entity that boasts a wide variety of projects designed to disrupt and change how short-term labor is acquired for different industries.
Backed by a team of highly skilled and passionate professionals, it was founded in 2017, receiving a funding of over $3 million in its ICO. Currently, the company has more than 10 employees led by Sergei Segienko who is the CEO.
Basically, ChronoBank is set to become the peer-to-peer marketplace for clients looking to make short-term recruitments at an affordable cost while eliminating autocratic gatekeepers.
With a focus on enabling quality employment opportunities, this startup is set to pioneer ethical and mutually benefiting practices in the labor-hire industry.
What solutions does it offer?
ChronoBank (TIME) is built by an association of Estonia’s industry professionals who have had decades of experience in the consultation and recruitment sectors.
The platform is poised to disrupt traditional financial systems thanks to the decentralized time-based token that makes it possible for businesses and individual in key industries recruit for the short term without incurring huge costs.
ChronoBank offers the TIME coin (an ERC-20 Ethereum based token) that is used as currency for the platform.
The unique selling point for this cryptocurrency unlike most is the fact that it comes with a capacity for support of multiple blockchain platforms so as to represent a security that fuels the entire ecosystem.
Furthermore, the token is touted as a glitch-free cryptocurrency that is compliant with regulatory laws.
Howe does the platform Work?
Currently priced at $28.66 with a circulating supply of 710, 113 according to XBT.net, TIME tokens are used to finance projects in ChronoBank’s ecosystem where employers list jobs and job seeker can use the token to find employment.
On the other hand, employers on the platform looking to hire or recruit labor-force will use the Labor Hour Token (LH) that will be used as a native unit for purchasing labor from qualified professionals on the platform.
The LH token is linked to and represents average hourly wages according to specified countries and is backed by data from big recruitment companies. As a result of the LH token, ChronoBank is able to provide users of the platform an inflation proof asset.
ChronoBank (TIME) presents a variety of solutions that can enable the short-term recruitment industry to thrive.
With both the TIME and the LH tokens on its platform, long-term investors can expect attractive returns if the project remains sustainable as a platform with hyper-liquidity and easy accessibility. In fact, plans are underway to develop the Chronowallet that will also act as an exchange for users of the platform.