ChronoBank Launches LaborX Exchange to Connect Workers and Businesses with P2P Tech
The platform is backed by Australia’s leading labor hire company Edway Group Limited. ChronoBank is a wide-ranging blockchain project with the ambition to disrupt HR/recruitment/finance industries in a way similar to that of Uber in taxi business and UpWork in freelancing. The blockchain platform utilizing time-based cryptocurrency for short-term labor hire market, ChronoBank, is introducing LaborX exchange to connect workers and businesses on a peer-to-peer basis. The platform is backed by Australia’s leading labor hire company Edway Group Limited. The ChronoBank blockchain initiative....
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Recently, ChronoBank announced that it has been working on LaborX exchange, a Blockchain-based initiative that is aiming to disrupt the short-term recruitment sector in the same way that Uber revolutionized the taxi business by enabling direct connection between employers and workers. Through LaborX exchange, buyers and sellers of work can trade skills for time and money. The system is built on Ethereum’s platform enabling smart contracts, allowing workers and businesses to connect on a peer-to-peer basis. Alexander Rugaev, chief marketing officer, says: “The recruitment industry is....
The time-based cryptocurrency initiative, which seeks to disrupt the short-term labour-hire sector, is implementing an exchange on which buyers and sellers of work can trade skills for time and money. The recruitment industry is broken, with intermediaries charging high fees to introduce suitable employees to businesses seeking to fill vacancies. Whilst this is generally accepted as the price of doing business for long-term appointments, it can be prohibitively expensive for contract or freelance work. Organisations can spend more time and money securing an employee than they do on the....
ChronoBank, the blockchain initiative looking to trigger an alternative labor economy powered by time-based tokens has announced a partnership with Swiss cryptocurrency trading platform and wallet provider Lykke. With blockchain-labor hour tokens and LaborX, a decentralized marketplace where participants will be able to sell labor time, ChronoBank is charting a path toward disrupting the short-term recruitment sector. Speaking to CCN in a previous interview, ChronoBank CEO Sergei Sergienko stated: We designed a crypto-token that is based on something more valuable than all of the world’s....
The time-based cryptocurrency initiative, which aims to disrupt the inefficient labour-hire market, will partner with a company that is pioneering a smartphone app to streamline the employment process. ChronoBank’s core proposition is that short-term recruitment is lacking in viable, realistic cost-effective solutions. It suggests that the key is increased interconnectedness between professionals and employers. The sector is ripe for disintermediation, which is what ChronoBank aims to do with its LaborX exchange: connecting individuals with businesses and ensuring quality control and....
Currently in its crowdfunding phase, the initiative has raised over $3 million to date. ChronoBank takes aim at the inefficient recruitment industry, seeking to connect employers directly with professionals in the same way that Uber disrupted the taxi industry. The native unit of currency is the inflation-proof Labour Hour (LH) token, which will be traded against work and other currencies on the LaborX exchange. Currently in its crowdfunding phase, the initiative has raised over $3 million to date. Investors will receive TIME tokens, which will receive rewards based on activity within the....