Cryptocurrency Initiative ChronoBank to Launch LaborX Exchange

ChronoBank, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term initiative backed by Australian labour hire company Edway, has announced that it is to launch LaborX exchange, which is built on Ethereum’s smart contracts platform, to enable workers and businesses to connect on a peer-to-peer basis.

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Sergei Sergienko, who is both co-founder of Edway and CEO of ChronoBank, commented on the need for the venture: "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 work itself."

He explains that using LaborX, organisations can buy labor directly – in much the same way that Uber connects drivers with those looking for a taxi, or Upwork allows freelancers to access work directly. Moreover, 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.

Although ChronoBank’s crowdfund is still under way, the developers say a significant proportion of the critical work has already been completed. 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. 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 other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.