“We are revolutionising both finance and recruitment industry," says Chronobank CEO Sergei Sergienko, speaking to CCN. “We designed a crypto-token that is based on something more valuable than all the world’s gold: people’s time on this planet. It’s a resource that is scarce enough to be valuable, yet abundant enough to be accessible to anyone, especially in the countries and places where nothing else of value exists.”
Chronobank, which seeks to tokenize labor with the help of Ethereum blockchain's smart contract system, believes that recruitment should change from tphone-basedsed service to a more technologically advanced one.
Rugaev adds: “Labor is the ideal commodity to tokenize, because it's the most frequent product in real economy after money. In contrast to other commodities, average labor costs are very stable and have next to zero volatility.”
Chronobank’s token is designed to be “paypal on blockchain” and will feature a decentralized marketplace, LaborX, built atop the Ethereum blockchain and featuring a reputation system.
Ethereum is a public blockchain much like Bitcoin, but touting first and foremost the ability to program contractual terms onto the ledger. With its native currency, ether, Ethereum’s founders and its many proponents claim the public blockchain technology can execute contracts in a computational, peer-to-peer manner.
They will be redeemable for human labor hours. Legally, they will be designed after vouchers or gift cards for services provided by recruitment companies. The team features Luke Anderson, a PhD candidate in blockchains, and Adrian Manning, one of the developers of Zcash GPU miners.
While rideshare drivers like Uber and Lyft sell resources of their car and themselves, Chronobank will allow anyone to sell their free time. A lack of technological solutions in the sector have plagued the industry, says Mr. Sergienko.
“We wish to make short term employment more attractive than long term to everyone, where people can pick and choose when and where they work,” the CEO explains. “The gig economy is also doing this, however, by definition it is task based. We are trying to create a flowing, time based system, that is loosely based on the gig economy principles.”
But Chronobank is not trying to create a decentralized recruitment agency. “We are trying to create a decentralised recruitment system. Blockchain is useful to keep the trust in the whole system and integrity of the whole project.” The global vision for Chronobank is to increase fairness.
“Our global vision is to see that every person on this planet has a chance to at least being paid fairly for their work without having access to a banking facility,” says Mr. Rugaev. “Especially the two billion unbanked people globally.”
Images from Shutterstock and Chronobank.