Australian labour-hire organisation Edway launches time-based crypto

Wednesday 09 November 2016

Think of what Uber did for the taxi industry and Upwork did for freelancing. Now imaging a similar approach could be rolled out across online and offline professions all over the world. That’s more or less the scope of what Edway are looking to do, powered by the multi-blockchain initiative ChronoBank.

Disintermediation is where it’s at nowadays, if you hadn’t noticed. That’s cutting out the middle man for the uninitiated. Don’t get your music from one of the industry’s gatekeepers – download it via a peer-to-peer protocol. Don’t get your news from a big media organisation, with its political biases. Source it direct from the ground using Twitter. Don’t phone that cab company – use the Uber app to grab a citizen taxi. And naturally don’t use banks or financial institutions if bitcoin will do the job.

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Combine these disintermediated approaches to recruitment, information and payments and you have a system that allows anyone to find work and be paid for it, without relying on traditional services. ChronoBank, a consortium of labour-hire and software experts, is creating a blockchain-based system that matches employers directly with workers and rewards them with a stable, sustainable crypto token.

The Uber of time

ChronoBank’s vision is for workers in both online and offline professions across the globe to access work and be paid with a decentralised currency that is immune to crypto’s signature swings in value. Their core currency, the Labour Hour (LH), will be linked to average wages in each country of origin. Since wages tend to rise sustainably and ahead of inflation, that makes the LH an excellent store of value. LH can be traded 24/7 on LaborX, a decentralised marketplace.

This is a form of time-banking, a type of alternative economy pioneered around 200 years ago. Unlike time-banking, though, in which one hour of labour in any profession is traded against an hour in any other, ChronoBank has updated the concept for the 21st century. A reputation system will facilitate feedback for each worker on the platform, allowing employers to hire the most competent professionals from the online and offline worlds for their budgets, and employees to secure payment in line with their training, skill and experience. The project has attracted the attention of Paul Glover, founder of the Ithaca Hour, the world’s best-known time-based currency, who is acting as ChronoBank’s adviser.

Edway Labour Hire

There have been many promising crypto projects launched in the last two or three years, but most have suffered from the problem of network effect. Until they have a large user base, they tend not to be attractive and viable for new users. But without attracting those new users, they can’t reach that tipping point. ChronoBank’s answer to this conundrum comes in the form of Edway Labour Hire, an Australian labour-hire company with 400,000 employees on its books. Edway is a co-founder of ChronoBank and will jump-start the initiative by leveraging its client base. They will back this issuance of tokens by redeeming them on demand for services. ‘This is a far superior solution in terms of cost and convenience, and it’s one we will be offering to all of our clients as an alternative to the current situation, with its numerous frictions and inefficiencies,’ comments Sergei Sergienko, who is co-founder of both Edway and ChronoBank.

Edway is a big hitter in Australia. Some of the company’s major clients include WSP Parsons, Brinckerhoff, NSW Transport and RailCorp. And it’s not just Edway. The initial list of companies that have agreed to issue LH tokens includes Anderson Recruitment and Training, Host Labour Hire Group, and AES Labour Hire.

Initial Coin Offering (ICO)

ChronoBank is raising the money to launch their initiative through a crowdfund, in which they will sell TIME tokens. The initial coin offering (ICO) will run from 15 December 00:00 UTC to 15 February 23:59 UTC. Investors will be able to deposit BTC, LTC, ETH, NEM, WAVES and all Waves fiat tokens, as well as probably XMR and DASH directly. Other altcoins may be used via ShapeShift to deposit BTC. There will be a 30% bonus for investors on day 1 (15 December), with those depositing on days 2-6 (16-21 December) receiving a 20% bonus and those on days 7-14 (22-29 December) an extra 10%.

TIME will be distributed as a token on the Ethereum network around 2 weeks after the end of the ICO. Although TIME will be hosted by Ethereum, though, LH tokens will use many different protocols. ‘LH tokens can be issued on bitcoin (via the Omni protocol’s Tether) Ethereum (ETH), Classic (ETC), Waves and NEM, and if other major blockchains arise we will use these too. We have chosen this multi-blockchain approach to ensure that ChronoBank never becomes redundant if one or other blockchain fails or becomes unpopular,’ explains Sergienko. TIME holders will be rewarded with issuance and transaction fees every time new LH tokens are created or transferred by employers and employees.

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