Hello #teamaustralia ! You may not be aware of a cryptocurrency project launched in the last several months, native to Australia. Chronobank is a new project, aiming to compete on the labor market with websites like Upwork. In order to do this, Chronobank intends to have labor market backed cryptocurrencies. These currencies will be exchanged on market places, and can be redeemed through the Chronobank system for actual labor hire hours. This is a very ambitious project and competitive field!
Chronobank intends to work with 3rd party labor for hire companies, which will be able to issue labor hour tokens to the Chronobank system, enabling those tokens to be sold on the markets. Once sold, they can be purchased by others needing contract-for-hire labor. The labor contracts will be fulfilled by the 3rd party labor companies. One of the byproducts of this scheme is to attempt to create a currency that is inflation resistant and also stable in value because each token will comprise an average labor hour price for a given region. An average labor hour is a relatively stable store of value, not given to high price increases or decreases in most situations.
For example, if speculators attempted to accumulate labor hour tokens, this would increase the price on the markets for labor hours. This means the 3rd party contractors could make heftier profits by issuing more labor hour tokens, increasing supply, and driving down the price of the tokens. If the tokens were undervalued on the market, then contractors and companies could buy these tokens to purchase cheap labor for their companies. Such purchases and redemptions would drive up the price of labor hour tokens. If all goes well, this would cause these tokens to trade in a range of value equivalent to their fair market value of using these tokens for labor.
This ambitious project is led by Sergei Sergienko. Sergei is a well known person in the Australian business circles, having represented Australia in G20 summits and won numerous awards. Many other members of this project are from Australia.
Again, I will say this project is very ambitious and it is just beginning. I do hope they succeed, but as we saw with a company like Tether, where ever cryptocurrencies depend on real-world entities, this creates points of failure. Some weeks ago the price of Tether declined when some of their US dollar deposits were frozen in a Taiwan bank. Chronobank will be a similar real-world entity interacting with 3rd party labor contractors. This creates multiple points of failure. These points of failure do not mean Chronobank is doomed to fail. Rather, investors in the TIME token they have launched should be aware of these points of failure before investing.
TIME TOKEN
TIME tokens are the tokens that Chronobank issued during an ICO to fund their ambitious project. These TIME tokens pay dividends to holders based on the number of labor hours created in each market place and dividends based on network transaction fees. The price of each TIME token as of writing this is about $20 USD.
More information on Chronobank can be found at: https://chronobank.io/
#teamaustralia - Foreign Ambassador to Australia - @crypto-investor
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