Update: Chronobank’s TIME tokens will be available for withdrawal February 25th, 2017.
Chronobank will be a platform for people to buy and sell labor. ChronoBank will launch cryptotokens backed by labor-hours, with a focus on the following occupations: E-commerce support, cleaning, warehousing, industrial work, construction, and freelancing.
- National Labour-Hour (LH) Tokens: support for tokens on ETH, Waves, and NEM linked to labour-hours in the US, Britain, Europe, and Australia.
- LaborX: a decentralized exchange in which people can buy and sell their labour-hours to anyone.
The goal is a token stabilized by its labor backing, not controlled by banks, with an existing market–supply and demand of labor.
For more information, see our assessment of ChronoBank as a project and as an investment.
What is the TIME token?
The TIME tokens for sale in this ICO will give its holder an “issuance fee” whenever LH tokens are issued on the blockchain, presumably as a percentage of the total amount issued: 3% in 2017, 2% in 2018, 1% in 2019 and beyond. TIME token holders are also entitled to a .15% transaction fee from any LH transaction. Fees will distribute either as a buyback of TIME tokens or as dividends of LH.
What are the sale terms?
Price: Throughout the duration of the crowdsale, 1 BTC purchase 100 TIME. They have stated a target of 20,000 BTC, giving a tentative valuation of total TIME tokens at $16.5 million