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Chronobank: Cryptocurrency Backed by Time
The Labor-Hour Token is minted by the Chronobank Entity after Labour-Offering Company (LOC) chooses to enter into a legally binding agreement with said entity. In this contract, the LOC will agree on providing a certain amount of labor hours. After running a strict check on the company and agreeing on certain terms, the Chronobank entity issues an amount of LHT that is equal to the hours agreed on by the LOC. These Labor-Hour Tokens can be given directly to the Company or exchanged on a market for fiat if the company does not want to deal with cryptocurrencies.
LHT holders that want to get a certain job done can send their tokens to a smart contract address along with the specifications of the job. The Chronobank entity will match the best Labor-Offering Companies for the job with the holder. Once the LOC is accepted and the job is done, the LHT will be destroyed, thus maintaining the 1 to 1 rate of LHT to labor-hours on each region.
The Chronobank system is designed with the intent of being deployed with different specifications in different regions, according to the average value of one labor-hour in that region. Despite this, TIME token holders are global and will receive fees from all the implementations across the globe.
The Chronobank Initial Coin Offering period will start on the 15th of December with a 30% bonus that will gradually decrease until the campaign ends.
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