On 8 December 2017, ChronoBank gave the first insights into its flagship LaborX platform. The ChronoBank team would now like to invite everybody to test the general flow and user experience of the interface and to help discover potential bugs. A bounty of 200 TIME (around $3,600) is being offered, which can be claimed by e-mailing feedback and suggestions to [email protected].

LaborX, the heart of the ChronoBank ecosystem, is a decentralized peer-to-peer labor exchange built on Ethereum to the 0x protocol standard. Users can trade work for payment, and will ultimately be able to exchange any token of payment against any other.

Because LaborX is fully decentralized, it cannot be shut down and thus work opportunities will always be available. Building it to the 0x protocol standard means that it is interoperable with other decentralized exchanges, achieving greater orderbook depth and liquidity.

The idea behind LaborX is to create a fast, secure labor hire market, running on reliable and immutable blockchain mechanisms. Whilst its primary function is to pair businesses with providers of work, it will finally become a fully-fledged decentralized exchange, not only for ChronoBank stakeholders but for any other trader, too.

The advantages LaborX will have are fundamental to the ChronoBank model and will be attractive beyond its immediate ecosystem. For example LH tokens, backed by recruiting firms and ChronoBank itself (and therefore having stable value) can be used as a way to ‘park’ funds without the risks usually inherent in leaving funds on regular exchanges. Additionally, a peer-to-peer exchange doesn’t suffer from the same kinds of outages, maintenance downtime and hacks that are becoming ever increasing problems in the crypto world.

The mainnet release of LaborX is planned for early 2018 and by this point, all services that ChronoBank initially committed to build at its ICO will be in place. It will then be a question of building on this foundation by engaging businesses and freelancers to use the platform, as well as optimizing the software in response to market feedback.

In the meantime, there are some interesting events for ChronoBank stakeholders to keep in mind. Recently, ChronoBank, in partnership with the NEM foundation, announced a community reward asset named MINUTES, which will be distributed to all $TIME and most $XEM holders. More information about this will follow soon.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.