Australia-based startup ChronoBank[1] has launched the beta of LaborX[2], a decentralized marketplace for labor hiring. As the ChronoBank white paper claims, it aims to “revolutionize the short-term recruitment of real-world professions” by practically making any kind of work available on-demand — paid per hour, per day or even per second. The company currently focuses on tech personnel, but the principle can be extended to members of any profession which are hired and fired when the necessity arises — think plumbers and construction workers, chambermaids or other auxiliary staff. The company presented the platform in June, during BlockShow 2018 in Berlin.
“What we're trying to do is to tokenize the way that people get paid, and make their work in hours or other time units tradable,” Sergei Sergienko, ChronoBank’s CEO, told Cointelegraph. The way to achieve that is a set of tokens based on the average working-hour price in the country.
Workers are paid in these tokens — this, according to LaborX founders, ensures a just pay for the workforce and better transactional efficiency for the employer. The Labor Hour tokens (LH tokens) could also protect workers from inflation — their value is pegged to average pay in a country, that normally rises faster than inflation.
This brings about the ultimate, ambitious goal of ChronoBank: It aims to go beyond streamlining recruitment, payroll and benefits. In fact, LH tokens are meant to become a stable, inflation-free currency backed by labor hours, economically different from both fiat and cryptocurrencies. LaborX aims to liberate time-based currencies[3] from their inherent shortcomings that hamper their wider adoption.
LH tokens will exist on a parity-based sidechain, to avoid the dependency on the Ethereum[4] network — with
