Chronobank (TIME) is a blockchain-based form of digital cryptocurrency. It focuses on the types of time-based money, banks, privacy, and transferring of funds that happen between person to person and businesses to businesses. In a simpler sense, you can think of it as an alternative financial system.
They also have tokens which correspond to a value, which they have called the Labour-Hour (LH) token. The tokens are linked to the hourly wages from huge labor-hire companies, those that are backed by various labor forces coming from big recruitment.
According to TIME’s CEO Sergei Sergienko, he sees labor as the most tradeable resource in the economy and yet there are only a few people who see it valuable. He believes that labor is a highly scalable, abundant, and enough for everyone in the world to gain access.
Chronobank video explanation
How does TIME work?
TIME tries to tokenize or make value from the resource- labor. Since real work backs them, this crypto is far from volatility and inflation-proof. According to crypto experts, this feature of being next to zero volatility is what makes LH token different from other cryptocurrencies.
TIME issues debit cards for users on their platform; this will enable them to gain access to their LH tokens 24/7 and exchange them to USD when they want it. It was sustainable and risk-free to inflation. The platform is easy and straightforward to use, in just a few clicks TIME users will be able to convert, sell, buy, and send transaction with cryptocurrencies or fiat.