ChronoBank Plans to Use Multiple Blockchains

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ChronoBank has announced they plan to use several different Blockchains to issue and trade LH tokens, likely including Waves, Ethereum and NEM. The reasons are financial, cultural and ideological.

The Blockchain startup has raised 3,058 BTC ($2,745,970 USD) from some 1,614 participants in their Initial Coin Offering (ICO) which ends in 25 days on Feb 14, 2017 23:59 UTC.

Many new crypto projects launch their own Blockchain and have a single, dedicated token to represent value on their network but Chronobank is taking the approach of issuing both its native asset, TIME, and Labour Hour (LH) tokens on multiple Blockchains. As time goes on and popular new protocols arise, we will issue tokens on those as well. There are several reasons for this, both practical and ideological.

From their blog:

1. Sustainability

Our priority is to create a long-term Blockchain-based solution for the labour-hire industry. Cryptocurrency is still in its infancy and we currently don’t know which protocols will survive. Technical problems may become evident in due course, rendering one or more Blockchains non-viable. Others may be impacted in ways we cannot foresee. In the past, for example, different cryptocurrencies have fallen from favour due to a large number of factors: the loss of one or more core developers; poor distribution, which led to large quantities of coins being sold and loss of wider confidence; unpopular changes or forks; inadequate funding for promotion and development. All of these and more have hamstrung otherwise healthy Blockchain projects.

Therefore we are decentralising our issuance across many Blockchains; should popular new platforms arise in the future, we will use these too. That way, ChronoBank will never be rendered obsolete in the way that some other projects that launched on Blockchains the market eventually deemed wanting have been.

2. Synergy

We want to engage many different communities to achieve our aims. This means not only seeking investment from several of the major Blockchain ecosystems in order to give us the funding to launch ChronoBank, but working with them for their expertise and to build business relationships. As a cross-Blockchain project, we think that ChronoBank has the ability to bring together the best elements of these protocols and communities under one roof. That will inevitably bring benefits for our own project, but to each of the others, too.

3. Success

The priority is crypto adoption, the creation of fair money and a more just economy. Using many Blockchains is simply the best way to do this. The crypto world is fragmented, with tribal loyalties to specific Blockchains often taking precedence over broader ideals like disintermediation and the redistribution of financial power. We know that restricting ourselves to a single Blockchain will very likely hamper our overall chances of making the impression we need to in the crypto world and bringing about meaningful change in the recruitment sector. The more communities we work with, the more liquid and better traded our tokens will be; the higher profile our project will have; the more people will have a reason to help us succeed. We’re pleased to be Blockchain-agnostic in order to prioritise the success of ChronoBank.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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