Blockchain Startup Chronobank partners with NEM to create ChronoNEM wallet

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ChronoBank, an ambitious Blockchain project that takes aim at the inefficient recruitment sector, is partnering with the versatile NEM cryptocurrency platform to create a separate wallet for the NEM ecosystem. ChronoBank will also issue Labour Hour (LH) tokens on the NEM network and use on-chain multi-sig, one of NEM’s flagship security features.

NEM (New Economy Movement) was originally conceived as a clone of the well-known Nxt blockchain, but rapidly developed into a completely new project with its own codebase. It has since grown into a thriving community and ecosystem with a market cap of around $45 million, placing it in the top 10 of all cryptocurrencies.

Labour Hours

ChronoBank is designed to allow businesses to connect directly with professionals seeking work, cutting out recruitment agencies in much the same way that Uber disintermediates the taxi business. It is currently holding a crowdfund and has launched around $3 million to date.

Labour Hour (LH) tokens are ChronoBank’s native unit of currency, each representing an hour of work at the average rate in its country of issue. A decentralised reputation system will allow freelancers to secure payment in line with their talent and experience, rather than the one-size-fits-all solution of conventional timebanking. ChronoBank has taken the step of issuing these LH tokens on multiple blockchains, including Ethereum, Waves and now NEM. ‘It is important for us to deploy tokens on several blockchains,’ comments Sergei Sergienko, CEO of ChronoBank. ‘This builds in redundancy and broadens our appeal across many initiatives and communities.’

ChronoNEM

LH will leverage NEM’s token asset facility — powerful functionality that enables businesses to create blockchain tokens with specific properties and identifiers. ‘The flexibility and ease of use of this system is highly appealing to us,’ continues Sergienko. ‘NEM’s developers have designed a powerful but nevertheless intuitive approach to token operations.’

Aside from issuing tokens on the NEM network, ChronoBank is creating a dedicated wallet for the NEM blockchain. This will incorporate another powerful feature of the NEM blockchain: on-chain multi-signature transactions. Up to 32 signatories can be required to sign a transaction and, uniquely to NEM, signatures are propagated across the blockchain as soon as they are created. This means further signatories do not have to worry about an aggregating server going offline — there is no single point of failure.

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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