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.
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.’
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.