ChronoBank is a lesser-known blockchain project that has a lofty goal: to disrupt the HR/recruitment/finance industries in a similar way to how Uber changed the taxi industry and Upwork created a freelancing revolution.
ChronoBank’s aim is to create a revolution in short-term recruitment within key professions. Their primary targets are the e-commerce, industrial, building, warehousing, and cleaning industries. Using ChronoBank’s platform, anyone will be able to sell or buy labor from people around the world securely and safely. Their token, called TIME, is used to finance the development of the system.
If ChronoBank is new to you, be sure to learn more on their website.
If you’ve been wondering what ChronoBank has been up to lately and what’s in store in the near future for this unique blockchain platform, this article is for you.
The Unfortunate Bittrex Delisting
ChronoBank announced on their blog in December that their TIME token has been delisted from the Bittrex exchange. The reason for this was Bittrex requested ChronoBank to submit certain legal documentation within 7 days. ChronoBank was unable to create and submit all the documents in time, so TIME was delisted as a result.
ChronoBank is now working on making sure their TIME token is 100% legally compliant so this unfortunate event never happens again. They are taking action by updating their whitepaper and working with reputable law firms to ensure they are up to code.
The ultimate goal is to get relisted on Bittrex and, ideally, be available on even more exchanges in the future.
TIME Listing on KuCoin
Despite the setback of the Bittrex delisting, ChronoBank has been plugging away to get TIME listed on more exchanges—and they succeeded in getting listed on the KuCoin crypto exchange on March 3, 2018. Users can now trade BTC and ETH for TIME, and vice versa, on KuCoin.
This is great news for ChronoBank and its supporters, as it allows more people around the world to hold TIME tokens and increase its value.
For a complete list of all the exchanges that TIME is currently listed on, click here.
Developing a Decentralized Exchange: TimeX
Most of the crypto world currently relies on centralized exchanges, which can create a lot of problems in terms of security vulnerabilities and present higher risk of hackings.
ChronoBank is working on addressing this issue by creating TimeX, a decentralized exchange that will use the 0x protocol—an open, permissionless protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. The benefits of using the 0x protocol include trustless exchange, shared liquidity, and decentralized governance. Plus, using 0x allows the TimeX exchange to be compatible with other decentralized exchanges also built on the protocol.
According to ChronoBank’s blog, the new TimeX exchange will use the same Ethereum side chain they are using for LaborX, their decentralized labor hire exchange portal.
TimeX will also employ an off-chain order book, which will greatly increase the speed and security of the platform.
Introducing ChronoBank’s DMT
Yet another product ChronoBank has recently introduced is called DMT, which stands for Distributed Middleware Tracker.
The purpose of ChronoBank’s DMT is to provide a universal interface to engage with blockchain technology. It will create a bridge between different protocols and will serve as a single scalable ecosystem.
- Decentralized storage
- Smart contracts listener
- Balance watching
- Transaction tracking
DMT currently supports BTC, BCH, BCG, LTC, ETH, NEM, and WAVES tokens.
For more information about DMT, read their blog post about it here, and check out their DMT page on the ChronoBank website as well. The ChronoBank team has said they will release more detailed information about this product a little further down the line.
In early March, the ChronoBank team released their roadmap for 2018.
Goals for the year include:
- Release of the LaborX public beta in Q2
- Release of the ChronoMint iOS mobile app in Q2
- LaborX’s production version release in Q3
- ChronoMint’s exchange beta version in Q3
- Fiat debit card integration in Q4
Alongside their many concrete goals for each quarter, ChronoBank says they will also be working all year long to create more partnerships with crypto and non-crypto companies, and to increase the global awareness of the platform through conferences and influencers.