The recent addition of TIME token to KuCoin exchange last week on Friday opens a market for the decentralized human resource network. The exchange currently trades over $60million USD daily and has close to a million users who will be able to transact TIME tokens at will. The token’s addition to the exchange has sparked a massive spike in the daily volumes traded since Saturday with the volume surpassing the $1million USD mark on the exchange. However, this comes as a consolation as the coin was delisted from Bittrex exchange late last year.
“The Chronobank.io platform is a revolutionary technology in human resourcing and management industry.”
Chronobank (TIME) is celebrating its anniversary since being sold to the public through a crowdsale in March 2017. The coin was first offered at a low price of $12 per TIME token with a total of around 450,000 TIME being distributed. The token sale raised a total of $5,000,000 USD in crypto value of Ethereum and Bitcoin.
The ERC20 token runs on the Ethereum platform to offer its users an alternative to traditional methods of sourcing human capital and how to compensate for the labor hours worked. The Chronobank platform is a revolutionary technology in human resourcing and management industry as is described in its website. The platform is to work and hopefully succeed and revolutionize the world of human resource just as Uber and Upwork did in the taxi and freelancing business respectively.
As every token is, TIME also runs a decentralized platform that interacts with the users of the token. Chronobank is a smart contract management network that is integrated in the Chronomint platform, the core interface. The interface allows its users to access a decentralized network of labor and operations on the Ethereum blockchain.
Key of these functions is providing a platform for Ethereum (ETH), TIME and any other ERC20 token on the platform, managing any other standalone cryptocurrency such as Bitcoin, enable creation of decentralized applications on the platform and corresponding ERC20 tokens, integrate voting mechanisms in the protocol.
LaborX is the first decentralized app to be created on the Chronomint platform. It is a platform where workers and clients can interact through a decentralized network and connect to each other on a 24/7 basis. The platform running on the smart contract technology has a strict, non-immutable schedule ensuring it does not close at any stage even at night.
The system also ensures fairness and prudence in the job application and appointment process through its reputation hiring system. The system allows the clients to give the workers a rating based on the quality and satisfaction of the client. This allows better rated candidates to get the better paying jobs.
The LHT token will be used on the platform as the GAS to power the system.
Chronobank (TIME) is currently listed in a couple of popular coin exchanges and traded on an average volume of $1,100,000 within the last day on Kucoin Exchange. The token is not highly ranked in market capitalization as it still struggles to join the midcap tokens (over $25,000,000 in market cap).
Coinmarketcap places the coin at position 329 as of press date. An interested buyer or investor would have to part with $32.06 in order to obtain one TIME token as per the current market price. This is relatively high compared to the price of some of the top 10 altcoins some of which currently go for below a dollar. The token is quite risky given its crypto nature, with a 36% 5 day volatility it is among the least volatile Nano Cap token.