Blockchain HR and recruitment pioneer ChronoBank has now begun to issue the first Labour Hour (LH) tokens. This is an extremely significant moment as ChronoBank says, “it shows that not only are we technically ready to take this step but that there is a market for LH tokens and support for their issuance from a partnering labor hire company.”
LH tokens are ChronoBank’s way to address the problem of volatility in the cryptocurrency markets. They can be considered a form of distributed private money. That is, they are not backed by a government (like fiat money) or by gold or silver (commodity money) but by companies who will honor them. Effectively, what ChronoBank is doing is tokenizing time, since LH tokens each represent a commitment to work for an hour.
In this culminating milestone, ChronoBank is starting to issue LHAU tokens — Australian Labour Hours. These are being minted in the plan of partnership with Edway Labour Hire. The tokens are ERC20-compliant, which means they are standard Ethereum tokens that can be transferred on the Ethereum network and traded on ChronoBank’s LaborX exchange.
Whilst it’s possible to use any ERC20 token to pay workers, the company hopes and anticipate that a large proportion of payments will occur in LH tokens. Nevertheless, ChornoBank offers workers and clients the opportunity to arrange payment in other currencies, as long as they are ERC20 compliant. In this way, they can organize payment in a wide range of tokens, in a way that suits them best.