Prezzo Chrono.tech (TIME)

What Is Chrono.tech?

Chrono.tech provides blockchain-based solutions for recruitment, HR and payments processes, reducing the barriers to accessing work and transferring funds securely in the global labour marketplace.

Founded in 2016, Chrono.tech has offices in Sydney, Australia, but has employees around the world. The company’s suite of services is hosted on the Ethereum blockchain, and includes LaborX, a peer-to-peer freelancer marketplace; TimeX, a Plasma-based cryptocurrency exchange; AUDT, an Australian dollar-backed stablecoin; and PaymentX, a crypto invoicing and payroll solution.

TIME Token

Chrono.tech was crowdfunded in December 2016 and January 2017. 710,113 TIME tokens were sold to raise funds for development and marketing of the platform.

TIME is the native token of the Chrono.tech ecosystem, and can be used to secure discounts and other benefits on the company’s products. By purchasing Premium Account status on LaborX, for example, users enjoy reduced fees, increased referral bonuses, priority placement in search listings, and other advantages. TIME tokens are also used as the reward currency for Chrono.tech’s promotions and competitions.

In November 2020, the original TIME token was upgraded to the new ERC677 standard, enabling it to be integrated with other DeFi protocols, allowing lower-cost transactions, and providing other advantages, while remaining fully ERC20-compatible. The new TIME 2.0 token contract also included up-to-date metadata about the project.

TIME 2.0 can be traded on TimeX, Uniswap and Kucoin.

Chrono.tech Products and Ecosystem

Chrono.tech aims to solve a series of problems in the global recruitment and employment markets.

• LaborX is Chrono.tech’s freelance work portal. The service allows freelancers and customers to organise work via digital agreements, powered by smart contracts. All payments are escrowed and made in cryptocurrency. Users can arrange work in two ways. Customers can post jobs for freelancers to browse, or can search freelancers and approach them directly, depending on the skills and experience listed in their profile and their rating. All users ranked according to a decentralised rating system, which takes into account feedback from completed jobs and multiple other factors. Alternatively, freelancers can create Gigs, fixed-price tasks with clearly defined scope. Customers can browse Gigs by category and buy a service off-the-peg. Once a job is completed, escrowed payments are released automatically. A dispute resolution service is available in case of disagreement.

• TimeX is Chrono.tech’s cryptocurrency exchange. TimeX is a hybrid Plasma-based exchange that offers the benefits of both centralised and decentralised technologies. Use of Plasma allows for fast, secure trading of digital assets, with settlement on the blockchain for ultimate security. The conventional interface provides a user-friendly trading experience. Based in Australia, TimeX is compliant with rules and best practices required by Austrac, the country’s financial intelligence agency.

  TimeX is listed on CoinMarketCap https://coinmarketcap.com/exchanges/timex/

• AUDT is a stablecoin, hosted on the Ethereum blockchain and backed 1:1 with Australian dollars (AUD). Use of AUDT enables traders to move money into and out of the blockchain ecosystem from an Australian bank account, to store value in AUD on the blockchain and transfer funds anywhere in the world, quickly and easily. Along with USDT, AUD is one of the key fiat currencies traded on TimeX. AUDT is fully compliant with Austrac requirements.

• PaymentX is a crypto payroll solution that enables HR and accounting departments to integrate crypto payments into their business processes. Contractors can submit professional invoices and specify a crypto wallet for payment. Companies can then pay multiple invoices with one click, while the software converts the dollar-equivalent amount due into crypto automatically at the point of transaction, avoiding the need for manual calculations. Repeat instructions can be set up for long-term employees to avoid unnecessary bureaucracy. Payments can be made in BTC or ETH.