So, not everyone is familiar with time banking, what differentiates Chronobank with other time currency-based exchanges such as:
Also, one hour is one hour, which can be exchanged or traded. But why and how do you assign a monetary value to a time currency?
Thank you for the interesting links.
It's a bit strange to see such questions from a Chronobank supporter.
Chronobank is different from some of the above exchanges because it will offer a time-based currency while the first two exchanges work without money.
Chronobank is different from the 3rd one because 1 hour of graphics design is not equal to 1 hour of dog walking in the Chronobank model.
The way Chronobank assigns a monetary value is described in the
whitepaper in details.ย Briefly,ย 1 LH is backed by a certain amount of human work. This amount of work is worth the average hourly wage in a certain country. Chronobank assigns this value and is able to support it.
In general, Chronobank offers a global and universal solution + stable and reliable crypto currency. The above time exchanges don't.
I'm just trying to wrap my head around the concepts. But surely it's about "time" a blockchain project addresses the needs of the global laborforce.
ChronoBank aims to build on the idea of timebanking but to update it so that it is suitable for the needs of the global economy. Until now, timebanking has been confined to limited communities and contexts, largely due to the administrative complexities involved in scaling it up. Using a blockchain-based system, though, we can create a far more flexible version โ what could be considered a free market approach to timebanking.
I understand now and I'm excited for this to work. I'm a long-time freelancer on Elance/oDesk/Upwork. ย
