Chronobank
$1.05 0%
TIME · 203w

LaborX progress and testing We just announced that we've started internal LaborX testing.#ChronoBank $Time

LaborX progress and testing

A significant part of the work on our decentralised labour hire market has now been completed, and we are conducting internal tests ahead of implementing further improvements.

We’ve recently announced a slew of new updates about ChronoMint, the flagship ChronoBank app that will allow users to send, store and even create tokens on Ethereum. The one major piece of the puzzle that remains is LaborX, ChronoBank’s peer-to-peer labour market with blockchain payments. Now that we have reached the current stage of development with ChronoMint, and have the flexible crypto instruments we need to send and exchange value in a wide variety of forms, we are in a position to focus on completing the first iteration of LaborX.   LaborXThe idea behind LaborX is to have a fast, secure labour hire market, built on the blockchain. Whilst its primary function is to pair businesses with providers of work, it will ultimately become a fully-fledged decentralised exchange, so that ChronoBank stakeholders (workers, businesses, tokenholders) will always have somewhere to trade their tokens. The liquidity that this provides is fundamental to the ChronoBank model, and will also be valuable to traders — for example, we expect LH tokens, traded on LaborX, to be used as a way to ‘park’ funds without the risks inherent in leaving funds on regular exchanges. Additionally, a peer-to-peer exchange doesn’t suffer from the same kinds of outages, maintenance downtime and hacks with which we’re only too familiar in the crypto world. We’re building LaborX according to the 0x protocol, ensuring maximum interoperability and therefore increased orderbook depth and volumes.   We have completed the smart contracts required for LaborX and have now begun our testnet deployments and integration testing. We will continue testing until we are confident that the software works as intended. At this point, we will move to UI implementation. The user interface is a...

Continue on blog.chronobank.io
Recent news
No posts found