Decentralized Recruitment Marketplace to Protect Workers From Inflation

As the ChronoBank white paper claims, it aims to "Revolutionize the short-term recruitment of real-world professions" by practically making any kind of work available on-demand - paid per hour, per day or even per second.

Workers are paid in these tokens - this, according to LaborX founders, ensures a just pay for the workforce and better transactional efficiency for the employer.

The Labor Hour tokens could also protect workers from inflation - their value is pegged to average pay in a country, that normally rises faster than inflation.

How the marketplace works LaborX participants may act in one of three roles: Client, Recruiter and Worker.

The Client then posts a job on the job board, defining the compensation and terms so that Workers can apply.

Finally, if the job is cancelled or called off for reasons not related to the Worker's performance, the Worker may receive a pro-rata compensation.

"When workers are paid in Labor Hour tokens, they will have a choice to hold them or exchange them for other currencies initially crypto, before direct fiat conversion. LHT will primarily trade on ChronoBank's decentralized exchange, TimeX, which will operate on the same Ethereum sidechain as LaborX," wrote ChronoBank in a blog post explaining the architecture of the sidechain.

Better exploitation or better transparency? ChronoBank founders say they stress efficiency over equality: "Making employment more flexible weeds out ineffectiveness, thereby leaving the effective employees more desirable for employers and more highly paid. That also motivates the workers who are not yet happy with their current pay to try harder. Transparency in wages and removal of transactional inefficiencies opens the door for competition and higher wages and greater job security for the effective and productive workers in any time-based job", said ChronoBank's CEO Sergei Sergienko to Cointelegraph.

Working class struggles against inflation When LH tokens gain wider adoption, LaborX expects them to become a distributed form of private money, created without any centralized authority, bank or institution.

Time-based money could help protect the working class from the tax of inflation, as per-hour wages aren't volatile, grow faster than inflation and cannot be created arbitrarily by governments or banks - as is the case with fiat money.