ChronoBank partners with NEM to create ChronoNEM wallet

ChronoBank, the blockchain project that aims to modernise the inefficient recruitment sector, is partnering with the New Economy Movement – ‘NEM’ – cryptocurrency platform to create a separate wallet for the NEM ecosystem. ChronoBank will also issue Labour Hour tokens on the NEM network and use on-chain multi-sig, one of NEM’s flagship security features.

Designed to allow businesses to connect directly with professionals seeking work, cutting out recruitment agencies ChronoBank is currently holding a crowdfund and has launched around $3 million to date. New Economy Movement was originally conceived as a clone of the Nxt blockchain, but soon developed into a completely new project with its own codebase. It has since grown into a community and ecosystem with a market cap of around $45 million.

Labour Hour tokens are ChronoBank’s native unit of currency, each representing an hour of work at the average rate in its country of issue. A decentralised reputation system will allow freelancers to secure payment in line with their talent and experience, rather than the one-size-fits-all solution of conventional timebanking. ChronoBank has taken the step of issuing these LH tokens on multiple blockchains, including Ethereum, Waves and now NEM. Labour Hours will leverage NEM’s token asset facility – a functionality that enables businesses to create blockchain tokens with specific properties and identifiers.

Sergei Sergienko, CEO of ChronoBank, explained: ‘The flexibility and ease of use of this system is highly appealing to us. NEM’s developers have designed a powerful but nevertheless intuitive approach to token operations It is important for us to deploy tokens on several blockchains. This builds in redundancy and broadens our appeal across many initiatives and communities.’

Aside from issuing tokens on the NEM network, ChronoBank is creating a dedicated wallet for the NEM blockchain. This will incorporate another feature of the NEM blockchain: on-chain multi-signature transactions. Up to 32 signatories can be required to sign a transaction and, uniquely to NEM, signatures are propagated across the blockchain as soon as they are created. This means further signatories do not have to worry about an aggregating server going offline – there is no single point of failure.