The Blockchain startup has raised 3,058 BTC ($2,745,970 USD) from some 1,614 participants in their Initial Coin Offering (ICO) which ends in 25 days on Feb 14, 2017 23:59 UTC.
Many new crypto projects launch their own Blockchain and have a single, dedicated token to represent value on their network but Chronobank is taking the approach of issuing both its native asset, TIME, and Labour Hour (LH) tokens on multiple Blockchains. As time goes on and popular new protocols arise, we will issue tokens on those as well. There are several reasons for this, both practical and ideological.
From their blog:
Our priority is to create a long-term Blockchain-based solution for the labour-hire industry. Cryptocurrency is still in its infancy and we currently don’t know which protocols will survive. Technical problems may become evident in due course, rendering one or more Blockchains non-viable. Others may be impacted in ways we cannot foresee. In the past, for example, different cryptocurrencies have fallen from favour due to a large number of factors: the loss of one or more core developers; poor distribution, which led to large quantities of coins being sold and loss of wider confidence; unpopular changes or forks; inadequate funding for promotion and development. All of these and more have hamstrung otherwise healthy Blockchain projects.
Therefore we are decentralising our issuance across many Blockchains; should popular new platforms arise in the future, we will use these too. That way, ChronoBank will never be rendered obsolete in the way that some other projects that launched on Blockchains the market eventually deemed wanting have been.
We want to engage many different communities to achieve our aims. This means not only seeking investment from several of the major Blockchain ecosystems in order to give us the funding to launch ChronoBank, but working with them for their expertise and to build business relationships. As a cross-Blockchain project, we think that ChronoBank has the ability to bring together the best elements of these protocols and communities under one roof. That will inevitably bring benefits for our own project, but to each of the others, too.
The priority is crypto adoption, the creation of fair money and a more just economy. Using many Blockchains is simply the best way to do this. The crypto world is fragmented, with tribal loyalties to specific Blockchains often taking precedence over broader ideals like disintermediation and the redistribution of financial power. We know that restricting ourselves to a single Blockchain will very likely hamper our overall chances of making the impression we need to in the crypto world and bringing about meaningful change in the recruitment sector. The more communities we work with, the more liquid and better traded our tokens will be; the higher profile our project will have; the more people will have a reason to help us succeed. We’re pleased to be Blockchain-agnostic in order to prioritise the success of ChronoBank.