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Blockchain Startup Chronobank Aims To Revolutionise Recruitment Sector

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The recruitment industry is still based on the traditional model of using intermediaries to hire workers. In exchange for helping businesses locate the right people to fill vacant positions, agencies charge expensive fees. While this is generally accepted as the standard practice for long term appointments, it is quite costly for freelancing or contract work. Organizations often end up spending time and capital on securing employees instead of focusing on their business goals. Now, there is a startup looking to change that. That startup is Chronobank.

What is Chronobank?

ChronobankChronobank is a blockchain startup that is aiming to change recruitment services, especially in regards to e-commerce, construction, industrial and warehousing sectors. It will do that by partnering with large and reputable companies HR agencies to ensure the supply of labour hours.

The company is currently developing two important platforms that could disrupt the recruitment sector and improve on the current model. They include:

  • National Labour Hour (LH) tokens: Which is essentially a system for tokens on Waves, ETH and NEM tied to labour hours in Australia, Britain, Europe, and the USA.
  • LabourX: Is a decentralised exchange that allows workers to buy and sell their labour hours to anyone.

The LH tokens will be “hyper-liquid” and can be easily accessed on an LH debit card. LH tokens will also allow people to transact while maintaining AUD/GBP/EUR/USD measured values.

The decentralised exchange – LaborX

Chronobank also plans to launch an online job marketplace that anyone in the world will have access to. This marketplace will be called LaborX. The LaborX platform will enable employees and businesses to connect to a peer-to-peer basis. Using this platform, companies will be able to buy labour directly, without having to rely on labour agencies or any other intermediaries. The exchange will be supplemented with a reputation system similar to the one used by UpWork, enabling workers to be compensated in line with their experience and talents, and not dictated by industry payment rates.

How LaborX can benefit Africans

For freelancers and digital entrepreneurs in Africa, Chronobank’s LaborX platform could be of great benefit. Firstly, it will provide Africans with new job opportunities by matching international companies with freelancers and remote workers from around the world. Secondly, the earned Labour Hour tokens could become an attractive store of value compared to the prevailing volatility of local currencies across the continent. By providing tokens backed by labour hours, Chronobank is promoting the use of a more stable currency. And thirdly, due to LaborX’s reputational system, the per hour rate that workers can charge will increase as users complete more work and better their reputational rating, which means Africans will not be bound by generic market rates for freelancers and remote workers from developing countries.

As remote working and freelancing is growing fast in Africa, a platform like LaborX will be a very welcome addition to the job marketplace and a new opportunity for tech-savvy Africans to make a living.

Chronobank ICO

For users who are not well versed in cryptocurrency terminology, an ICO (initial coin offering) refers to a new way of funding for blockchain companies by issuing a new cryptocurrency or digital token to early backers for the project. ICOs are an excellent way for new companies in the digital currency space to raise money for funding their business operations and a way for investors to benefit from the success of a new blockchain startup.

The Chronobank ICO launched in December last year and has already attracted over 1,500 investors raising over 1200 BTC up to date. Significant quantities have also been raised on Ethereum, Litecoin, WAVES, and NEM.

The crowdsale is still ongoing until February 14 and, so far, the initial targets are being revised as interest for the ICO continues to grow. Throughout the crowdsale period,  1 BTC will buy 100 TIME. Chronobank has set a target for 20,000 BTC, hence valuing the total TIME tokens at around $16 million. TIME tokens being sold in the ICO will guarantee its holder an ‘issuance fee’ for LH tokens issued on the blockchain. The issuance fee schedule will be 3% in 2017, 2% in 2018 and 1% in 2019.

An investment in Chronobank and its distributed protocol is an investment in the future of labour hiring free from middlemen and other bottlenecks. The company founders are well connected in the recruitment services industry, which gives them valuable insight on how to take their concept to the next level.

Check out the Chronobank ICO today if you want to be a part of the reshaping of the recruitment sector.

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Particl Launches Decentralised Marketplace With Zero Commission Fees

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Privacy-focused cryptocurrency project Particl has launched a decentralised marketplace with zero commission fees. The new e-commerce platform is leveraging blockchain technology to compete with the likes of Amazon and OpenBazaar.

Privacy and Zero Commission Fees

ParticlCryptocurrencies can be difficult to spend on a day-to-day basis and Particl wants to solve this through its private coin, PART. On the Particl marketplace, users can put the digital currency to use.

The new decentralised marketplace respects user privacy and does not require personal information from its users. The platform only requires a shipping address. Moreover, the decentralised nature of the Particl marketplace ensures that no commissions are added to sales as is the case on Amazon.

According to an article on Big Commerce, fees for sellers can be as much as 45 percent of a product’s cost on Amazon. Particl’s zero-free model, therefore, enables sellers to significantly increase their revenue and lower their prices to stay ahead of the competition while still making a profit.

“Using a combination of P2P and blockchain technologies, Particl Open Marketplace can provide a verifiable private shopping experience that ensures no user data can be created or collected by any party other than the one you are transacting with. The Particl protocol also brings the cost of buying and selling online to the bare minimum as no central entity can charge fees,” said Particl’s Project Marketing and Strategy Manager Paul Schmitzer.

How Particl’s Decentralised Marketplace Works

Particl is uniquely approaching fraud and trade insurance through the use of a double deposit escrow system without intermediaries and with zero fees. This system is based on MAD game theory where two parties deposit PART coins as collateral into a smart contract. Once the transaction between them is complete, the coins are released back to the parties and no fees are charged. This system allows users to be in control of their transactions and to eliminate fraud.

 

Since the marketplace is decentralised, the protocol generates all listing fees and redistributes them to the global network of users.

Particl is made up of three components: an untraceable multi-purpose privacy coin, a private decentralised marketplace where users can shop with cryptocurrencies, and a platform where developers can build decentralised applications.

Particl allows a wide range of cryptocurrencies and uses atomic swaps and third-party integrations to convert these coins to PART during transactions. The company will soon add more payment options to its marketplace.

In 2018, Bitcoin Africa talked to Particl’s spokesperson Desi-Rae about the project. Read the full interview here.

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South Africans Can Now Buy Ether (ETH) Using Rand on Luno

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Global cryptocurrency exchange Luno has now enabled crypto traders in South Africa to buy ether using rand on its platform.

Trading on Luno

LunoLuno offers users an easy and safe place to buy bitcoin and ether and to learn about cryptocurrencies. The exchange has more than 2.7 million customers across 40 countries.

Luno also has a dedicated Ethereum series on its learning platform to help users make informed investment decisions.

Commenting on the new launch, Luno’s General Manager in Africa, Marius Reitz, said: “The direct Ethereum/Rand pair will make it quicker, simpler, and cheaper for customers to interact with and use Ethereum on the exchange. We are working on a number of enhancements to our platform and this pairing has been introduced in response to demand from our customers. Previously, customers could buy Ethereum through our instant buy option but having this ability directly on the exchange makes it faster and cheaper for traders.”

According to Reitz, Luno makes sure that every coin listed in its exchange has undergone due diligence. “There are over 2000 cryptocurrencies. However, many of these are scams, so customers need to trust that the exchange they use has verified the track records of cryptocurrencies available on their platforms. Luno limits the currencies on offer to those on which we have completed extensive research and due diligence and we are satisfied with their credibility in terms of security and adoption. Luno will be adding additional cryptocurrencies to its platform later this year,” he explained.

Luno Report

A recent report from Luno showed that South Africa and other emerging markets would like to see a change in the current financial system.

“Individuals in these markets cannot afford to, and should no longer need to, pay high exchange rates, accept national currency devaluation or lose out when they simply transfer money. Access to a more inclusive financial system will enable people everywhere to think of new and better ways of exchanging value and technology allows this,” Reitz elaborated.

Luno plans to upgrade its platform, expand its team, and open new offices in expectation of the next surge in the value of cryptoassets.

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Emerging Markets More Likely to Adopt Cryptocurrencies from Global Brands, Luno Study Says

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A new study by digital asset exchange Luno indicates that emerging markets are more likely to adopt cryptocurrencies from global brands. This finding was collected from a survey called the ‘Future of Money’ carried out between May 17, 2019, and June 7, 2019. The survey interviewed over 7000 respondents from Nigeria, South Africa, the United Kingdom, France, Indonesia, Italy, and Malaysia.

Emerging Markets, the Future of Money and Libra

According to the ‘Future of Money’ survey, the early adopters of cryptocurrencies are likely to come from emerging markets. The findings, therefore, show a close connection between emerging markets and the future of money confirming the view that those with “less appear to take greater financial risks.”

For instance, more respondents from Nigeria and South Africa than in the UK said a single global currency would make the current financial system better.

African man with smartphoneThese results come at a time when Facebook recently announced that it will introduce Libra, a new digital currency in 2020. The aim of Libra is to help people make financial transactions online, especially in emerging markets where banks are not servicing the population as well as they should be.

Luno’s CEO Marcus Swanepoel said: “As some of the world’s largest tech giants announce they are launching cryptocurrency coins, we believe developing markets will be the lead adopters. Our research shows that in these markets people are more financially savvy because they have to be, which means that they need and understand the benefits the new coins can offer.”

To further show why the future of money could have a greater impact on emerging markets, data from the survey indicated that 33 percent of people in Indonesia are more likely to remain within a set budget compared to 0 percent in the UK.

Additionally, the number of people that establish a monthly budget is 80 percent in Malaysia, 65 percent in Nigeria, 73 percent in South Africa, 74 percent in Indonesia, and 54 percent in the UK. Asked why money is crucial to them, the respondents said it was to secure their families’ well-being (60 percent) and to pay for education.  This answer was given by 25 percent of the respondents from Nigeria compared to 8 percent in the UK.

Luno is a global cryptocurrency company headquartered in London and with offices in South Africa.

Grassroots Adoption

Crypto adoption will probably take place at the grassroots level than at the institutional level, Swanepoel observed. He based this argument on the findings that most people from emerging markets will probably seek financial advice from family, friends, and colleagues than from government organisations.

“It is very clear that if money is not simply a ‘nice to have’ and is vital for your future, then you spend more time understanding it, managing it, preserving it and to an extent being creative with how you maximise the use of it. Therefore, if a cryptocurrency can provide a secure and cheaper means of exchanging value better than the existing system, it will be used. This is why we believe that as new cryptocurrencies linked to global brands are introduced, they will find an important audience in emerging markets,” Swanepoel added.

Luno’s study paints a clear picture of what the future of money could look like. However, certain factors such as Internet connectivity could inhibit the fast adoption of crypto in developing markets.

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