Chrono.Tech Revolutionizes Recruitment And Employment On The Blockchain

November 15 10:38 2021

Chrono.Tech is a Sydney-based company formed with the aim of revolutionising the HR and recruitment sector using blockchain technology. The organisation has launched a suite of products and services that make it easier and safer for users to find work and get paid with crypto, reducing the barriers to employment across the world.

About Chrono.Tech

Chrono.Tech was founded in 2016 on the principle that the recruitment industry is inefficient and discriminatory due to the outdated practices and technologies it uses. Employers are often forced to consider only applicants from certain jurisdictions due to the limitations of the legacy payment system, while recruiters frequently act not as the facilitators of employment but as gatekeepers who prevent many promising applicants from gaining the best jobs. Individuals who do not have access to banking facilities are often further marginalised by the employment market.

Blockchain offers a set of technologies that can directly address these issues, enabling individuals to find work and get paid securely, and organisations to recruit the people they need without relying on expensive and inefficient middlemen.

Chrono.Tech’s founder, Sergei Sergienko, is a Russian-Australian entrepreneur and leading advocate for blockchain technology. 

Key Initiatives

Chrono.Tech has launched a number of different initiatives since the organisation was successfully crowdfunded in 2016 with the sale of 710,113 TIME tokens – the native currency of the Chrono ecosystem. The different applications cater to various aspects of the recruitment and HR landscape, and are integrated with each other to facilitate the provision of services to those searching for and providing work using blockchain technology.

LaborX is a freelance work platform that connects freelancers with employers, no matter where the two parties are in the world, without any intermediaries. Freelancers can post fixed-price Gigs offering a particular service, and Customers can upload custom Jobs if they are looking for something specific. Users can browse the listings available and purchase Gigs or apply for Jobs, taking into account the reputation of the other party, provided by a secure feedback system. Digital work agreements formalise the application process, with the agreed payment in cryptocurrency escrowed in a smart contract before work begins, to be paid out automatically upon satisfactory completion of the task. A proportion of the fees charged to freelancers is converted to TIME tokens and distributed between various Chrono ecosystem stakeholders.

TimeX is an Australian cryptocurrency exchange. Based on Ethereum Plasma technology, the exchange combines the speed, user experience, and fiat gateways of a centralised service with the secure settlement provided by the blockchain, offering the best of both worlds. TimeX ranks within the top 100 global exchanges by volume, according to industry site CoinMarketCap, and lists a large number of popular cryptocurrencies. While the exchange offers USDT pairs, as an Australian organisation it is designed to make moving Australian dollars into and out of the blockchain economy fast and easy. This is achieved using AUDT, another core Chrono.Tech service.

AUDT is Chrono.Tech’s Australian dollar (AUD) blockchain token. Every AUDT is 1:1 backed with AUD, held in a licensed Australian bank account. Users can deposit funds from their individual bank accounts to TimeX and be credited with AUDT. As an Ethereum token, AUDT can be freely transferred and traded on the blockchain, and there are several AUDT pairs on TimeX. AUDT can be withdrawn as dollars to an Australian bank account at any time. As an Australian fintech service, AUDT is fully compliant with AUSTRAC, the country’s financial intelligence agency.

PaymentX is a crypto payroll and accounting solution for businesses that wish to pay their contractors and employees in cryptocurrency. While there are numerous benefits to paying workers in crypto, including fast, global settlement to anyone with an internet connection, paying many employees in crypto can be a slow process that is prone to mistakes when conducted manually. PaymentX enables employees to submit invoices to a company, and then allows the company to settle them in crypto, with the dollar-equivalent amount being paid automatically in bitcoin or another supported currency. Multiple invoices can be settled with a single click, speeding the process for accounting departments.

TimeWarp is Chrono.Tech’s staking initiative for TIME tokens. Holders of TIME can lock their tokens in the TimeWarp smart contract and receive regular rewards generated from activities within the Chrono ecosystem, including LaborX and TimeX fees. Users can commit to locking their TIME for anything from an hour to two years. The longer they lock them, the greater the multiple applied to their TIME, and the more TIME rewards they will receive. Users can also receive farming rewards by locking their tokens in Uniswap’s TIME-ETH pool.

Crypto Gaming United (CGU). The rise of blockchain gaming has seen the emergence of the play-to-earn sector. Axie Infinity, one of the most popular blockchain games, enables players to earn significant income. However, the effective entry barrier can be several hundred dollars, due to the need to purchase a team of Axies (collectible digital creatures) in order to get started. Crypto Gaming United, which was co-founded by Sergei Sergienko, enables owners of Axies to lend these NFTs to players, in return for a proportion of their daily earnings in Smooth Love Potion (SLP), the native token of Axie Infinity. Players can apply for these ‘Axie Scholarships’ by posting a special Gig on LaborX, and SLP can be traded on TimeX. 

Conclusion

Chrono.Tech is one of the longest-established and most successful Australian blockchain companies, and has carved out a niche by providing a range of different solutions for the global recruitment sector. Its suite of blockchain-powered services address different aspects and needs in the market, and cater to different groups within the crypto community. Integration of these services with each other increases the network effect and utility of the ecosystem, bringing greater value to all users.

For more information, visit www.Chrono.Tech

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Company Name: Chrono.Tech
Contact Person: Florence
Email: Send Email
Country: Australia
Website: https://chrono.tech/

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