They will be able to use these savings to work towards higher Premium account levels – or, alternatively, withdraw their rewards as part of their income if they prefer. The more they work, they more they will save – like a pension. This means LaborX users will earn rewards with every task they complete, which will automatically be saved in their wallet. These tokens will be distributed between LaborX Customers/Freelancers and the Time Fund Wallet, with the percentage allocated to each depending on whether the user is a Premium account holder. In short, when LaborX users pay for a finished Job or Gig, TIME will be bought using the commission fees they pay. We’re also introducing a very cool new feature, which we’re calling Job Mining. Current Premium users are guaranteed to have the highest level of membership in the new Premium programme (Platinum), and overall, Premium accounts will be more accessible to users. The more TIME users lock in the TimeWarp contract, the greater the fee rebates they will receive. The current model of Premium account status will be cancelled, and a new (and more advantageous) model created, which will divide Premium membership into several levels. These offer fee reductions and other perks for users who hold a certain amount of TIME in their LaborX wallets.
#Time warp meaning update#
One of the more noticeable changes that will result from TimeWarp is an update to LaborX’s Premium accounts.
Those who lock TIME early on will also get a bonus.īy creating this programme, we intend to drive value into TIME, not only by making the token more attractive to hold due to the weekly payouts, but also by keeping locked supply off the open market, increasing net demand. The rewards you receive on a regular basis will depend not only on the amount of TIME you lock, but on a multiple calculated according to the time you commit to locking your stake. So it will be possible to lock tokens for a variable amount of time up-front, from 30 days to two years. We’re structuring the programme to give the greatest benefits to those who show the greatest commitment to the project. Potential sources of revenues for these TIME token purchases include LaborX commission fees and TimeX trading fees, among other opportunities. A proportion of those revenues will be used to purchase TIME tokens off the open market, which will be held in a special Time Fund address and periodically distributed to holders who have locked their TIME in a dedicated smart contract. Chrono.tech generates revenues from its users’ activities across our ecosystem of blockchain services. The overall concept for TimeWarp is simple. We’re calling this new initiative TimeWarp! Lock and earn TIME In the intervening time, a lot has changed for both Chrono.tech and in the wider blockchain space, as technologies have developed, trends have become established, and market fit becomes clearer.Īs Chrono.tech continues to evolve and serve its community and the growing crypto sector, we’re very excited to launch a new development that we believe will drive value for TIME token holders and give users greater engagement with and ownership of the services they enjoy within the Chrono ecosystem. It has been almost five years since Chrono.tech’s original concept for a blockchain-powered recruitment solution was announced, and over four years since we launched the TIME token.
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