CEO of Chronobank Sergei Sergienko is on a mission to create a better human labour trading system by using a cryptocurrency that is backed by time, through blockchain technology. If there’s one takeaway message Sergienko wants people to consider, it’s to understand that your time is far more valuable and measurable, than you think.
After capturing public attention in 2010 with BRW’s Fast Starters list in 2010 through his vocational training and labour hire company, Edway Group, co-founded with Alexander Rugaev and now CEO of Chronobank Sergei Sergienko, 34, is again making waves by combining his experience in labour markets with blockchain technology which he hopes will revolutionise the way labour is bought, sold and traded around the globe with his latest venture, Chronobank.
Investors are taking notice. After raising AUD9.2 million through crowdfunding in February, one of the largest crowdfunded projects in Australia to-date, Chronobank’s central proposition is that human labour is abundant enough for everyone to have access to it, yet scarce enough to be valuable.
By creating Labour Hour Tokens (LHT) – a cryptocurrency that is backed by time, LHT can be traded on a decentralised platform called LaborX using ethereum-based code on blockchain technology. According to Sergienko, because LHT is backed by real labour, it is inflation-proof and has next to zero volatility – in comparison to bitcoin and other cryptocurrencies. LHT is linked to average hourly wages in the host country and is backed by a real labour force from big recruitment and labour-hire companies.
While this sounds exciting, and potentially will have far reaching implications on industries relating to labour markets (e.g. workers’ compensation, insurance industries) the biggest challenge for Chronobank, which is yet to be determined, is how to place value on one human hour.
“LaborX is still in the production phase. We want it to be decentralised, where users can pick their own jurisdictions and pick their own platform in their jurisdiction. Our largest challenge is placing a value on one human hour. How do we quantify our time on the planet? If we’re talking about a dynamic system of exchanges, it’s difficult. Our working time on the planet is the scarcest commodity that we have, yet, few people truly value the hours they spend working. All our time spent in
Sergei Sergienko – The Time Trader
CEO of Chronobank Sergei Sergienko is on a mission to create a better human labour trading system by using a cryptocurrency that is backed by time, through blockchain technology. If there’s one takeaway message Sergienko wants people to consider, it’s to understand that your time is far more valuable and measurable, than you...
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