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CHRONOBANK - PHASE 1: A NON-VOLATILE DIGITAL TOKEN BACKED BY LABOUR-HOURS 8 4. Future Work Economic Models. Key to the success of the ChronoBank system is an informed choice of the aforementioned economic parameters. It is essential to perform further analysis so as to determine how parameter modification impacts the feasibility and sustainability of the system in a wider context. This will necessarily be performed before a realworld implementation is constructed. LaborX. The digital asset transfer system described in this document is proposed as a first step towards a larger decentralised labour system. LHT as described by this paper forms the base currency for a decentralised labour exchange platform entitled LaborX. The intention of LaborX is to enable peer-to-peer exchange of labour-hours with LHT, thereby reducing the centralisation of the proposed ChronoBank system. LaborX will incorporate a rating system whereby holders of LHT can identify fair trades by examining the quality and/or specialisation of the labour provider, given their history on the platform. By enabling direct exchange of LHT with labour-hours, the system’s dependency on contractual arrangements with LOCs is significantly reduced. This potentially reduces the cost and increases the stability of the system as a whole. 5. Conclusion This paper proposes a non-volatile, inflationaryresistant, digital asset transfer system. This innovative system is only made possible by recent advancements in blockchain and cryptographic technologies. Leveraging these technologies, this system tokenises contractual debt in a manner that can be both economically feasible and highly practical for digital platforms, such as LaborX. The intrinsic value of the proposed token mirrors the average hourly rate of human labour - the most fundamental unit of economic value. References [1] Satoshi Nakamoto. Bitcoin: A peer-to-peer electronic cash system. 2008. [2] Tether.to. Tether: Fiat currencies on the bitcoin blockchain. 2014. [3] Anthony C. Eufemio Kai C. Chng Shaun Djie. Digix’s whitepaper: The gold standard in crypto-assets. 2016. [4] Fabian Schuh Daniel Larimer. Bitshares 2.0: Financial smart contract platform. 2015. [5] Investopedia. Contract for difference. [6] Gavin Wood. Ethereum: A secure decentralised generalised transaction ledger. Ethereum Project Yellow Paper, 2014. [7] Sasha Ivanov. Waves whitepaper. 2016. [8] Ethereum Request for Comments (ERC) 20. [9] The ChronoBank Team. ChronoBank: Business Outline. [10] IPFS: A peer-to-peer hypermedia protocol to make the web faster, safer, and more open. [11] Viktor Tron Aron Fisher Daniel A. Nagy. SWARM.

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