Chrono.tech’s latest DeFi initiative will enable users to stake their TIME, earning weekly rewards by locking their tokens in the TimeWarp smart contract. In addition to these regular payments of new TIME tokens, the TimeWarp programme will entail changes to LaborX’s Premium Accounts, and the introduction of an exciting new development called Job Mining.
Changes to Premium Accounts
The old Premium Account programme required users to hold TIME in their LaborX wallets. Users’ Premium status will now be determined by the amount of TIME they lock in TimeWarp, and we are introducing a tiered membership structure.
Moreover, staked TIME are subject to a multiplier determined by how long users commit to locking their tokens. The longer the holder locks their tokens, the greater the multiple. There are five levels of membership, with Platinum status requiring the equivalent of 100 TIME locked – making the new Premium programme more accessible than the previous version. You can find more information on the LaborX Premium page.
LaborX fee updates
As part of these changes, we are also updating no LaborX’s fee structure. Customers will now pay 0% fees. This reduction is designed to attract as many Customers as possible, thereby ensuring a steady stream of work for the most active and hard-working Freelancers.
Freelancer fees, in turn, will be increased to 10%. This is around half as much as the amount charged by centralised freelancer jobs platforms, so still represents an attractive deal. However, to offset this increase, Freelancers will now receive a rebate in the form of $TIME tokens generated by our new initiative, Job Mining. Meanwhile, Customers will also receive Job Mining bonuses, intended to incentivise repeat use of the platform. We believe this updated fee structure will stimulate more activity on LaborX, benefiting everyone, as well as introducing a new kind of crypto ‘pension’ for all users.
How does Job Mining work?
All fees paid by Freelancers are converted to TIME on the open market. These TIME tokens are then automatically distributed between the Freelancer, Customer, and the Time Fund Wallet, which is the dedicated address that pays out rewards to holders who lock their TIME in the TimeWarp smart contract. You can learn more about how TimeWarp works at TimeWarp.finance.
The proportion of tokens received by the Freelancer/Customer and the Time Fund depends on the users’ levels of Premium membership. If they do not have any level of Premium account, users receive 5% of the commission fee, with the rest going to the Time Fund. The amount users receive increases with each Premium tier. If they have Platinum status, they receive back all of their half of the fee as TIME, or 50% of the total commission fee.
This feature rewards Premium LaborX users with a little extra crypto, but also contributes to overall demand for TIME – benefiting everyone who holds TIME tokens and incentivising anyone who receives TIME for their work to hold for the long term. Those who don’t have any level of Premium account are motivated to work towards it, and those with lower levels of membership can use their TIME income to boost their Premium tier.
Job Mining example
Freelancer Alice completes a Gig for Customer Bob, who pays her 100 USDC. Alice pays 10 USDC in platform fees, which is converted into TIME on the open market.
The $10 of TIME is nominally split 50:50 between Alice and Bob. Depending on each user’s Premium status, they will receive between 5% and 100% of their half (i.e. from $0.25 to $5). Alice has a Platinum level Premium Account, so receives $5 in TIME, plus her 90 USDC payment.
Bob has a Bronze level Premium Account, so receives 25% of his maximum possible bonus, or $1.25 in TIME.
Amount of $TIME locked in TimeWarp
Percentage of $TIME tokens awarded to Freelancer/Customer
Users can hold the TIME they receive from Job Mining in their LaborX wallets, or withdraw their tokens to an external address. For Freelancers, this additional TIME represents a gradually accumulating store of crypto value that should appreciate over time as demand for the asset increases – the crypto equivalent of a pension. Alternatively, they can cash it out as a regular bonus. Customers can choose whether to hold the TIME they receive, saving towards the next level of Premium membership, or offer it as payment for future work they purchase from LaborX Freelancers and crypto jobs experts.
These benefits are on top of the staking rewards all users receive for locking their TIME in the TimeWarp smart contract. The result is a virtuous cycle of building value throughout Chrono.tech’s crypto jobs, recruitment and trading ecosystem. Every Gig or Job funnels extra value into TIME, which becomes established as an appreciating asset and a kind of gold standard. The benefits of that are felt everywhere that TIME is traded or distributed. Why sell an asset when it will be worth more tomorrow?