Every time a Freelancer completes a Job or Gig on LaborX, they pay a platform fee.
These fees are converted to TIME tokens by purchasing them on the open market, which are then distributed between the Freelancer, Customer, and the broader community of TIME holders who have staked their tokens in the TimeWarp programme.
Since there are a limited number of TIME tokens, and no more can be created, this results in constant net demand for TIME.
TIME tokens can be used to access Premium Account status on LaborX, which offers a series of attractive benefits. In addition to being the currency for Job Mining payments, and one of the payment tokens supported by LaborX for Jobs and Gigs, TIME are also earned as rewards by holders who lock their tokens in the TimeWarp staking programme.
TIME can be purchased on a number of popular cryptocurrency exchanges, including TimeX, which is part of Chrono.tech suite of blockchain products and services.
LaborX users can increase the amount of TIME they receive as Job Mining rewards by raising their tier in the Premium programme.
Premium Account status is accessed by locking TIME tokens in the TimeWarp contract. The more tokens a user locks, and the longer they commit to locking them, the higher tier they will receive.