Job Mining is a new feature on LaborX that provides rewards to Freelancers and Customers, paid in
TIME tokens.
Job Mining on LaborX
What is Job Mining?
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.
The aims of Job Mining are
1
To provide a crypto ‘pension’ to LaborX users in the form of a digital asset of increasing price over the long term
2
To reward users for staking their TIME
3
To drive value into the broader Chrono.tech ecosystem, for which TIME is the native asset.
What are TIME tokens used for?
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.
Increasing your Job Mining rewards
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.
N/A
Bronze
Silver
Gold
Platinum
Amount of TIME
0-10
TIME
10-30
TIME
30-60
TIME
60-100
TIME
>=100
TIME
Return of commission for finished Jobs/Gigs
5%
25%
50%
75%
100%
Referral Bonuses
50%
60%
70%
80%
90%
Visually Highlighted Provider
Priority Placement points
0
20
30
40
60
N/A
Amount of TIME
0-10
TIME
Return of commission for finished Jobs/Gigs
5%
Referral Bonuses
50%
Visually Highlighted Provider
Priority Placement points
0
Bronze
Amount of TIME
10-30
TIME
Return of commission for finished Jobs/Gigs
25%
Referral Bonuses
60%
Visually Highlighted Provider
Priority Placement points
20
Silver
Amount of TIME
30-60
TIME
Return of commission for finished Jobs/Gigs
50%
Referral Bonuses
70%
Visually Highlighted Provider
Priority Placement points
30
Gold
Amount of TIME
60-100
TIME
Return of commission for finished Jobs/Gigs
75%
Referral Bonuses
80%
Visually Highlighted Provider
Priority Placement points
40
Platinum
Amount of TIME
>=100
TIME
Return of commission for finished Jobs/Gigs
100%
Referral Bonuses
90%
Visually Highlighted Provider
Priority Placement points
60