ChronoBank, a blockchain project designed to disrupt the short-term recruitment sector by connecting employers with those selling labour, will be partnering with Emercoin – which offers diverse blockchain services for businesses and individuals, providing facilities that increase transparency, security and reliability. The two companies will be working closely together to bring added value to both parties across several elements of shared interest.
Sergei Sergienko, CEO of ChronoBank, remarked: “ChronoBank recognises the contribution that Emercoin is making to the blockchain infrastructure that will in future underpin many varied applications, and looks forward to leveraging that knowledge and capability for our own business,”
Reflecting the importance of Emercoin to the ongoing success of its project, ChronoBank is now accepting the EMC currency as part of their crowdfund, with the intention of holding it on a long-term basis and working together to bring greater value to it.
Lead developer at Emercoin, Oleg Khovaiko stated: “Emercoin’s team is very happy to see a company as serious as Chronobank evaluating our technologies and deciding to implement so many of them at once. We have always intended this kind of application – many business-ready services integrated on a single blockchain. We expect that the use of these technologies and services by Chronobank will increase the security and usability of their service.”
Areas of collaboration ChronoBank will be working with are three separate elements of the Emercoin platform, each of which has a ifferent benefit for the project. Additionally, Emercoin will consult with ChronoBank concerning advanced financial instruments.
- emcSSL is a scalable infrastructure for password-less authorisation of web services. Certificates are created locally, with the blockchain acting as a decentralised trust store for hash sums. This approach means that emcSSL is immune to system-wide disruption caused by technical failure or malicious attack. Neither is it possible for a single authority to interrupt activity for users.
- emcSSH provides a bridge between OpenSSH and the Emercoin blockchain, allowing for secure and decentralised management of public key infrastructure. OpenSSH can be configured to retrieve SSH credentials from the Emercoin blockchain, which can either be managed directly by users, or managed on behalf of a group by administrators in charge of specific services.
- emcDNS is a new service that enables the storage of universal name-value pairs on the blockchain, in broadly the same way that NameCoin does (though without the specialisation on .bit extensions). Emercoin also supports distributed DNS services, and every Emercoin wallet contains a built-in DNS server.
Sergienko added: “Working with Emercoin to implement and further this suite of blockchain-based technologies will put ChronoBank in a very strong position to decentralise our infrastructure and provision of our services to the greatest extent appropriate – with benefits for up-time, security and confidence,”
Also announced was ChronoBank’s new strategic partnership with instant exchange service Changelly and the integration of the Changelly app within the main ChronoBank wallet software. The move will allow anyone to buy LH tokens quickly, and then use these to buy for services on ChronoBank’s labour exchange.
Sergienko explained: “The ability to trade these LH tokens quickly, easily and without slippage against other national and virtual currencies is vital to the smooth operation of ChronoBank and confidence in our platform. That is why we are working to ensure they are listed on a wide range of exchanges. Moreover, we are implementing Changelly right within the core ChronoBank wallet. That will make it incredibly easy for users to exchange LH for bitcoin and other major cryptocurrencies with practically zero delay.”
Changelly launched in 2013 as an instant exchange app, similar to ShapeShift. Rather than being a traditional exchange that requires users register before trading against an order book, with variable depth and the problems of slippage that can result, it aggregates rates from the largest trading platforms and offers a single rate. The commission is 0.5%. By rethinking the way cryptocurrencies are exchanged, Changelly aims to remove technical impediments to customers engaging with this critical element of infrastructure.
Sergienko noted: “Changelly’s team is well-established and trusted in the crypto world. It is a clean, reliable interface that we will integrate directly into the ChronoWallet to give our users another choice for trading – in this case, one that’s all about speed and convenience.”
